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15 Business Lessons You Didn’t Learn in School

Updated on February 7th, 2022
Business Lessons

You’ll learn a lot of invaluable lessons in school: remembering the bottom line, scaling lean and solidifying your brand. What you didn’t learn was the soul of business. You need to remember why you started this business in the first place and what you hope to achieve (besides money), when it’s all said and done.

  1. Your purpose should be first and foremost above your product.

    What’s the mission of your company? What do you hope to achieve? How to hope to help the community? Keep those things front and center at all times.

  2. Growth happens in the time when you feel the most uncomfortable.

    Push you and your team to that place. Don’t let yourself get complacent.

  3. Never let anything get in the way of a good night’s sleep.

    You can’t perform at your best when you’ve been sleeping your worst.

  4. A good leader doesn’t manage, he or she empowers.

    Your team doesn’t work for you, they work with you.

  5. Finding the right employee is similar to finding your soul mate.

    It takes dedication, trust, honesty and time. Don’t rush the process and don’t expect too much too soon.

  6. Data is just data.

    Don’t let it run your life or your business. Your team, like a relationship, has emotions that need to be managed. It’s not all about the bottom line.

  7. Meetings are overrated and a huge time-suck.

    Innovation can’t be found in the stuffy air of a board room. Try meeting outside, meeting out of the office, or nixing meetings altogether. A meeting can usually be summed up in an email.

  8. Transparency is key.

    Your team won’t be fooled by you only sharing positive news with them. Be open and honest if the company isn’t doing as well as you had hoped.

  9. Adversity should be welcomed.

    Failure gives room to grow and adapt to new situations. Welcome it.

  10. Be open.

    This includes new ideas, new co-workers, new visions and the ability to pivot when things get rough.

  11. It’s not all about you.

    Yes, you started this business from the ground up, with your blood, sweat and tears. But it’s not all about you anymore. You have a team that looks up to you and relies on you to make tough decisions. But those decisions don’t affect just you. Always remember that.

  12. Create other leaders.

    A business leader’s greatest strength is the ability and influence to create new leaders. Inspire those around you. Offer mentorship programs, continuing education and career development options. Show your team you’re invested in your company, but also their individual futures.

  13. Success doesn’t happen overnight.

    You might have the best idea and the best way to execute it, but that doesn’t mean it’s a guaranteed success. Be patient and let your company grow at the pace that it needs to. Don’t rush things.

  14. Have fun.

    Business may seem scary, but don’t forget what brought you to this place. Have a light heart, keep your sense of humor and don’t take everything too seriously.

William Lipovsky

William Lipovsky

William Lipovsky owns the personal finance website First Quarter Finance. He began investing when he was 10 years old. His financial works have been published on Business Insider, Entrepreneur, Forbes, U.S. News & World Report, Yahoo Finance, and many others.

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