Enrolling to a business school will let you learn a lot of critical skills like broader worldview, better time management, strategic thinking, self-discipline and a lot more. Not to mention the academic theories along with the ways of applying them to real-world issues. But the truth is, you cannot learn everything that you need to be a successful entrepreneur inside the walls of a business school regardless of how your great your professor is or how comprehensive your curriculum is. You need to learn various lessons first hand to start and successfully grow your business.
Below are important lessons that business schools won’t teach you, but you can figure out through taking the risk on entrepreneurship:
1. Be a good leader
You don’t need to have MBAs to be called a great leader. All you have to do is be aware of your strengths and weaknesses. You need to have the ability to convey positivity and motivating people around you.
2. There’s no formula to success
The path to business success is not an easy way. There is no such thing as a formula that you can follow to be a successful entrepreneur. No one can teach you the best way to achieving your dream. You have to do it on your own; you have to follow your path.
3. Build good relationships
Good relationships are one among the many ingredients in cooking a successful business. You should learn how to form bonds and network with people. Learning this skill will eventually bring you to the right places and meet the right people.
4. Be an effective communicator
Some people are gifted communicators, but some need to work hard to improve their communication skills. Communication is the main ingredient in having good relationships and being an effective communicator is vital to a team’s efficiency and morale.
5. Know that every interaction is a negotiation
Business schools teach a lot of negotiation strategies; however, doing it in real life is a bit different. Always bear in mind that whenever you interact with someone in business you are already negotiating something.
6. Establishing the business
Forming a business is what business schools will teach you; however, these business classes don’t cover everything. Finding your capital, the people that will invest in your business concepts and making that significant first sale is all up to you.
7. Good manners and right conduct
Good manners are taught to us first by our parents, but business professors seldom forget to teach the importance of etiquette and common courtesies when talking with customers. Saying thank you, delivering on promises, being on time and simply using customer’s name will make a huge difference to your business.
8. Employing the finest people
Hiring an excellent team is always a struggle for every entrepreneur. However, deciding who is the best person that will fit comes down to nuances that can’t be hidden.
9. Always learn from your mistakes
Failure is inevitable in the business world. You have to keep in mind that you must have that skill to pick up yourself when you fall. Your experience is your best teacher.
10. Marketing online
The digital world is changing the ways to market a business. Every business should keep up with the digital marketing trends. You have to find your way to stay in the loop.
11. Relate to your clients
The most important step of relating to customers is often missed to teach by business schools. That vital connection will be achieved if you will really listen to your customers.
12. EQ is as import as IQ
According to the World Economic Forum’s top 10 skills that employees possess, EQ or emotional quotient ranked sixth. EQ is a person’s ability to understand, perceive and manage their own emotions or feelings.
13. Learn humility
Being humble keeps you grounded, even as you achieve higher goals and it keeps you more focused on others but doesn’t mean you think less of yourself. Humility will help you keep track of your flaws, and thus you will be more open to criticism and feedback.
14. Figure out things on your own
Unexpected problems or issues come around now and then in business. When this happens, you have to figure out things on your own. Independence is very important in entrepreneurship.
15. Think out of the box
Being creative gives you big advantages. However, being creative is a process, and it takes practice and persistence. As an entrepreneur, you must continue to make an effort on being openly minded towards the industry you are in.
16. Taking risks
Business schools will never teach you to feel comfortable taking risks. Assessing opportunity versus possible failure is most of the time a personal decision wherein you have to consider a lot of factors that might affect your business. Having an MBA won’t guarantee you on things to do when you take a risk.
17. Office politics is always a part of a business
It is a must to pay attention to the internal works of your business. You need to know how to deal with people, treat one another, handle each other and most importantly is how to communicate because this might make work fun or more challenging.
18. Learn how to beat big competitors
You don’t need to have a big business to outmaneuver giant competitors. To do this, you have to know your strengths and advantages, and it’s up to you to look for ways on what to offer to your customers that those large businesses don’t have.
19. How to handle conflicts
You can’t avoid conflicts, both in life and in business. You need to fully accept it and know the ways to deal it in managing a business, and it is essential to learn how to forgive, find solutions and smooth over hurt feelings.
20. Learn how to trust your intuition
Intuition is the product when your body processes the data around you. You can’t explain why you are aware of something; you sense it. A lot of successful entrepreneurs like Steve Jobs would prioritize his intuition than customer feedbacks and others advise.
21. Goal setting
Goal setting is crucial when it comes to holding yourself accountable. This is also a way to make sure that everybody on your team is on the same track.
22. Creating concepts that will disrupt
Many entrepreneurs dream of disrupting their industry, but only a few brave ones do this because it’s unusual to create ideas that will cause comprehensive change. Learning about how to deal with disruption and defining a solution to a problem may seem easy but breaking the status quo has never been easy.
23. Learn when to seek help
It is impossible for you to do all the details of your business. You definitely need to ask help and delegate work when you need it the most.
24. Establish realistic timelines
To be an effective entrepreneur, you have to establish deliverables, parameters, and realistic timelines. The road to success starts at creating realistic expectations and following through.
25. Experience is the best teacher
There’s no great teacher than the real-life experiences. Real life is filled with winning and losing, and the only way to navigate this harsh world is to go out there and to experience it first-hand.