There’s no one right way to start a business, and you can’t learn everything you need to know in school. Caroline Lembck, a marketing prodigy from Conshohocken, Pennsylvania, who got her MBA at 20 and currently is the CEO of LemVega Capital, understands that the most important lessons you learn about entrepreneurship will come from starting and running your own business.
Here are a few things you can’t learn about entrepreneurship in school:
Persistence is a Requirement
Starting a business is not an easy task. It will require you to “figure things out as you go.” While the business school will emphasize the importance of funding, hiring, and scaling, starting a business means making the most of the few resources.
Your success will depend a lot on how tenacious you can be and how you can make the most out of the resources and tools available to you in the short term. Caroline Lembck understands that this may mean launching with a minimum viable product to test your market or getting a small amount of funding from friends and family to start.
Knowing that overplanning can kill your productivity is essential if you’re thinking of starting your own business. Most business schools treat every new business idea like a massive venture that companies can plan thoroughly for. However, the truth is that a lot of this will become more apparent as you test and first bring your product or service to market. It’s much more important to execute your idea and get proof of concept instead of trying to plan every single aspect of your business to perfection. Caroline Lembck feels that excessive planning before execution is usually just procrastination.
When Caroline saw the opportunity to make the most of what she viewed as overvalued or undervalued public equities, she acted on her idea and began LemVega Capital. So if you’re serious about starting your own business, be prepared to pivot and adjust based on how your customer uses, perceives, and buys your product or service.
Without goals, it’s difficult to determine the path you should take and can lead to wasted time and energy. As an entrepreneur, you need to set goals for yourself and your business. Doing so will help you stay focused and motivated.
There are a few things to keep in mind when setting goals:
Vague goals are challenging to achieve. When selecting a goal, be as specific as possible. For example, rather than saying you want to ‘lose weight, set the goal of ‘losing 10 pounds in the next three months.
Make it Measurable
To track your progress, your goals need to be quantifiable. Again using the weight loss example, you could say that you will ‘work out five days a week for 30 minutes. This way, you can easily measure whether or not you’re sticking to your goal.
Set a Deadline
Goals without deadlines aren’t goals at all. They’re just wishes. Setting a date for when you want to achieve something can give you the motivation to get started and help keep you on track throughout the process.
Utilize SMART Goals
This is one method many successful entrepreneurs use to create goals. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound; it’s a great way to ensure your goals will be effective in helping you reach your ultimate objectives more quickly and easily.
Marketing In The 21st Century
Caroline Lembck believes that if you’re relying on the same marketing tactics, your school taught you, you will be in for a rude awakening.
The good news is that it’s not too difficult to learn the latest trends and techniques – as long as you’re willing to put in the work. So before you launch your new business, educate yourself on modern marketing methods like pay-per-click advertising, search engine optimization, and email marketing.
If there’s one thing we’ve learned from watching businesses succeed and fail over the years, successful entrepreneurs are constantly learning and adapting. Don’t let yourself fall into the trap of thinking that you’ve learned everything there is to know about launching a business.
As a business owner, it’s essential to be creative. That doesn’t mean you have to be born with a natural talent for creativity; research shows that once you get beyond an I.Q. of about 120, intelligence and creativity are not at all related.
It does mean that you need to be willing to work at it and think outside the box when you see an opportunity. In Caroline Lembck’s experience as CEO of LemVega, her frequent market analysis gives her the opportunity to make the most of her creativity and market insight when making investment decisions for the company.
Are you risk-averse? Do you shy away from challenges and instead stick to what you know? If so, then entrepreneurship may not be the right path for you.
Running a business is all about taking risks. It’s about thinking outside the box and creating an unconventional path. And it’s about failing a lot.
Failure should be seen as part of the learning process. Because most schools teach students not to fail, they never know the value of failure as a way of learning. This can be a problem for B-school students that go into entrepreneurship because they may become more risk-averse. Any roadblock or challenge you encounter as a business owner shouldn’t be seen as a reason to give up but instead as an opportunity to learn and grow.
If you’re thinking about launching a business, there are a few things you need to keep in mind. First and foremost, you need to be aware that entrepreneurship is not something you can learn in school.
To be successful as an entrepreneur, you need to be ready to learn and adapt as your business evolves. For Caroline Lembck, this meant taking her talents as a business developer and expanding them to become the CEO of her own hedge fund. You also need to develop your creative abilities and embrace risk-taking if you want to succeed. And finally, it’s essential to stay focused on achieving your goals while always working hard and staying motivated. With these tips in mind, you’ll have all the tools to start your first successful business.