For years, conventional wisdom has told young entrepreneurs and investors that an MBA is their ticket to success. Indeed, more people are pursuing a formal business education than ever before, with an MBA now ranking as the most popular post-graduate degree in America. But the business world is changing -- and fast. The old rules of the road taught at business school no longer necessarily apply. My business partner and I are proof that you don’t need an MBA for your business to thrive. We are experts in personal and executive branding. And in just three years, we built our firm into a multi-million dollar business, with a client base of top CEOs, entrepreneurs, celebrities and public figures that spans the globe. Here are five top lessons we’ve learned along the way about how to succeed in the 21st-century economy that you won’t find in any MBA coursebook.
Give Back
Chasing your bottom line shouldn’t be your only priority. Increasingly, businesses are focusing on how to not only grow their profits but how to do so while generating social or environmental good. Giving back can drive strong, sustainable growth, with studies showing that social impact-focused businesses tend to beat the market. In fact, one of the main reasons money managers are expanding into social impact investments today is client demand. And, of course, giving back also gives us the opportunity to feel good about being part of something bigger than ourselves. We give back by donating thousands of pro bono hours a year to one cause we believe can change the world. This involves the strengths of our entire team and each person feels personally committed.
Your Competition Can Be Your Biggest Ally
One of the oldest business school myths is that our competition can crush us, manipulate us and destroy our businesses. Our experience has shown us the opposite. Cultivating a community of positive competition both gives us the opportunity to inspire others (and be inspired!) to be stronger, better entrepreneurs and managers and to create symbiotic relationships with other enterprises in similar spaces.
Create Communities
Many MBA programs tend to encourage a “go it alone” mindset that applies not only to competitors but to clients. We’ve found that the old-school way of thinking of businesses as “webs” (that is, entities that attract customers but don’t create interaction between their clients) isn’t always best. Instead, we think of our business as a hub -- an organization that brings together clients around a shared lifestyle or ethos.
Businesses of all sizes and in all industries can benefit from creating customer communities. Take the example of Harley Davidson. After the company came back from the brink of bankruptcy in the 1980s, it revamped its entire business strategy to focus on customer communities. The company began to offer shared experiences, perks and retreats for members -- in effect, reformulating Harley Davidson as a club, rather than a simple vendor of motorcycles.
Creating customer communities can be fun. Get creative: host dinners, create monthly retreats, offer regular hikes or friendly sports games. The point is to find ways to unite your customers and help them find meaning in shared interactions, whether it’s emotional support, contributing to the greater good or building skills. These communities can be a core part of a company’s business and marketing strategies: You get the opportunity to build an enduring brand that represents far more than the product or service you sell.
Remember The Human Touch
Our digital world has left us all craving more human interaction. It's no wonder then that the sharing economy has dominated the 21st century. Peer-to-peer companies let us connect with our most human elements: trust, experiences, communication. At the same time, many are hugely profitable, with the overall market on track to top $300 billion in value in the next several years.
That doesn’t mean you should be rushing to design the next Uber or Airbnb or rent out that extra space in your attic. But it does mean that there’s an advantage to striving to make emotional and personal connections where possible. Ultimately, we’ve found that most clients are buying the relationship you can offer them, and not simply your product or service. So, go the extra mile to build connections and develop trust. Building real, human connections is the first step to building lasting, long-term customer base.
Chase Your Mission
Business schools tend to measure success using balance sheets, income statements and cash flow statements. But what they often forget about is that value isn’t just measured in dollars. In all our clients (and in our own experience), we've seen that entrepreneurs who pursue a mission they believe in are more successful than those who focus only on driving a profit. Creating something that aligns with your vision of the world, whether that’s female empowerment, a more sustainable ecosystem or income equality, makes you more likely to show the grit and passion needed to ensure your business thrives.
