Newly-qualified MBA graduates tend to assume that their piece of paper automatically qualifies them to be a freelance consultant or to run their own business. Think again, says Robert Craven.
Running a business is about action, it is not about theory. What is great in the classroom (because it is intellectually attractive or academically rigorous) is not always relevant in the real world.
Business planning is a great way to make mistakes on paper; but you'll learn even more in the marketplace. The market is brutally honest and gives you real feedback. You will be successful if you provide something that people want - in a way that they want it. The best (and fastest) way to learn is by spending your own money and by paying for your own mistakes. I only learnt about the value of money when I started losing my own!
There is one basic question you need to ask yourself about your new business – why should people bother to buy your product? And why should they bother to buy from you, especially when there are so many other people selling similar products at similar prices? What will make you different?
Do not compete on price.
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