Things They Do Not Teach You At Business School
On a way of making your own business, all sources of knowledge might be good. Higher education is a great option to get new ideas, information, meet people who could help you in the future. You could also focus just on getting an education with the Business school where they are going to teach you basics about successful entrepreneurship.
However, not everything you will learn can directly help you or prepare you for the real world of business. There is no guarantee and sometimes only by practice, by trial and error you can learn valuable lessons. Or you can find some wisdom in the articles like this.
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So what are those things that business school won’t prepare you for?
Real-life money management
Surely, in business school, they will tell you about cash flow management, theory on how to keep your accounts, but that would differ from the real-life experience. In reality, you will have to keep an eye on finances close. Mistakes here could be hard to fix, so pay attention to your outgoing and incoming bills.
Sales
The art of sales is hard to teach even in business school. You may learn all the theories on how to pack your service or good, advertise it, how to make it attractive to your target audience, etc. but you might not find out how to behave in always changing circumstances. Only hands-on experience in sales will show you how to react. It’s important to find your approach to selling your product to clients or ideas to potential investors. If you do not want to risk with your own company, try getting internship experience or a part-time job. There you will see firsthand how to maneuver in various situations. Moreover, you will understand what your customers think about the product and if necessary adapt according to their opinion.
Deal with people from different background
In business school, you deal with your counterparts, fellow students who are studying and interested in the same as you. You communicate, take part in project work, etc. But in the real world, there will be people from different backgrounds and fields. So it might be beneficial to communicate and cooperate more with people outside your circle to first broaden your viewpoint and second to develop your entrepreneur skills. You may find such people by stepping out of your comfort zone and going to some theatre club, playing a sport, volunteering, or doing an internship. The key idea here is to learn to communicate effectively no matter who you deal with. Hence, when you start hiring people for your company you will be already used to speaking with anyone easily.
Hiring people
Hiring is another skill you need to master. It is not an easy task to find people who would share your interest and believe in your idea. Having a dream team is crucial for success. People management course in business school mainly focuses on the way to organize work of your employees rather than recruiting the right people. It is close to sales since you also need to pitch your vision and idea to people so that they could disseminate it to the world.
Negotiation
Another skill that logically comes out from all the above mentioned. It is hard to practice negotiation in classes though. Make sure to act out some situations, have debates with your classmates for the sake of practice. Also, never avoid an opportunity to get some firsthand commercial experience.
Time management
Yes, it is as important as always. In business school, you learn how to meet deadlines, work in sprints, but it is all school-related time management. When it comes to real business, you will have way more tasks to juggle. You will realize that you cannot get yourself more hours to work by sacrificing your sleep or time for sport. The solution here would be to not do some tasks and either automate or delegate them preserving the same quality or even improving it.
Decision making
You might get tired of making so many little and big decisions all the time. It is overwhelming and daunting. Delegation could help here as well along with meditation and regular relaxation. Try to investigate more about the psychological impact of making a business and maintaining a normal level of stress in your life which won’t subsequently cause harm to your mental health.
Failure lesson
Failing is considered shameful and so bad that you should keep it secret or survive fast. We all hear and see only success stories where everyone achieved their goals without any significant losses. Those who failed are either losers or simply invisible to society. However, failure stories might teach us more. It is not the end, it is just a stop. Failures teach what to avoid next or what to do better next time. Let this experience be your opportunity to grow not to fade.
How to be liked
Various metrics aim to show the bigger picture, show how companies work and what they need to do to earn more. But there is one important factor that is rarely taken into account – likeability. It is also about your brand, charisma, openness. They would help find investors, hire employees, find clients, etc. Do not underestimate the power of a likable person you should become. Start by smiling more often and being polite and in some time you will win hearts.
Higher education is for sure crucial. Despite knowledge of good quality, you get a network of people who could be helpful in the future. But experience is a better teacher, so do not be afraid to try, fall and rise. Never stop learning, educate yourself through various courses, books, articles. Yet, put in practice.
