What you didn’t learn in business school may actually be the most important lessons in the life of your small business, one expert says.
"A typical MBA program is about two years and the intent is to give you a good understanding of business concepts," said Gary Barnes, an entrepreneur, business coach and international speaker. "However, a lot of people graduate and move into the business world without the basic knowledge of the in and outs of how to run a successful business."
Unfortunately, entrepreneurs are oftentimes only able to learn those ins and outs by learning from their business failures. To help business owners prepare for those challenges, Barnes offers new entrepreneurs some lessons about starting a business on their own.
- Success is not instantaneous— While some companies like Facebook and Amazon.com took off at the beginning, the majority of businesses take a while before being successful. Don’t be discouraged if you don’t immediately pull a profit.
- Be flexible— The world is constantly shifting as new products arise and social media expands. Be able to adapt with the world and change your vision if necessary.
- Start small and grow— While it’s tempting to reach out to global markets, concentrate on a single market and build a foundation first. After developing a solid base, expanding will be easier.
- Disagreements are good!— Different opinions between co-workers and employees can help fuel creative, original ideas.
- Don’t be afraid to delegate— A common mistake of new entrepreneurs is their inability to trust other employees to handle some of the elements of the business. Relinquish the reins a little and allow others to help before you are overwhelmed.