Three Things Your Business Degree Didn’t Teach You

graduatingOne common misconception among business people, especially those new to the field, is that a bachelor’s degree in marketing or business will provide all the necessary skills to own, operate, or work in a business of any size.

Time and again I’ve seen men and women struggle in business, flabbergasted because they followed the steps taught to them as undergraduates. It isn’t until they get involved in post-degree programs specifically geared toward advanced business techniques, or professional organizations like BNI or the Referral Institute, that they pick up these three concepts that are truly paramount in business.

 

Social Capital

Relationships, and their potential value, are vital in business. These relationships can be in our personal or professional networks, but both can lead to business opportunities, quality referrals, new and innovative ideas, someone to bounce ideas off of, and ultimately, increased business success.

As you build relationships, identify their strengths and weaknesses and focus on fostering the weaknesses. While it can be counter-intuitive to focus on anything other than your business when trying to help it grow, putting effort into your relationships will ultimately lead to greater business success.

 

Emotional Intelligence

The ability to identify, assess and control one’s own emotions, as well as an astute awareness of the emotions of others improves communication in all facets of life and can up one’s connection game. In fact, studies show that a higher emotional quotient (EQ) can help develop more social capital.

When you can learn how individuals around you respond to you, and cater your interactions to the individual person, you will see the positive response received hit the roof. While not rocket science, it can be challenging, so as you work to develop your EQ don’t be discouraged if it doesn’t happen immediately.

 

Networking

You knew it was going here. This critically important business skill is grossly under-represented in higher education. This proficiency combines the elements of emotional intelligence and social capital, and is an important tool to have in your wheelhouse.

The vast majority of businesspeople say that in some form or fashion, they have gained some success through networking, and this isn’t a coincidence. Those who haven’t found networking success likely haven’t built a strong foundation of social capital and emotional intelligence, as networking is simply the mechanism used to combine word-of-mouth techniques and social capital.

 

In the same way businesses who refuse to adopt cutting-edge technology begin to fall to the wayside and face difficulties, business school graduates (and the schools they hail from) who do not adopt these lessons into their curriculum in some ways will quickly find themselves outdated and outpaced.

Are there other vital business skills you feel aren’t taught in general business education? How did you pick up those skills? I’d love to hear your thoughts, so please leave your comment in the forum below! Thanks!

Does Business Networking Have a Place in Formal Education?

In this short video, presented by Applied Transformation, Inc., Roger Green asks me about my view on the idea that high cost education doesn’t necessarily prepare students for the real world.

In answering him, I talk about my feelings on where business networking fits into the world of formal education and I share some statistics about the true effectiveness of networking which, to me, are mind boggling; I also tell a personal story about having lunch with the Dean of Business at a prominent university and how his words to me speak volumes about the current position business networking holds in the world of higher learning.

What are your personal feelings on where business networking currently fits into, or currently should fit into, the world of formal education?  Did you study business at the university level?  If so, what was your experience?–Did you receive any education about networking while you were working on your degree(s)?  Please share your thoughts/experiences in the comments section.

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