Skills Academy_Commercial Awareness
This document provides an overview of commercial awareness and its importance for career development. It defines commercial awareness as having knowledge of business issues, understanding industries, and appreciating economic concerns. Employers value commercial awareness as it allows applicants to discuss business intelligently, provide commercially sound advice, and understand what drives organizations and clients. The document encourages developing commercial awareness through keeping up with business news, reflecting on work experiences, and discussing business topics confidently in interviews. It provides models and resources to help readers assess and improve their own commercial awareness.
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Skills Academy_Commercial Awareness
- 2. Commercial Awareness for CareerDevelopment Stephen Cole Careers Consultant
- 3. Objectives – To definecommercial awareness – To learn how commercially you are already – To explore ways of making yourself more commercially aware – To understand why a broad range of employers value commercial awareness in their applicants
- 4. Can you answer? WHATIS COMMERCIAL AWARENESS?
- 5. Random Question – Cana profitable business go bust?
- 6. What is it? –Knowledge of business issues around us – Ability to form opinions/views on issues – Understanding the issues facing the industry you wish to work in – Appreciation of business stories and their implication on a wider scale – Appreciating economic issues / concerns
- 7. Exercise 1 -How commercially aware are you? – Try our quiz to find out if you have it or you need to find more of it. – Get into groups of 5 – Feedback – 10 Minutes
- 8. Where does commercial awarenesscome from? – Previous work experience / Business ownership – Personal Interest* – Extra-curricular activities/Positions of responsibility via the Students’ Union, Westminster Business Consultants, local charities, Student Societies, Professional Body Memberships
- 9. Personal Interest – Whatdo you read? – Which pages do you turn to first in the daily papers? – What do you and the people around you talk about? – What else do you do?
- 10. What organisations say: –Eversheds - Identify with a client’s business and the particular commercial situation in which the client finds himself/herself. – Wedlake Bell - Understanding Wedlake Bell and its position in the market can demonstrate commercial awareness. – Nabarro – An awareness and understanding of what is important to our clients (current and future) and to the firm.
- 11. What the bankssay: – We encourage you to apply, provided you share an interest in the financial markets and have demonstrated strong academic performance and professional drive. Goldman Sachs – We look for people who are interested in the financial markets, business and how organizations work. You should be able to demonstrate a track record of success, innovation and creativity in your prior work experience. Goldman Sachs – And we’re quick to recognise initiative and innovation, wherever it comes from. More to the point, we give credit where it’s due. If you have an idea that drives the business forward, it’s great for all of us, but it’s still your idea. So you can expect all the recognition and reward such enterprise deserves. Barclays Capital
- 12. What the communicationsindustry says: – “When you advertise to the world, you must employ the worldly” Ogilvy – Everyone was given around 150 applications, and I asked them to reduce these to 25. The brief was to identify candidates with high levels of academic achievement, a clear interest in marketing communications, a healthy mix of experience (in life and business), and an interesting perspective on the questions we had asked. WPP
- 13. – You alsoneed the enthusiasm and drive to help us move the business forward, as well as the ability to come up with new and innovative ideas that will help us stay ahead of our competitors. M&S
- 14. Commercial awareness isimportant because…………… – …banks, communications agencies, law firms and public sector organisations are businesses selling a product or service in a competitive market place – Everyone in the organisation makes a difference – You need to understand what drives the organisation and its decisions – You need to understand what drives your clients and their decisions
- 15. – Improves discussionopportunities in an interview – Enables you to provide commercially sound solutions/advice to clients – Widens your knowledge of a particular industry or company – Often forms part of selection process
- 16. Commercial awareness models:CMP Reflection – Company Reflection – Management Reflection – Personal Reflection
- 17. Company Reflection – Productsand services? – unique selling point? – Customers? – Press perception?
- 18. Management reflection – Whatwould you do if you were running the business? – Your thoughts on the management structure
- 19. Personal Reflection – Howdid your role fit into the goals of the organisation? – Skills you developed from this role? – Your added value? – How well do you understand your experiences, skills and working style?
- 20. Demonstrating commercial awareness– Application Form / CV – Positions of responsibility – Examples of added value – Other examples?
- 21. Demonstrating commercial awareness– Presentations / Group Exercises – 360 degree case study analysis of a business problem – Merits / De-merits of a particular course of action
- 22. Demonstrating commercial awareness– at interview – Tell us about a recent business news story of interest – Which other organisations have you applied to? – Recent changes in our industry of late? – Impact of the European sovereign debt crisis? – David Cameron’s renegotiation of UK’s relationship with the EU?
- 23. How might different organisationsview commercial awareness? Exercise 2 – Divide into groups of 5 – Consider the questions given to you – Feedback to the group
- 24. What do youneed to know about clients to be commercially aware? Exercise 3 – Get into groups of 6 again. – Consider the scenario on the handout and discuss in your groups. – Feedback
- 25. One final model: PLEST – Political – Legislative – Economic – Sociological – Technological
- 26. Commercial Awareness Resources –Financial and Business Press – BBC News Online – Legal / Marketing / Transport Press, etc – All you need to know about commercial awareness –Christopher Stoakes – The Ultimate Law Guide – 30 pages on commercial awareness – Craig Robinson – BBC credit crunch / business pages: http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/defaul t.stm
- 27. Moving on fromhere….. – Reflect on your own commercial awareness – Identify any gaps – Find ways which you find easy to fill those gaps – Find your own definition of “Commercial Awareness”
- 28. Objectives – To definecommercial awareness – To learn how commercially you are already – To explore ways of making yourself more commercially aware – To understand why a broad range of graduate recruiters value commercial awareness in their applicants
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