Important Lessons You Won’t Learn In B-School

Business school will give you the proper foundation to succeed and advance in the business world.

But Deep Patel, author of A Paperboy’s Fable: The 11 Principles of Success and a VIP contributor at Entrepreneur, argues that there are some things you just can’t learn in business school.

“There’s a lot you’re going to have to figure out on your own, through trial and error,” Patel writes. “Some of the most important lessons you’ll ever learn about how to be successful in business (and in life, for that matter) comes from getting out there and doing it.”

Being A Better Leader

Patel argues that an MBA isn’t necessary to become a great leader. He even cites a Harvard Business Review study, which finds that out of the 100 best-performing CEOs in the world, only 24% had MBAs.

“Successful leaders must be aware of their strengths and weaknesses,” Patel writes. “They have to convey positivity and motivate those around them. These aren’t things you can discover in a classroom setting.”

Negotiation In Real Life

Despite business schools teaching negotiation skills, Patel says, the act of negotiation in real time is entirely different.

“Whenever you interact with someone in business, you’re either formally or informally negotiating something,” he writes. “When negotiation is done well, both parties leave satisfied and ready to do business with each other again.”

Part of successful negotiations, Patel argues, is in the prep work.

“This means you know something about the parties involved, you’ve done a little background checking, you know about their business and maybe you’ve even talked to others they’ve worked with to get an idea of their strengths and weaknesses,” he writes.

Learning From Mistakes

Perhaps one of the greatest lessons you learn in the real world is how to learn from your mistakes.

In business school, you have a safe environment for trial and error. But, Patel says, learning from your mistakes is inevitable in entrepreneurship.

“Sometimes deals fall through,” he writes. “Things change, the market fluctuates, or perhaps your idea simply didn’t pan out. You still have to find a way to pick yourself up and keep moving forward. Entrepreneurs must learn to frame their failures, learn from their mistakes and improve for next time.”

Read the rest of Deep Patel’s lessons here.

Sources: Entrepreneur, Entrepreneur, Harvard Business Review