Business school was great. I learned about a broad variety of topics I had never been exposed to before—accounting, finance, strategy, and marketing—all of which were very important in starting my own company
But shortly after getting started, I realized
there were a few things b-school didn’t cover that were really important to
founding and running business. Some of the skills I picked up along the
way at previous jobs, but others, I only wish I had.
If you’re just getting started as an
entrepreneur—whether or not you’re planning on b-school—here are a few things I
recommend exploring.
1. How to Code
If you’re starting a technology company, odds are
that you (or someone you hire) will need to build software. So, if you’re not technical,
it wouldn’t hurt to get to know a little bit more about code.
One of the biggest jokes at Bunndle is how often
I “break” the database. In my defense, it’s never really my choice to go into
the database in the first place. But issues come up that need to be dealt with
quickly, and sometimes our developers are swamped doing the important stuff.
So, I learned a little MySQL, and I dive in now and then (trying not to break
things, of course).
There were other times along the way when we
needed to build mock-ups and a few simple web pages, but our development
resources were tied up. The only thing I could do was to quickly learn
Photoshop and some basic HTML, and pitch in. At one point, I even took a
PHP programming class to understand the basics of our back end.
Beyond being able to help with the small tasks, I
found that being able to use these tools helped me become better at knowing and
defining the product. What’s more, knowing a little bit about the technology
you use will help you communicate your business requirements more clearly,
understand the limitations of the technology stack you’re using, and make
better hiring decisions when bringing on developers.
If you’re interested in learning about code,
there are a lot of resources available, including online tutorials, dedicated websites
focused on a particular technology stack, and books that will help get you up
to speed. Introductory courses are also available at local schools if you want
a more in-depth review.
2. How to Sell
Although I took negotiation classes in school,
where I learned about sales strategies and other textbook maneuvers, it wasn’t
until I actually got out and started pounding the pavement for deals that I
understood what it meant to sell. I was cold calling, sending out blind emails,
pitching to customers, and getting rejected left and right. I realized early on
that selling isn’t for the faint of heart.
Despite all of this, learning how to sell gave me
vast amounts of information about our customers, our product shortfalls, and
what people would pay for. And that’s really the key to any business: You must
know how to make money—and the sooner you can figure that out, the better.
Selling also keeps you close to your customers and allows you to adjust your
business model to the changing demands of the market.
The best way to learn sales is simply to call on
a customer and start pitching. If you don’t have anything to sell yet, try
selling someone else’s product. The experience from both the successful and
failed attempts will give you invaluable information about what you need to
develop in your pitch.
3. How to Hire
More specifically, learn how to
recruit. There are no classes for this—it is almost an art form, really.
But hiring is the most important
thing you will do as a founder, and getting this right is absolutely
imperative.
What I learned about recruiting is that it’s a
lot like sales. You are pitching your company to people and want them to invest
their time and faith in you. You need to be able to find these people, target
and qualify them as a cultural fit, and then be able to close them. This is
easier said than done in a competitive hiring market. But investing time
and effort into understanding the recruiting process will help speed things up.
Like sales, the easiest way to understand
recruiting is to jump in and get started. You have to talk to as many
candidates as possible and refine your pitch. You will need to discover where
these candidates are and what will get them excited about working with you.
Along the way, you will discover a process that works for you and develop your
own personal style.
As founders, sometimes we think that all we have
to do is come up with an idea and hire a few people, and everything gets done.
Maybe that happens—some of the time. And you should certainly try to bring in experienced
people in each of the areas above to help you when you can.
But being familiar with code, sales, and hiring
will help you see the bigger picture. You become a better visionary and
understand more of the levers that move your business. You become a better
operator; more efficient at getting the business to run and making the right
decisions.
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