5 Invaluable Startup Lessons You Didn't Learn in School

Karleia Steiner

June 16, 2014

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You can learn a lot about succeeding in business from school, but there is no substitute for practicality and life experience. Use these five simple lessons to supplement your education and create a successful startup.

1. Meet a Need

First things first—be useful. Create a product or service that meets a need. Companies like Student Works Painting have found success by meeting the needs of their clients and employees. Students need a flexible schedule and summer work, while clients need people who are strong and energetic to paint their homes. The company meets the needs of both parties and brings them together.

2. Choose People Wisely

Remember that when you start a company, you will be spending a lot of time with your co-founders and employees. Seek out people with valuable skills and strong work ethics, but don’t forget to choose people who you will get along with. The people you choose will define your company, so look for great communicators and team players.

3. Cultivate Relationships

Successful companies know that great relationships are the key to success. Unhappy clients or a high turnover rate among employees will sink your ship before you can ever set sail. Here are a few things you should do to cultivate strong relationships.

Show true gratitude for trust and hard work.
Reward loyalty.
Work hard and be willing to do the unpleasant and nitty-gritty tasks.
Communicate clearly and frequently.
Listen—and then act.
Be honest.
Remember respect and authority are earned—not taken.

Good relationships are the foundation of a successful business. If you take the time to build great relationships your business will benefit for years to come.

4. First Impressions are Powerful

You don’t get a second chance to make a first impression. Do the following things to make sure you make a first impression that leaves people wanting more.

Emphasize quality over quantity. If your product is mediocre, your clients won’t be compelled to come back or to recommend you to others. If you do great work, your customers will better sales representatives than anyone you could hire.
Create a professional, informative, and attractive website.
Make sure your advertising is error free. If your phone number or address is wrong, people won’t find you and they won’t trust you.
Meet your commitments.

5. Never Stop Learning

Learn from your successes and your failures. When something works, be sure you know why. When something fails remember what went wrong. Stay up to date on your industry. School may be over, but education is forever. If you don’t learn and grow, neither will your business.

Starting your own business can be risky, but it is incredibly rewarding. Use these five lessons to make the most of your startup opportunities.