Decision fatigue Like it not, business schools don’t teach you everything you need to know for happiness and success. Spending over $200,000 to get an MBA degree from a top business school will help you understand the fundamental principles of a successful venture and introduce you to new concepts, ideas, and also new people to advance in life.
Unfortunately, only after “life happens,” you will realise the limitations of classroom learning. Just as a biology course won’t guarantee that you’ll end up a doctor, a business management degree won’t ensure your success as an entrepreneur. In this guide, I will discuss a few factors which I think are overlooked at most B-schools worldwide.
1. Dealing with people:
Most schools emphasise knowledge, business theories, and models but rarely focus on one crucial skill that you need to master to succeed in every aspect of life – handling different people. As an entrepreneur, meeting and dealing with people from other areas of work is the added perk.
Despite the countless group projects, it amazes me how most business management graduates lack communication skills and the knack to work with others in a group.
2. Visioning the future you:
One of the best ways to bring your vision to reality is by having a clear picture of your goal and imagining yourself in it as you are already in your future. Successful athletes incorporate this method while training.
However, such practice is absent among aspiring corporate professionals. If you want to do something, see yourself in that position. For instance, if you’re going to start your boutique business, see yourself as that entrepreneur. Once you start picturing your goals, you will create opportunities and draw in people that lead you to your dream as if you’ve already achieved your ideal life.
3. You become what you think:
Believe it not; you are the writer of your life story. Your thoughts can affect every aspect of your life. Here’s something I’ve learned the hard way – positive thoughts lead to positive results and negative thoughts to the negative ones.
For instance, as an employer, if someone is underperforming, don’t only focus on the underperformance part as it will only lead to negative results. Instead, focus on the reason for underperformance and take the necessary steps to correct the reasons. That way, you will encourage the employee to work harder to improve and see more positive results.
4. Proper time management:
When I was a student, I drafted a detailed study plan for my assignments and self-study sessions. It would keep me on track with my business assignment writing without additional help from tutors.
Most Business schools teach students all sorts of things that students must do perform under pressure. What these schools don’t teach you is that 24 hours isn’t enough to get everything done.
In life, you will come across challenges or face more tasks than you can handle. What would you do to come out victorious? Simple – follow a basic rule! Figure out what you’ve to do and what you can skip. Once you have that sorted, devise a plan, and allocate time strategically to complete the task on time without sacrificing quality.
5. Setting goals:
Business schools are all about creating business plans and making strategic decisions. But it’s surprising how little management schools go about setting goals and how to do it. I have come across so many entrepreneurs with brilliant ideas who have a clear vision of what they want to do but not really how to go about it.
That’s why learning how to set a goal is crucial to determine the path you and your team would take to drive a more significant impact. As an owner, you wouldn’t want unhealthy competition among your employees. But when you have a common goal, it keeps you accountable and binds everyone for one sole purpose.
6. Optimum use of resources:
Many business school graduates entirely focus on funding, hiring, and scaling and overlook the most crucial aspect of a business – making the most use of the available resources.
If you look at some successful business companies, you will notice that each of them started from zero. They didn’t have a rock-solid plan, an aesthetically designed office, nor did they stick to their primary ideas. Instead, they focused on making the most out of the available tools and resources.
Similarly, focus on what you have available right now. Even if it means developing a minimum viable product (MVP) to test the market before you get more resources, you think you need.
7. Being creative:
Creativity isn’t something that can be taught as your MBA coursework. Business schools focus on learning systems and rules to become an entrepreneur—no wonder why creativity is missing among most business graduates.
Channel your creativity as an entrepreneur to survive in this competitive market. From coining great business ideas to finding a unique solution to problems, creativity is crucial to succeeding despite all odds.
If you refer to some successful marketing campaigns, you will notice the companies didn’t hesitate to experiment with their creativity. When you are willing to try new things, make mistakes, and learn from your mistakes, you are in for success.
8. Managing risk factors:
By this, I am not hinting at the technical side of risk management. Business schools are excellent with technicalities. Apart from that, business schools encourage students to work within a set of rules to avert risks while running a business.
Starting a new venture is about taking risks. Being an entrepreneur calls for creating an unconventional path and learning from your failure. Failure plays a significant role in the learning process, which most B-schools fail to acknowledge. Thus, students tend to become more risk-averse and give up easily when they encounter any challenge.
Any roadblock that you come across as a business owner shouldn’t be treated as the signal to close your doors. Instead, it may indicate you take a different approach to reach your target.
9. Decision making abilities:
In B-school, you learn concepts like SWOT analysis and complete countless case studies on top MNCs, helping you understand the business scenario and make more informed decisions. But what about the other hundreds of decisions that you need to make as a business owner regularly?
is a real challenge that many of us deal with while making some quick decisions. It could be something like picking out your office wear to choosing your office party’s theme.
Such small decisions can take a severe toll on your ability to make decisions without stress. Delegation and decision management and adopting relaxation techniques can help you overcome the struggle.
Undoubtedly, business schools are crucial, but I believe that experience is also a critical factor. Only by experiencing drawbacks and obstacles, you’ll bridge your learning gap. Failure is a great teacher only when you are prepared to get over it and bounce back.
So if you’re concerned about being experimental fearing potential risk factors, don’t be. Start small; learn everything you can with an open mind, and then commit to getting out there and doing things without fear.