Chicago Booth Review Podcast

Selling to customers drives all companies, but it's very different for a startup versus a big established corporation. So what are those differences? Chicago Booth's Michael Alter talks to us about the sales process. When should an entrepreneur hand over the task of selling to a dedicated professional? When should you start to standardize sales techniques? And how is AI changing the sales process?

Leaders are often told to be their authentic selves, but what does that actually mean? Chicago Booth's Samantha Coleman thinks that authenticity is a choice. How do we make that choice, and what are the consequences of being authentic?

How much do consumers care about shoppers' reviews and product photos? And can economists capture that information and turn it into data? Chicago Booth's Giovanni Compiani talks about his research using AI to analyze "unstructured data." Could his approach help retailers to measure the "vibe" of a product?

How good are you at selling? Or do you think that you don't need to be? Our guest today would like you to think again. Chicago Booth's Michael Alter wants us to think about sales as less about convincing people and more about listening to them.

People with a net worth at least $5m are heavily overrepresented in politics. That enables them to bend the law to benefit themselves. Many tend to be business owners, and some have used policymaking to make their companies more profitable. How have they done that, and what should we do about it? Welcome to the Chicago Booth Review podcast, where we bring you groundbreaking academic research in a clear and straightforward way. I'm Hal Weitzman, and today, I'm talking with Chicago Booth's Eric Zwick about the book he's written with Owen Zidar, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There. This is our second conversation about the book. If you missed last week's episode, it might be useful to start there. Today, we're looking at how these "Everywhere Millionaires" shape our political system. In some cases, what are touted as "small businesses" turn out to be multibillion dollar enterprises that manipulate the tax code and other policy tools to reap ever-bigger profits.

When you think of someone who's rich, who comes to mind? The billionaires of Silicon Valley, AI entrepreneurs or the titans of Wall St? But what about toilet paper and toothbrush manufacturers, chicken processors and burger chain owners? Chicago Booth's Eric Zwick talks about his book, "The Everywhere Millionaire: Who Is Really Rich in America and How They Got There." This is the first of two episodes about the book, which chronicles the rise of a class of mainly business owners with a net worth of at least $5m, and who are typically worth around $25m. How did Zwick discover them? How do they make their money? And what does their emergence as a group tell us about the American dream?

Imagine it's 1 o'clock. Would you rather wait for 30 minutes or until 1:30? They're the same, but research suggests that people tend to feel that 30 minutes will take longer. What does that tell us about how our brains think about time? Chicago Booth's Kristin Donnelly talks about her research on time-duration asymmetry. Why is it that we think differently about waiting times depending on how they're presented?

How was school today? What did you have for lunch? Any parent who's asked these questions consistently has probably been met with a single-word response or even just a grunt. How do we make those conversations better? Ariel Kalil of the University of Chicago's Harris School of Public Policy thinks many of us have been thinking wrong about how to encourage parents to talk and read with their children. Do parents just need better conversation starters?

The Peter Principle observes that employee tend to rise to their level of incompetence. It's a sarcastic take on corporate culture, but many of us have seen technically brilliant people get promoted into nontechnical roles where they struggle to manage people and teams. Chicago Booth's Christine Carpenter shares her insights on people skills and leadership. Can technical experts become successful people managers? And what are the key skills that can help to promote transparency, innovation and effective communication within teams?

For many decades, the Pentagon has bought most of its equipment from five big defense contractors: Lockheed Martin, RTX, Northrop Grumman, Boeing, and General Dynamics. Is all that about to change? Chicago Booth's Marc Knez talks about how Anduril, a tech startup, is threatening to disrupt the defense industry. Could it ultimately lead to cheaper and more effective systems for the military?