Here Is What College Doesn’t Teach You About Business Start-Ups

You have perhaps graduated with a good degree on a business course from the university. Earning such a degree is great, it’s just not everything as far as entrepreneurship is concerned.

Yes you should attend college, obtain a technical skill or even study something about business. But don’t be complacent about it, these educational institutions often fail to teach some of the very essential practical techniques needed for a start-up.

Let’s have a look at some of these lessons that college doesn’t often teach you:

Dealing with failure 

Starting a business is often experimental. In college, you’ll often be equipped with the skills you need to be able to start and manage a successful business. What that picture lacks in the reality check: that the startup plunge is laced with chances of failure.

Where there is a probability for failure, the best you can do for yourself is prepare for either outcomes. Once you recognise that testing failure is an inevitable part of the startup experience, you’ll have little to worry about.

Thinking outside the box

This concept popularised by Steve Jobs is truer to the startup world than anywhere else. In schools though, you are taught there’s only a right and wrong answer. The startup reality is different though: ambiguity is the order of the game.

You must be prepared to be wrong in order to be able to come up with something original. In this backdrop, schools only tend to kill creativity.

Budgeting

School is the one place where budgeting is a remote ideology. Students often don’t handle substantial amounts of money. They tend to live off student loans, some have part-time jobsand/or credit cards.

You are never exposed to the reality of taxes, business expenses, payroll or office rent. Any extra cash is savouredin rather reckless ways.

In a startup, you have the balance sheet to balance of and lots of bookkeeping facts to understand. You must be able to budget expenses for the next couple of months or even years. These might just not be the skills you inside a college lecture hall.

Fortunately for you though, there’s better access to business funding today, and you can get funds for virtually every aspect of your prospective business. The First American Merchant for instance will give you even Equipment Business Loans you can use to furnish your new office.

Comments are closed.

  • Partner links