5 Things They Don’t Teach You in Business School

You can count me as one of those pundits who like to wax poetic–OK, I admit, a little too damn poetic–about the virtues of entrepreneurship. I do so because I remain convinced that starting your own business is one of the great joys of life. 

It’s good for people who do not like their job or boss, but also for those who have a good job but who might like to be happier, more fulfilled, and potentially make more money working for themselves.

I have started four businesses, three of which were very successful, and one of which was very unsuccessful. Two of them I have sold, one to Mark Cuban–thank you very much.

Here, in my estimation, are my top five things they don’t tell you in business school.

1. It will require more cash than you think

Making money takes money. The first thing to ask, therefore, is how to obtain the money you need. 

The usual suspects are yourself, your pals, family members, your credit cards, SBA loans, and savings. The good news, and something I think most nascent entrepreneurs miss, is that banks want to lend you money. That is their business. That is how they make money. If you make your business and business plan as solid as possible, you will allow them to say yes a lot easier. 

It is also a difficult task to determine the exact amount of cash required for the launch of your venture. But just know, it will likely be more than you expect. You will have to save enough to open your doors, buy products, stock up on inventory, market your business, etc.

Another thing they don’t tell you in business school is that there will be problems, mistakes, and unforeseeable issues. And that is another reason why costs will be higher than expected.

2. To succeed, you need to be 50 percent entrepreneur, 50 percent geek

A good website and social presence is a must from the get-go. You need to register your desired social handles with all the platforms. I hope you are good at making short-form videos because that’s the future too. 

And speaking of, you might also want to make some videos for the site and have an e-newsletter ready from the start.

Digital marketing is changing rapidly, so get up to snuff. Apps abound, so find a few that can make a difference. A good tech person will be essential.

3. You will also need mad skills

No doubt, your skills and expertise will come in handy right away.

Resources and help are scarce when you’re just starting, so you will be wearing many hats. Accounting is a good skill to have, for example, even with apps like QuickBooks. It will also be helpful if you have good marketing skills. 

4. You will need customers, pronto

No one knows about your new business right now. No one. Zero. Zilch. Where will the new customers come from? Before you even open your doors, you will need to inform people of the existence of your new company.

Market your business, and then market it some more. And then market it some more.

You need several sources of new customers. Begin by contacting everyone you know. That is one source. Your website, X, LinkedIn, and Instagram? That’s two sources. Marketing and public relations make three sources. Pay-per-click is four. You should come up with at least five more methods to get new customers.

5. You will need to be patient

This will all take some time. Rome, or your new startup, was not and will not, be built in a month, let alone a day.

Creating a startup requires faith and perseverance. Don’t give up. Continue to plug away. Have fun. Be creative. Take an afternoon off for golf. Follow your strategy.

And dream on!