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January 16, 2015

Startup Lessons They Didn’t Teach You In School

Young Entrepreneur

There are many essential startup techniques that simply aren’t covered in educational institutions. This puts first-time entrepreneurs in a position where they have to fend for themselves without basic knowledge of what lies ahead. With that in mind, we put together this list of startup lessons that aren’t taught in schools.

 

Get Over Failure

Even the most successful of entrepreneurs have failed at one point or another. It’s okay. You should understand that failures are inevitable. Don’t take them personally. Take them as lessons learned to make your future ventures successful.

Know How To Raise Money

There are a lot of complexities and paperwork involved in raising money for a startup. Investors and banks will expect you to provide them with a detailed business plan, which includes how your product/service will eventually earn profits. Negotiation skills will come into play here, so be sure to brush up on that as well.

Learn How to Budget

With startups (as with your personal life) you have to be able to budget expenses for the next few months, year, or even longer. Learn how to maintain a balance sheet, and understand profit-and-loss statements.

Network

You may have heard this one a lot for landing internships, jobs, or even for personal relationships. The same applies to businesses. You must be ready and willing to reach out and engage with targeted people, to make your possibilities endless.

Sell Sell Sell

You have to sell your product/service. Don’t be shy to pitch it. This is a skill that can’t really be taught, but will be refined over time over a series of experiences. Find your groove, and get audiences hooked on what your product/service stands for.

Master Time Management

There is no 9-5 in startup life. In fact, there is no free time at all. You will pretty much work 24/7, whether is looking over code, polishing text, reviewing designs, or conducting research. But if you play your cards right, the rewards are bountiful.