11 Things They Don't Teach You in Business School
vemuda.com - Yes getting certified in business school is important but today, let's talk about some of the things they didn't teach you.
Education might be the key to success, but other factors contribute to your success also. Education, without the application in the actual world, is as good as spilt milk.
Business, for starters, is a hands-on career that requires delicate care in building customer relationships and also actually being able to run the business.
The most important lessons in business school are learned on the job. For instance, building a fundamental relationship will depend on how you engage and communicate with the customer.
|Source: unsplash.com by Dom Fou
Stay tuned as we look at some of the skills they didn't teach you in business school. This topic isn't limited to the post business students only but will also give a great insight to those planning to take up the course.
1. People buy the brand and not the item or service
People think that if they set their prices lowest, as compared to all others, they'll have a large clientele. On the contrary, no one is looking to outsource cheap services or goods.
Many people are looking for something that comes at a cost and quality that they can resonate with. Move away from thinking about how you'll improve your product or make it more cost-friendly. Instead, work on building your brand every single day.
There's a very good reason why everyone is running towards the Fenty foundation comparedto other dollar store foundations.
If you understand why, then you'll realize that many people are willing to buy what you're selling just because you believe in a cause.
2. Read, read, read!
Books, books, books, and more books, will be your best friend when it comes to business. I don't mean that now you dive into reading as many academic books as you can.
On the contrary, academic books will fill you with more theoretical notions, which aren't what I hope you achieve with books.
Read different books that are outside of your curriculum but still give you a more realistic business approach.
Read books on how other businesses have made it on the map. Read about how history and politics affect businesses. Also, look at the books that explain how psychology influences businesses or careers.
3. Appreciation and gratitude
Have you ever wondered why business people are some of the most negative people in our society?
Well, it's probably because they weren't taught how to appreciate their businesses while in business school.
The most well-kept secret among self-made business owners is that you'll never see growth if you don't appreciate where you are now.
You have to recognize how far you have come in your business journey. Appreciate how much you've grown today before you can ever get more opportunities.
It doesn't matter if you landed a shop in the dingiest part of town, as long as your sales are going upward, that's enough reason to celebrate.
Also, appreciate yourself by ensuring that you pay yourself first after the close of the business month or quarter. This will give you the motivation you need to keep pushing yourself in your business.
A smart concept you could apply to make your business more unique is to create thank you cards for your customers, just a small way to show your appreciation for them. You could have giveaways and discounts, which is a genius way to keep customers coming back.
4. A business built on relationships
You'd think that the first topic in your business class would be the relationship between people and business.
But it's more likely that you'll catch a rainbow than you're to hear a lecturer discuss this topic.
Why don't they tackle such issues? I'm not so sure myself, but I think it's because schools are built to fill you up with theories on different subjects.
Like in most other areas of life, business is more about who you know rather than what you sell. You could be selling pure gold for a dollar, but because you know only a handful of people, you wouldn't be able to turn any profit from your business.
You have to perfect the art of forming bonds with others. Only then will you get the chance for an opportunity to come knocking on your door.
5. As a boss you set the standards
The idea behind going to business school is usually that you get to build your own company. One that you'll be boss, at one point you hope to employ some people who'll work underyou.
After which, you'll get the opportunity to sleep in on a Monday morning. Cause there's no one clocking in, how many days of the week you are late.
In the same instance, you're the one who's at the top front encouraging your workers to report early or on time.
Sadly followers can only emulate what their leader does. And to ensure that your staff is keeping time, you also should keep time, because they are always watching what you're doing. You have to be on your best behaviour.
Look at top business owners like Elon musk who'd put in 120 hours a week without a second guess.
Because of this act, some of his employees have acknowledged that they were able to see how easy it was to put in their 80 hours a week.
However, your choice about how you go about your business is up to you, but I assure you this principle will set you apart from others.
6. Consistency beats talent every time
Sometimes the fact that we are talented at something gives us the sense that we are the best in that particular field, but I kid you not, this is a deliberate lie we feed our minds trying to reassure ourselves that we still got it in us.
Why do you think sensational figures like Ronaldo and Mayweather still hit the gym like they don't own a dime on their name. This is because they realized that consistency is key.
Otherwise, they'd be spending their millions recklessly. The great philosophers weren't wrong to say that only a true champion does what the rest can't.
My advice, just to create a flexible routine for yourself and stick with it for a year you'll be surprised with the progress I tell you!
Your peers aren't as successful as you think they are. So, Relax. I was once a victim of falling into depression due to my peers' successful lives.
They were travelling a lot, buying expensive cloaths, eating in fancy places and all those nice things life has to offer, and they shared it all on social media.
However, I later learned that social media does a perfect job at painting a happy lavish lifestyle. In a real sense, the guys you see flexing in a Porsche car might not even know the worth of the car.
Take life slowly and enjoy the little breakthroughs in life. I know it's tempting when you see your peers boarding flights for vacations, eating exquisite foods at high-end restaurants, but trust me when I say, don't lose focus on the bigger picture. If you are putting in the work, your efforts will eventually pay off.
7. You need to know an industry
To top off your list of things they don't teach you in university, it happens that it's fundamental that you know an industry, especially the industry you'd wish to venture into, whether it's career-wise or as an investment.
There's no successful yoga instructor who has no clue about yoga poses and their benefits. Neither is there a restaurant owner who doesn't know their way around the kitchen. Without this knowledge, you're setting yourself up for failure.
Take your time to learn about the tools of the trade because classroom theories won't cut it when it comes to the business world.
You need hands-on knowledge to boost your business. That's the reason why many renowned entrepreneurs encourage newbies to take up a job in the field they'd like to venture into. This will teach you how the business operates as you watch how the process flows.
In addition, you'll understand what is needed. Check how the leader reacts in times of crisis, hardships, or even joy. These acquired skills will help you easily navigate your own business once you're ready to set it up.
8. The business side can be outsourced
In the book, rich dad poor dad, the author terms this mindset as a poor man's mindset. He perceives that there isn't any business whose success is wholly reliant on one single person.
So that's your queue to relieve yourself of every worry and need to be completely hands-on. You don't have to be a business expert for your business to succeed.
Alternatively, ensure that you're knowledgeable enough to delegate and direct some other duties.
Outsourcing has been made easier for business owners as they can easily buy business models from others.
Even if you prefer the traditional way of running a business, you could always hire help. Whether it's hiring an accountant who'll help put your finances in order.
Or an audit team that can carry out a random financial audit on your company to ensure everything is always in check.
9. Internet presence is essential
I don't understand how the education system has not updated its curriculum to create more room for social media influence on business.
Every single business entity is moving to this platform to make sales and interact with customers.
This has proved to be the greatest marketing strategy for whichever business because you could easily post one single picture online with your product, and that would be the turnaround you needed.
Even though not many schools go into the depth of the essential parts played by social media in business.
It's nothing you can't self educate yourself on outside a classroom. Because most customers will look a business up online to make sure they are legitimate.
Most buyers today, also rely on other people's reviews about how you run your business, from customer service, presentation to delivery. That's why it's so important to build an online presence today.
Also, don't just focus on one social media platform. It will come in handy to participate in as many platforms as you can.
10. Sales don't have to be sleazy
Sales! The other thing that can make or break your business without making even a single sound.
And the common misconception about sales is that they have to be sleazy, mostly because many lecturers put you to the test against your classmates.
Where you'd have to select an item to sell, and you needed to convince them to buy it from you.
In this case, no marketing rules applied because the biggest conquest wasn't really about selling anything..It was to ensure you kept a good record of grades.
Most people went against ethics and bribed or caused their mates to pretend to like their product and buy it.
Some went as far as exploiting others for strange favours or offering those favours in return for a purchase.
In the real world though, these schematics would normally not work in anyone's favour. The most important thing is that the product you're selling is well designed.
11. Finding the right business partner requires some dating around
There's no better way to end our list than with this crucial point. Finding the right partner for you didn't happen at one go, so will finding the right partner. You'll have to do a lot of blind dating before you can find someone that mires with you.
So don't give up on your quest of finding a good business partner or give up on the whole business partner ideology. It's a big decision that requires a lot of effort put into it.
Finally, never settle when it comes to business partners, or else you'll live the rest of your life regretting it.
Do you think we got all these pointers right What's the one thing business school taught you that has made your life easier? Let us know with a comment.
So, thank you all so much for reading. With that being said, have a great day and see you all in the next one!