Missing Business School Lessons: 10 Things They Won’t Teach You in Business School

Of all the Business School Lessons, there are several things you don’t learn at Business School.  Below, we talk about the 10 things you won’t learn through Business School Lessons

Missing Business School Lesson #1:  It’s all about relationships:

• The smartest, hardest-working person will not be successful if she can’t get others to work with her.
• “Trumping” doesn’t work.  Being cranky and disrespectful to others works for the character Donald Trump plays on TV.  In real life it never works.
• Networks matter.  The connections you build are more important than what you know.

Missing Business School Lesson # 2:  Very few business school teachers have ever actually been in business:

• The study of business, and research is a very important function of business, but it’s not the same as actually running a  business.
• The theory, and the research is only useful when it is applied.

Missing Business School Lesson #3:  Cash Matters

• Presumably, you would learn this in Finance class, but there are many Business School grads who will fail to recognize that their billion dollar idea that requires a $100 million investment is only useful if you have $100 million.
• Cash flow is likely the most poorly understood concept in business.  Much like your household finances, businesses are limited by their ability to raise capital through equity or debt.  There is a limit, and sometimes good investments need to be ignored or deferred because the cash is not available.

Missing Business School Lesson #4:  Listening is the most under-rating skill in business

• Listening is typically not valued in our culture.  Many inexperienced business people think they will appear smarter if they talk a lot.  The opposite is true.
• Listening is viewed as a “passive” skill – it is not.  Listening requires energy and concentration.  It also needs to be practiced.

Missing Business School Lesson #5:  Very few MBAs become CEOs

• If you go get an MBA because you think it will be a ticket to an Executive job, you will be disappointed.
• You should undertake business education because you want to improve yourself.

Missing Business School Lesson #6:  All you need to do to be a hero is do what you say you will

• Careful management of expectations is key.  Ensure you know what you are responsible for, and be careful not to over-commit.
• Follow through is required.  You need to get tasks and actions completed.

Missing Business School Lesson #7:  Leadership is not a democracy

• Contrary to many of the Management and Leadership books, consensus is only good sometimes.
• Some decisions will not be popular, and leaders need to learn to execute them regardless of popularity.

Missing Business School Lesson #8:  HR is not a department

• The best run organizations insist that every manager be an HR manager.
• The management of performance, and development of people is the responsibility of individual managers.  HR can be used as a resource, but it is not their accountability.

Missing Business School Lesson #9:  Education and intelligence are not necessarily correlated

• Don’t think you’re smarter than anyone else because you have a business degree
• Don’t discount the fact that others that don’t have a degree.  You will meet someone who barely graduated from high school and may be incredibly bright.

Missing Business School Lesson #10:  The alumni network is far more valuable than who is on faculty, and the reputation of the school

• The world’s best business school have graduates that are very loyal to hiring graduates from the same school.  See lesson #1.
• It is questionable whether the quality of education you get is any better at highest prestige schools.

Three Things to Remember about Business School Lessons:

1. Any education will make an individual better than they would be without it, but not better than others.
2. Don’t do it for the credentials.  You need to pursue education to improve yourself.
3. The “Education versus Experience” argument is boring and irrelevant.  You need both.

Watch the ‘3-Minute Crash Course’ about Missing Business School Lessons (CLICK THE ARROW TO START THE VIDEO):

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