“School of Hard Knocks [HKU] aka Life, is where the unforgettable lessons of Biz are Burned In [Learned]” – Wiz4.biz
Learning Topics: Creative, Disruptor, Risk vs Opportunity, Marketing, Hiring, Delegate, Goals, Real, Customer Focus, Competition, Relationships, Change, Instincts, Commu, Negotiation, EQ, Conflict, Real.
Some great Lessons you can learn in business school. It emphasizes planning & strategic decision-making. Ideally, it shows you how to take academic theories and apply them to real-world problems. But no matter how brilliant the professors or how well designed the curriculum, no school can teach you everything you need to know. There’s a lot you’re going to have to figure out on your own, through trial & error. 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. So, if you’re hoping that MBA will be your golden ticket to creating a successful business, consider these all-important 25 lessons that you’ll have to learn outside the classroom.
0. How to be > Creative.
Coming up with original ideas and finding ways to innovate will give you a big “competitive advantage”. But creativity is often a process of self-discovery. It takes practice & persistence to generate Creative Ideas and make something great out of them. Entrepreneurs must make a continuous and conscious effort to look at the world with a curious and open mind.
1. Generating ideas that will “disrupt”.
All entrepreneurs dream of disrupting their industry, but few ever do, because it’s rare to come up with ideas that will cause sweeping change. Dsruption begins with defining a solution to a problem and then finding a way to add value to customers’ experience.
2. Take the Risk for the Opportunity.
. Weighing opportunity vs potential failure is often personal. You must take into account so many factors to make the decision.
3. How to Start/Grow a Business.
Business school will teach you the steps you should follow when forming a business: how to do research, come up with a plan, make a budget, choose a business structure and so on. But there’s so much else that goes into a new business that classes can’t cover. How to find capital, get people to invest in your ideas and make that all-important first sale — all of that is up to you.
4. using Marketing in our Hi-Tech world.
In our highly connected digital world, technology is changing at break-neck speed, impacting the way businesses market themselves. This ever-changing scene makes it practically impossible for business schools to keep up with digital marketing trends. Entrepreneurs need to work at finding ways to follow the trends.
5. How to Hire the best Team.
Most entrepreneurs struggle with recruiting to hire an excellent team of people. HR managers have worked to refine the process, but deciding who is really going to be a good fit comes down to uniques that can’t be put into a formula.
6. Delegate, Delegate, Delegate !!!
You can’t possibly handle every single detail of your business. In order to be successful over the long haul, you’re going to need help. You’re going to need to delegate, out-source or sub-contract work when necessary. You’re going to need to learn when & where to seek help.
7. How to be a better Leader.
Leaders who have MBAs are no more effective and perform no better than those who don’t. According to a Harvard Business Review study of the 100 best-performing CEOs in the world, only 24 % had MBAs. Successful leaders must be aware of their strengths & weaknesses. They have to be optimistic and motivate those around them.
8. set Goals & Milestones.
So often in business, we know what we want to do, but have no idea how get there. You have a Mission statement & Biz Plan, but don’t really understand what our specific goals are. Goal setting is crucial to holding yourself accountable and making sure everyone on your Team is aligned and on the same page. Review frequently
9. but Set “realistic” Expectations.
If you promise the world to customers or clients, and then can’t fulfill those obligations, you’re going to end up with some very frustrated people. To be successful, you’ll need to establish parameters, realistic timelines & deliverables. Your roadmap to success begins by creating clear, achievable expectations, then following thru.
10. Relate better to your Customers.
Your sales approach matters just as much as what you’re selling. Academics often miss the all-important step of “relating” to customers. That personal connection comes from really listening to your customers and adopting their relevant feedback.
11. Get a Sports car to Out-Maneuver larger Competitors.
Being small & nimble has its advantages. It’s up to each entrepreneur to see the strengths their business can use to out-maneuver larger competitors. Look for ways you can offer something the bigger guys can’t without going to a head-to-head competition. Do a SWAT analysis
12. Building Relationships on the path to Success.
The saying “It’s not what you know, it’s who you know” is very true in business. Every successful business is built on good Relationships. If you want to be successful, you’ll need to master “soft skills” (ie, selling yourself, networking building bonds, etc.) That’s how you get invited to the right places and meet the right people.
13. There’s is no Single path to success. (or Married)
. You have to follow your own path to achieve your dreams. No one – not a teacher, mentor or even a $B business leader – can tell you how to create your best future. You have to figure that out for yourself.
14. Learn from your Mistakes.
One of the hardest lessons to learn in business is that failure is inevitable. Sometimes deals fall through; 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 learn from their mistakes and improve for next time.
15. You’ll have to Figure some things out “On the Fly”. (not with the Fly)
It’s good to start with a Biz Plan, but sometimes you just have to wing it. There will be times when you come up against an unexpected issue, problem, or a one-off opportunity. You’re going to have to figure out some things as you go. This is why the ability to think on one’s feet will always be essential to entrepreneurs.
16. Trust your Instincts.
Mega-successful entrepreneurs like Steve Jobs, Warren Buffett & Bill Gates would often prioritize their own intuition over the advice of others, or even customer feedback. Intuition is the result of your body processing the data around you. You may not be able to explain why you know something; you just “sense” it. That’s not to say you should always ignore what other people have to say, but sometimes you need to turn inward and “trust your gut”.
17. Be a > effective Communicator.
How effective you are at getting your point across can make the difference between sealing a deal and missing out on a potential opportunity. Communication fosters good working relationships and is important to a Team’s motivation & efficiency. Some people are just gifted communicators, while others need to work to improve their communication skills.
18. Every Interaction is a Negotiation.
You may learn negotiation strategies in business school, but the act of doing it in real time, in real life, is entirely different. Whenever you interact with someone in business, you’re either formally or informally negotiating something. When negotiation is done well, both parties leave satisfied and ready to do business with each other again.
19. Emotional Intelligence is sometimes more important as IQ.
Emotional Intelligence (or Quotient, EQ) is ranked high in the World Economic Forum’s list of the top 10 skills that entrepreneurs need to thrive in business. EQ refers to someone’s ability to perceive, understand & manage their own feelings & emotions.
20. The importance of Consideration & Manners.
Most of us learned good manners from our parents as children, but how often do professors emphasize the importance of using common courtesies and etiquette when dealing with customers? Simple things like using customers’ names, being on time, delivering on promises and saying thank you will make a huge difference to your business’s success.
21. be Humble, even tho’ you’re outstanding.
Humility keeps you grounded, even as you reach for higher & higher goals. Being humble doesn’t mean you think less of yourself; it means you’re more focused on others. This helps you become aware of your flaws. [Really? I didn’t think I had any] When you’re humble, you stay focused on the needs of customers and really listen to feedback &criticism. Then you get better !!!
22. How to resolve Conflicts.
They’re inevitable. You’re going to have to embrace that fact and learn to deal with it. You have to learn how to forgive others, smooth over hurt feelings & find resolution/s you can all live with.
23. Get some Real-life Experience.
You can study all you want, and you can hang multiple degrees on your wall, but nothing will ever take the place of Real-life Experience. The only way to acquire that is by getting out there and actually doing it. [Just Do It] Real life is full of wins & losses, failures & successes. Learning to navigate the tuff business world will teach you more than you can ever learn in a classroom.
Comments: Are there any other good Lessons you can think of?
from MasterMind 26 Nov 18 enhanced by Peter/CXO Wiz4.biz
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