Most countries today are encouraging entrepreneurship as they find it to be a necessary ingredient for stimulating economic growth and providing employment opportunities. In the developing world, successful small businesses are becoming the primary engines of job creation, income, growth, and poverty reduction. Most of these budding entrepreneurs take their formal education from B-schools. Let us see what is that these schools don’t cover in their curriculum, which is vital for any entrepreneur to succeed
- Empathy Training: The business schools give management training, advice on buying, selling, analyzing reports, teaching leadership traits and what not. One thing that they lack is people dealing. Not a single business school teaches you empathy. How to lend a sympathetic ear to your colleagues when they need it? How to read facial expressions and decide if the person is genuine or not? This is an inborn trait in some, but people who are strongly logical or left brain lacks this key strength, which makes an entrepreneur loved and respected by all.
- Ethics Training: This is another important characteristic that has a different meaning for different people. People doing business should do it fairly and honestly, paying their taxes on time, and helping the community, employees and customers along the process. But how many people learn this in business school. Screwing with people and environment can never result in a successful business model, but how many people abide by that? How many people think that doing business with fairness will lead them to sustainable model? Most of the people try to take a shortcut putting all ethics away.
- Setting the Priorities: We all know that entrepreneurship is synonymous with passion, perseverance and persistence. While all business schools teach people to have these qualities, if they want to start their own venture, they never tell to think about other important aspects of life like health and relationships. Will you enjoy the fruits of your labour if you end up with bad health, broken families and sour relationships?
- When to Exit: Not all start-ups are successful in spite of putting all efforts required. No one teaches you till what point you should try to make it work and when you should back up and try something else. Actually speaking, there is no fixed rule and most of the time people have to do the guessing game or follow their instincts.
- Be Humble: Business school’s curriculum is designed to make you confident as individuals and face the world smartly. They instil a feeling that you know it all, which results in making you arrogant most of the times. If you look around at the most successful people, you will find they all had one quality, which is that they are humble. They are comfortable in saying that they don’t know everything and they always show gratitude towards people who they meet along the way.
These qualities are a must for anyone in the field and no business school ever teaches it.