Preis: 101 Things I learned in Business School

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(Courtesy of Jan Dennis, News Bureau)

CHAMPAIGN, Ill. – Business touches virtually every line of work, from high-stakes dealing on Wall Street to managing payroll and supplies for local street-repair crews.

A new book co-written by a University of Illinois expert provides a wide-ranging overview of the business world, offering quick-read lessons to guide people looking for a crash course as well as those who just need to brush up.

“The lessons apply to all facets of business because the people most likely to succeed are the ones with the broadest understanding of the diverse challenges they might face,” said Michael W. Preis, a visiting professor of business administration in the nationally ranked U. of I. College of Business.

The pocket-sized book, “101 Things I Learned in Business School,” is a follow-up to the popular “101 Things I Learned in Architecture School.” Matthew Frederick, an architect who wrote the 2007 release, is a co-author of the new book, published by Hatchette Book Group, a division of Grand Central Publishing in New York.

Each lesson is presented in a two-page format with a brief summary and illustration, covering topics in accounting, communications, economics, finance, management, marketing, operations, strategy and other disciplines.

For business students, recent graduates and business professionals, the book is a handy, at-a-glance overview that puts key theories in perspective, whether they were learned weeks or years ago, said Preis, who earned an MBA from Harvard and a doctorate in marketing from George Washington University.

For people trained in other fields who land jobs that require business skills, he said, the book is a primer that provides a thumbnail summary of fundamental principles, the logic behind them and their real-world application.

“It’s a brief introduction that will help those people in thinking about business and running businesses,” Preis said. “It introduces the basics and provides a springboard for those who want to dig deeper.”

The book’s 101 lessons include explanations of equity capital vs. debt capital, cash accounting vs. accrual accounting, and a synopsis of the various forms of business ownership, as well as tips on expanding sales, developing mission statements, motivating employees and running meetings.

Other topics covered include: