5 Major Lessons that the B-Schools Don’t Teach You
In the past few decades, the demand for MBA graduates has increased significantly in the job market. After all, a person with an MBA degree has more flexible management skills and is more knowledgeable about business operations. In fact, the curriculums at the business schools are designed in a way that it prepares the students for the challenges of the professional world.
However, there are some challenges that even the best B-school programs do not warn you about. In this blog, we will discuss some of the major issues which the B-schools do not prepare you for.
- Cash flow management:
It will be incorrect if I say that B-schools do not cover cash flow management in their curriculum. In fact, you get to learn about the definition, importance and management of cash flow in a practical environment. What the b-school curriculums miss out on is teaching the students about the frequent demands that cash flow management makes.
If you wish to keep enough funds on your hand to sustain your business, you will have to constantly check the bank statements and thoroughly assess your bills and invoices – for both debits and credits. A single miscalculation can lead to a cash shortfall, even if your business is profitable on paper. Unfortunately, no amount of business assignment writing help prepares you for this.
- Decision Fatigue:
This may not seem like a real problem in the beginning, but it does hit you at some point in your professional career. When you get involved in the company’s decision-making process, there comes a time when you need to make too many decisions regularly. Such practices can lead to decision fatigue. And when you experience such an issue, even making small decisions – such as what to have for lunch or which present to gift to a friend – can add up to that problem. Also Read:Best for B2B
When you are in a business school, you learn about various concepts that allow you to make more informed decisions. However, no b-school courses teach you how to handle the pressure when you need to make several significant decisions every day. To deal with such a challenge, you need to practice relaxation techniques as well as proper decision management in order to keep your mind fresh.
- Time management:
While you learn how to deal with major strategic changes under pressure and changing circumstances, the business schools never really teach how to effectively manage time. Even while studying at the B-schools, students find it difficult to make time for their assignments. And when they move to a professional career, the time constraints become much more apparent.
Whether you go onto becoming an entrepreneur or play a crucial role in the management of a business – you will have to continuously deal with more tasks than you can handle. You will need to prioritise your tasks and decide how you can get away without doing certain tasks. You may also need to figure out how you can rush through certain tasks without compromising the quality of the work.
- Dealing with actual customer behaviours:
The courses at B-schools teach you how you can predict customer behaviour and what you can achieve with the data. You learn about advanced market research and how to conduct proper surveys. You may even learn about how you can convince people to try and evaluate your products. In simpler words, a b-school teaches you how you can make the best guess at your customer’s behaviour.
Even though you can predict the price points and buying habits of the customers, the real audiences rarely behave according to these predictions – at least not exactly how you expect them to behave. There will always be some variables in those reactions that will eventually occur. You will have to prepare yourself for those unexpected variables without panicking and starting over.
Entrepreneurship is a lot bigger than just having the most popular business in the industry. In fact, it should not be reduced to a petty popularity contest with your competitors. But it will be a mistake to think that popularity does not matter in the world of business. In fact, if you want to succeed in a competitive world, you need to have a certain amount of charisma. And the B-schools do not teach you about that.
You need to develop a friendly and approachable personality if you want to find partners and employees. Also, you need to be sociable, reasonable, and open-minded if you wish to establish a good relationship with the investors and clients. There are no courses which can shape your personality for the life you are about to lead as an entrepreneur or a manager. If you do not have a likeable personality, it will be difficult for you to make connections that are essential for a successful business.
Business schools teach students a lot of important things about the world of business and how one can succeed. However, there’s no denying that experience teaches you a lot more things that you can learn at a B-school. The more you involve yourself at managing a business, the better you learn about the potential challenges and the shortcomings, which the courses never warned you about. So, it is always a good idea to join an internship while pursuing your course at a business school to gain some practical experience.
Author bio: Alley John is a professor of business studies at a reputed college in Australia. He is also a part of the team of experts at MyAssignmenthelp.com. He offers business assignment writing help to students on request. He is also a skilled business analyst.