Was just reading OnStartups latest post Startups: 10 Things MBA Schools Won’t Teach You and getting all excited I started to comment then I felt I had more than one item to share, so thought to just blog it!
1. Its a roller coaster ride, one day you think you are on top of the world; the next day you might be thinking of how to close shop!
2. Having reserves is so nice on an excel sheet, working to actually have some is a totally different story.
3. A two week collection time on an invoice is not as binding as you might think it is. Every client has their own payment policy, prepare to be agile in planning your cash flow!
4. Giving a big discount to get more work from a client in the future, is a hoax. Next time -most of the time – they will demand the same discount for giving you more work! Make sure you know what you are doing!
5. Doing good is great, and if you are as passionate about the stuff you help build as I am, then you need to exert a lot of effort into how many pro bono/at-cost projects you might want to do. This however, they teach you very well in MBA schools!
That’s it for now!
Disclaimer: I don’t have an MBA.