There are two schools of thought on the subject of business education – those who value degrees and MBAs and those who believe that work experience is more important.
Business degrees can give you a solid introduction into the world of business. They can teach you about tried and tested methods and get you to consider strategies, business plans and marketing methods. Besides the education itself, it can also open up your network to like-minded people. You may even meet your future business partner at university.
But is that all you need to succeed in business? Here are some other important things you shouldn’t neglect to get you off to the best possible start.
Even if you’re studying at a top university and are planning to go for the full MBA in the future, work experience should still be a top priority for you.
Rather than going to university, some entrepreneurs swear by the years of experience they had while everyone else was writing essays. Solid experience in the industry or in business itself is very hard to replicate in a classroom and yet can be the best teacher.
However, that doesn’t mean you can’t make it work and make up for the time spent at university. The best way is to work while studying so you’re getting the best of both worlds at the same time.
Business is not a smooth ride. There will be many obstacles in your way. You’ll get things wrong. You might even fail a few times. You certainly wouldn’t be alone but how you react to these hiccups is what separates the wannabes from true entrepreneurs.
What makes a true entrepreneur is the ability to learn from these things and continue, even if it’s with another business idea. Most first-time businesses don’t end up making millions. The world’s top entrepreneurs have a few failures under their belts. Resilience is key to progress.
Communication is key at all levels of business. You need to communicate with investors, colleagues, business partners and most importantly with your clients or customers.
Having good communication skills is important to get up and running and also to keep the business afloat and ticking over nicely.
Being open to new ideas
The way to get ahead is to think ahead. Being open to new ideas and new technology means that you won’t get left behind and can stay current in the minds of your potential customers. Being too rigid in your approach makes it harder to expand and develop your business into something that lasts a long time.
Problem solving skills
A business is a solution to a problem or need. Making life easier or better in some way should be core to your business.
As markets change and customer needs do too, it’s important to hone these problem solving skills throughout your career. They can help your business navigate through tough times and also solve problems that customers will have in the future.
What other skills would you say are useful for succeeding in business? How do you feel about business degrees? Let us know your thoughts.