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Harsh Realities Business Schools Fail to Teach! (Part 1)

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Are Business Schools Worth The Fee They Charge?

Introduction

Hello Readers!

Welcome to explicitfacts.com! A place where ignited minds come to get inspired! If you have not subscribed to our website, then you are missing out.

Just imagine today is your first day at Harvard University with a Business Management degree. What will the first thing you will expect to achieve after completion of this course?

business schools

Owning and big mansion and few Lamborghinis?

Beautiful ladies looking for an opportunity to be in your company?

Life will be set.

You just need to keep breathing, stay alive, and enjoy your time on this planet!! 

But wait…

In this article, we are about to burst your bubble.

We feel like everybody’s been going super strong these past few months and we want you to know we’re proud of you, really!

To keep this momentum, today we’ll be looking at some things people don’t learn, even in the most sophisticated financial institutions.

Personally, we’ve learned more by studying successful people, than the outdated strategies and concepts we’ve learned during business school.

After running multiple businesses for a decade now, we’ve put together a list of things we found super valuable no matter if you’re an entrepreneur or a high achieving employee.

With that said here are the few things Business Schools don’t teach you but make all the difference in life.

Why do we say this?

How many professors in these elite Business School owned or started Multi-Billion Dollars Business?

Did the esteemed professors have had sleepless nights regarding cut-throat competition in the Global Market, where hundreds of souls are just waiting for you to fall, so that they can take your place?

How many of them started a business from scratch, and then sold them for Multi-Million or Billion Dollars deals?

So, in this article, we will try to expose the loopholes in the Overhyped Education System of Elite Business School of the World.

Let’s Dive In!

When to “Shut Up” and how to say “NO”

This is part of social finance.

Some people simply can’t read people and they don’t teach you how to do it in business school.

business schools

Knowing when to shut up is sometimes worth millions of dollars.

The more sophisticated you become, the less you feel the need to constantly speak, despite having nothing to say.

As Will Roger say- “Never miss a good opportunity to shut up!”.

If you’re speaking, value isn’t coming in, it’s going out.

The exact opposite happens when you listen.

The second part of this point has to do with saying NO.

Every time you say YES to something you don’t like, you’re saying NO to something you do.

business schools

Who cares if they get offended?

Who cares if they don’t like you?

People will try to make themselves happy or successful at your expense!

It’s up to you to determine if you’re willing to make the trade or not.

There are a bunch of lessons only you learn in the real world because they come from experience, not from strategies.

But, with that said, there are some valuable concepts that the elites get to learn in these high-profile institutions, that are foreign to most street-smart entrepreneurs.

But that’s the article for another time.

Business plans change quickly!

Although they mentioned pivoting as an option, they never tell you how quickly the market is changing, mostly because the university curriculum is highly conservative.

In early 2020, the world is badly hit by Pandemic Coronavirus.

The whole global economy came down crashing to the bottom-most limit in history.

Now, do these Business schools teach you, how to survive these unpredictable scenarios?

To understand this problem firsthand, please watch the video on the Global Economy crash by Economist

Courtesy – YouTube

It’s exceedingly difficult to create a new curriculum every four years, especially now with new platforms and technologies coming to the market so quickly.

If you want to be a success today, we need to learn to build the parachute while falling, and once you’re close to the ground redesign it into a car or a boat depending on what’s waiting for you.

There’s no longer a linear path to success you need to move quickly.

We live in a time where people need to constantly reinvent themselves.

The old skills will need to be adjusted and used together with new skills if you want to have a competitive advantage.

In business school, they always ask you to write a business plan on how the business will do over the next five years.

The problem we have with this is that we’ve never met a single entrepreneur whose business plan was flawless from the get-go.

The biggest problems we identified with business plans are the following: –

  • You don’t understand the market.
  • You don’t understand the customer.
  • You don’t understand the full cost needed to get to where you want to go.
  • And all of this is because you don’t know what you don’t know!

Instead, we recommend you use what’s called a Napkin plan. Your entire business should fit on a napkin as mentioned below: –

  • What do you do?
  • How do you make money?
  • How do you attract customers?
  • Who builds the product or service and how much does it cost to do it?
  • What’s your competitive advantage?

These five questions are the fundamental parts of any business everything else is built around these.

You don’t need fancy business plans you need to get to work.

Your “Bank Account” is greater than your “Business Degree”!

Think about a scenario.

If you see one gentleman, with Havard University Degree riding a lower-end SUV and a second gentleman without a fancy Business School Degree coming out of Lamborghini. Who will you get attracted to?

business schools

Business is not like being a doctor or a lawyer.

The sole purpose of a business degree is to prove that you’re good at business and fortunately, we have a straight and effortless way to measure this.

How much money is in your bank account?

Nobody cares how many awards, diplomas, or pitch competitions you win. It all boils down to-

How well the business is doing?

How much money you’re making?

How much of an impact you have?

There’s no such thing as a business degree if you’re going to be an entrepreneur.

For employees, it’s a different story.

An MBA increases your salary, but if you want to build your own business it all boils down to that bottom line i.e money.

Fortunately for everyone, the Internet is completely revolutionizing education.

This is the best time in history, right along with you tens of thousands of people are reading this article right now. This is free value.

YouTube is filled with tutorials on any subject your heart desires to learn and comprehend.

We talk about… How to live a beautiful and successful life others are talking about?

How to be a great makeup artist?

How to use Photoshop or Excel?

You’ve been blessed with this opportunity where valuable information is free.

Nobody is keeping the secrets of success from you. It all comes down to whether you’re going to be lazy and after reading this article… Go binge watch some TV series or put in the 5 minutes of work needed to get the ball rolling?

So what’s it going to be? Netflix or the first step to something bigger?

If you chose the second option, then please write big in the comments so we know you’ve made it this far and are going to keep ongoing.

Business is built on relationships.

Every big business deal has come up because of a relationship, which was previously built.

People try different suppliers, different partners, and different networks, but end up sticking with the one they most vibe with.

business schools

Hiring people is also about relationships.

You’re going to see this person every day of the workweek, for the near future.

Despite the big tuition fees that they offer, they don’t teach you how to effectively build a network of valuable contacts. Instead, they rely on you figuring it out for yourself.

To keep it a hundred with you guys, there’s a major benefit to attending high profile business schools, you’re surrounded by people who are as driven as you are.

Making it a perfect environment to build friendships, which will eventually lead to business relationships.

There is even business favoritism, between people who went to the same colleges.

Getting back to the main point though, business is overwhelmingly relationship-driven both internally and externally.

Sometimes relationships end up being more valuable than the technical aspects.

Office Politics is NOT Taught in Business Schools

There’s no university out there, that teaches you how to navigate the complex world of office politics.

Who agrees with who?

Who’s neutral?

How to deal with the lazy, but entitled manager? and so on.

business schools

You’re walking on a very thin layer of ice and you’re doing it constantly, plus it’s a massive time waster.

We have the numbers to back it up.

1 in 2 employees thinks that office politics take away from their productivity and are one of the top ten stressors in the workplace.

2 in 3 think, they would get a lot more work done if co-workers would quit stopping by to chat.

1 in 4 complains that they spend more time in meetings than doing actual work.

It really sucks when the reward for doing your job well is getting to finish other people’s work because they were unable to.

The better you understand social dynamics work and rewards according to productivity the better your organization will do.

Data is as important as the customer.

Many businesses rely on data to improve their efficiency and increase their profits.

Don’t get us wrong…

We love numbers.

Numbers don’t lie.

business schools

They’re straightforward and they hold no punches.

Yet, if we were to start relying only on numbers to grow our website, every single thumbnail would include an almost naked hot girl next to a guy and a big red arrow pointing at it, you know the type.

In order to keep this article advertiser-friendly, we’ll go back to market research and knowing your customers.

Data has this power of showing you, how people behave in the past.

While talking to your customers gives you some insights into how your customers might behave in the future.

There’s nothing more important for the survival of a business than to see where the world is going not where the world has been.

Get the data measure it, improve based on it. But make sure to have the vision necessary to adjust for the future.

As a boss, you set the standard.

To keep it honest with you, leadership and how to lead people is taught in business school, but more from a managerial perspective.

Like how to optimize the workflow of your employees to get the most productivity out of them, without them quitting, while also delivering a soothing working environment.

business schools

Although you can cultivate leadership, it must come from within.

People are inspired by your actions, not by what you say you’ll do.

It’s rooted so deep in your biology that you can see it most clearly in little kids, who choose to mimic their parents and now follow the advice that they give.

As the boss, you set the standards.

If the mission of the company is good and you feel like you’re doing valuable work, it’s hard not to be productive.

Let’s take Elon Musk and Tesla for example-

In times of crisis, Elon slept on the factory floor to personally oversee production.

One of the employees was quoted as saying- “It’s not hard to put 80 hours in when you see Elon putting in 120”.

If the employees see you accepting 60% of the quality is good enough, this becomes the new standard and therefore most companies fail eventually.

There are many books on leadership that we can recommend but we’ll just pick two for now-  

‘Good to Great’ by Jim Collins’- is an unbelievably valuable resource for people who are looking for breakthroughs in their organizations.

And the second one is ‘Start with WHY’ by Simon Sinek.

Cultural Changes Render Business Schools Theory Useless.

There was a time when the best marketing experts in the world, were doing what was considered the golden standard in marketing.

Targeting the mail as the sole breadwinner, their most valuable customer, and crafting the message toward them. Even if, it came off as completely sexist, nobody cared.

Time goes by and culture changes rendering their approach not only useless but offensive today.

That’s why you see all these brands trying to not offend anyone and morphing their messages as they go along.

Courtesy – YouTube

Continued as Harsh Realities, Business Schools Fail to Teach! (Part 2)

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Now before, you leave our website, we are curious

For those of you who went to business school, we’re super curious to hear from you what’s the one thing they didn’t teach you in business school that you found incredibly valuable.

Please let us know in the comments below because we’ll be browsing it intensely to see your perspective on this.

Share your story with us in the comment section below…. we will be right there with you.

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