February 25, 2021

What Business Schools Don’t Teach About Entrepreneurship

4 min read

Businesses have been around long before business schools came into existence. It makes us question whether one goes to a business school to become qualified enough to set up and run a business or simply to become another brick in the wall.
It goes without saying that business schools will not teach you everything that there is to learn about the art of trading. There are some who learn it the hard way after spending much money and time pursuing a management degree that it isn’t the only thing that makes a business successful.
It may teach you how to communicate effectively, negotiate and also make you understand the foundations of economics, finance and law which are crucial to running a business but there are several things that you will learn only when you get your hands dirty.

It Isn’t Always Organised

The most exciting and also the scariest part about starting a business is that you will learn things on the go. There are certain things that you will figure out only as they come.
For instance, business schools speak of the importance of hiring, funding and scaling growth. But these things may not come to you right away and in the meantime you will have to learn how to make the most of the resources which you have at the moment.
A company which is successful today had also started from scratch one day and may have had a scrappy beginning. It is quite possible that they didn’t have a plan in place, hadn’t leased out a proper space and may not have exactly followed every detail of their business plan but still scaled the heights of success.
How successful you can be in business will depend on how you can function despite the presence of chaos and disorganisation. You may not have an earth shattering product at the first go and you may have to launch your business with a minimum viable product to test the market conditions before you can lay your hands on the funding, hire staff or buy resources that you need.

A Plan May Not be So Important

It may sound like blasphemy to those ears that are trained to listen to the management gospel but it is true to quite an extent. Planning excessively can negatively affect your business.
Running a business isn’t always about playing by the book and one may have to rely on intuitions and presence of mind to solve certain problems on the way.
You will be pivoting and making adjustments to your product or service based on the feedback that you receive from your customers. At times, the perception of a buyer may be of greater importance than a plan that you sketched for your business before the product had even hit the market.
Business schools go about the process of setting up and running a business in a methodical way and always make an assumption that running a business successfully is a lot about following a sequence of steps properly than anything else.
Elaborate discussions on every single aspect of your business and meticulous planning may result in procrastination and when you begin execution it is quite possible that the results may vary. For example, your business may not reach the breakeven point when you predicted you would, it may come sooner or later but it will only become clear to you when you stop planning and begin to execute.

Being Creative

Finding a great business idea and coming up with unique solutions to solve your customer’s problems requires a lot of creativity and it may not be something which is taught in a business school classroom.
Whether it is a high school or a business school, schools are mostly about teaching rules and systems. They show us the parameters that we need to work within and how to make the most of the guidelines that are taught.
Creativity is largely about working outside of those parameters and thinking outside the box when you may not even know the whereabouts of the box.

Taking Risks

Schools make failure look like a bad thing. They teach us everything they can to minimise our chances of failing at a particular task. But you may find it difficult to come across an entrepreneur who has never failed.
As a business professional you may have to learn how to take risks and also inevitably how to deal with failure because where there’s a risk there’s a possibility of failing.
While taking risks can be a good thing there are certain things that you must protect such as your health and wealth by taking out insurance and writing a Will using an Online Will kit free.

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