Dear Business School Graduate …
You’ve just graduated from a top business school, full of ambition to conquer the world.
Those diploma bona fides and academic lessons have thoroughly prepped you to start your own business…right?
Not so fast.
The hard truth is that unless you internalize and apply some critical real-world wisdom, everything you learned in your expensive education may go to waste.
Trust me, I didn’t go to business school, but the lessons I learned from the school of hard knocks are worth more than your $70,000-a-year tuition times 10.
Here are 5 crucial lessons you won’t learn in a classroom but that are worth more than your fancy diploma – plus a bonus extra one that might be the most important of all.
1. Choose Partners Wisely, Not Just Pals
You’re probably champing at the bit to team up with fellow alumni buddies and get your big idea off the ground, but pump the brakes on going into business with just your friends. I made that mistake, surrounding myself with a motley crew lacking the right skills, drive, and mindsets needed to succeed.
Egos clashed.
Bad decisions were made, and partnerships quickly combusted.
Take a hard look at finding co-founders and early hires who are true professionals who complement your weaknesses and share your commitment. Successful businesses need well-rounded teams unified by purpose – not just drinking buddies.
2. Keep your money in Your Pocket
Having some money after I started my first business felt like winning the lottery to my naive younger self. So I spent it like a drunken sailor on fancy digs, unnecessary hires, the latest technologies and other expenses that did nothing for our growth.
Big mistake.
Those first dollars need to be guarded and stretched incredibly far. Develop an ultra-lean approach and deploy capital with great discipline. Don’t let lifestyle creep and shiny object syndrome burn cash that should be catalyzing your early traction.
3. Study Up on Strategy and Execution
Your professors taught you plenty of theoretical frameworks for marketing, operations, finance, and more. But did anyone really show you how to map out a solid, comprehensive business plan and operating strategy for execution?
Yeah, didn’t think so.
Don’t let excitement make you skip this crucial homework. Every successful business is built on a foundation of diligent planning and preparation.
4. Embrace True Accountability
When you start your own business, accountability increases immensely. Mistakes are no longer just learning opportunities like they were in business school- they can have serious consequences for the business, your professional reputation, and your career trajectory. Prepare for a heightened level of responsibility where you are accountable to your team, managers, clients and the whole organization’s success.
5. Develop Self-Awareness and a Learning Mindset
Self-awareness and humility are critical. Recognize which soft skills like emotional intelligence, communication and professionalism you may lack. Create a plan for continually developing these important capabilities. Don’t assume your technical skills alone will ensure a smooth transition.
6. (Bonus) Fall In Love With The Outcome Of Your Customers
This is the most important piece of advice I can give you. As a freshly minted entrepreneur, you’re overflowing with passion for your product or service. Your belief in your offer is a key ingredient for success.
However, one thing you need to do to succeed: Fall desperately, madly, deeply in love with the outcome you provide for your customers and clients. It’s easy to get enamored with your own clever solutions and innovations. But consistently creating value that truly transforms people’s lives and experiences? That’s what will sustain your business over the long haul.
The honest truth is that no amount of academic pedigree can guarantee you’ll create a thriving business.
Entrepreneurship requires studying the real-world rulebook just as diligently.
Ignore these practical tenets at your own peril.
Put in the work now to avoid expensive missteps later.
Good luck!