As I move close to a full decade since I picked up my master’s in business and technology, it is good to reflect back on what you may not hear in class.
From OnstartUps.com, here is a summary of the 10 things you won’t learn about startups.
(Hat Tip Rob May)
1. No amount of strategic planning will ever substitute for managing your cash flow.
2. There are always more things to do than there is time to do them.
3. Sleep is that time you’re working on startup problems with your eyes closed.
4. It helps not to call people “human resources”.
5. No amount of academic theories on efficient pricing will prepare you completely for what people will actually do.
6. Price discrimination (in an economic sense) is a wonderful thing. Except that it often ignores the real costs in terms of organizational complexity. Every time you add a new product or product option a small part of your company dies.
7. There are an infinite number of ways to spend money on marketing. You have no idea what’s actually going to work. The idea is to experiment broadly and learn lessons cheaply.
8. To recruit the best people…
9. There’s a lot of value to being likable. Good things happen when people like you.
10. Advanced game theory is exceptionally useful. Basic game theory is dangerous — because it assumes that you’re dealing with a bunch of rational “players”.
Read the full article at this link: Startups: 10 Things MBA Schools Won’t Teach You