While business school is not for everyone, there are always lessons to be learned. A formal business education gives people an advantage in the global business scenario and teaches us to be adaptable in an economy where constant change is the only permanent. It equips people to be leaders in their fields and develop key business savvy. Not everyone has the financial resources or desire to attend business school, but it’s always helpful to learn about what others took away from the experience.
The following are some of the most important takeaways from a business education from Stanford Business School, as compiled by Inc. contributor Jessica Stillman from Uber executive Matt Wyndowe.
- Successful people listen. Develop this skill of learning from listening.
- Heed the 80/20 rule. Reconcile with the fact that 80% of value is gained from 20% of the product/service. Focus on the 20.
- Be likable. Practice habits and behavior that will make you more charismatic and likeable.
- You can make your own luck. “People who are lucky make their own luck,” Wyndowe insists. “And you only make your own luck by staying in the game.”
- Put on “the cloak” of leadership. Show your team that you are capable of handling issues. Be the pillar of strength and confidence.
- Pay attention to change. Remember that change leads to opportunity and always be ready to use the opportunities that come your way.
- Just keep selling. Whatever the scene, do not lose confidence in your product.
- Know your weaknesses. This will help you find ways to compensate in areas that aren’t your forte. Build a team that does well what you don’t do so well.
- Authenticity pays. Even if you’re a deviant or an outlier, do not lose your individuality. Your team and you will benefit from your authenticity.
- Learn to relax. Find a good work-life balance.
- Trust first. This is hard. Experience teaches us that people take advantage and are unreliable. But, that shouldn’t stop you from trusting the people you work with. Did a team member fail you? Learn from the experience, identify the personalities you can work with and move on.
- Be disciplined and get stuff done. Organize your schedule. Have clear goals, plan your steps to reach that goal and be accountable to yourself. In the end, we only regret the things we didn’t do.
Thanks for reading and until next time… stay WISE!