It’s evident that the B-Schools will furnish all the theoretical knowledge that you require to become a successful entrepreneur. Unfortunately, there’s a limit to how much classroom learning can strengthen you for the real world.
Just as a course in elementary physics won’t assure that you’ll safely execute a long-distance motorcycle jump, a course in business management won’t assure your success as an entrepreneur.
I would like to enlighten you about common problems that a business school won’t prepare you for.
In a B-school, you’ll study about cash-flow management. You’ll study its definition, why it’s crucial and how to administer it in a real business surrounding. But the B-school won’t prepare you for the constant demand that cash-flow management takes.
If you want to preserve enough cash on hand for your business to stay afloat, you’ll need to continuously investigate your bank statements and pay close attention to your bills and invoices (both incoming and outgoing). One blunder, and even a profitable business on paper could fall like house of cards which causes shortcomings and initiates a chain reaction in the company’s finances.
Decision fatigue sets in when you take too many decisions in a given period of time or in a very short period of time. Even minor decisions, such as deciding what to wear or what to eat for breakfast, can add up and take their toll on your ability to make future decisions without stress.
In B-schools you study concepts like SWOT analysis, which aid you to make better, more informed decisions, but it doesn’t teach you how to stem yourself when you come across a hundreds of small, yet essential decisions every day. Delegation, relaxation techniques and decision management can all help you stay fresh.
B-School teaches you all kinds of things that you’ll need to do on a daily, weekly and monthly basis, from day-to-day upkeep to broad strategic changes under pressure and changing circumstances. What they don’t teach you is that there is never enough time to manage all these things and majority of times we miss out on them.
As an entrepreneur, you’ll continuously come across more tasks than you or your team can manage. Instead of analyzing who will do what and when, you’ll need to figure out what you can get away with not doing and how fast you can rush through the others without sacrificing quality.
Colleges and universities are useful and important, but I believe that experience is an even better teacher.
Failure is a great lesson, as long as you can get over the initial sting, but experiencing it firsthand is far different than reading about it on paper. So if you’re reading this and you’re concerned about making mistakes, don’t be. Learn what you can in business classes and in various articles online such as this one, then get out there and start doing things.