101 Real World Lessons Not Taught in Business School | Chris B. | Skillshare

101 Real World Lessons Not Taught in Business School

Chris B., Instructor, MBA and CFO

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82 Lessons (1h 29m) View My Notes
    • 1. Course Introduction to 101 MBA Lessons

    • 2. Asking Questions Makes You Look Smart

    • 3. Real World Experience

    • 4. Public Speaking

    • 5. Office Politics

    • 6. School Name

    • 7. Corp Life is Like High School

    • 8. Real World Experience

    • 9. Admit When You Are Wrong

    • 10. Business Ethics

    • 11. Listen Look Smart

    • 12. Be A Time Management Pro

    • 13. Be A Bit of Everything

    • 14. Be Smarter Than Your Coworkers

    • 15. Solve Your Own Problems

    • 16. Not All Creativity

    • 17. Get Your Google On

    • 18. Marketing Is Evoling Quickly

    • 19. Mad Scientist

    • 20. Repetitive Tasks

    • 21. Competition Is the Nemesis

    • 22. Marketing Is Ever Changing

    • 23. Quick to Adapt

    • 24. Budgets Trump Ideas

    • 25. Job Is To Produce Numbers

    • 26. Build Relationships

    • 27. Other Depts Find You Annoying

    • 28. Be an A Type Personality

    • 29. Charm and Charisma

    • 30. Not All Expense Accts and Company Cars

    • 31. Be a Genuine Person

    • 32. Ups and Downs

    • 33. Supply and Demand Is Easy

    • 34. Game Theory

    • 35. Freakonomics Book

    • 36. Few Companies Have an Econ Dept

    • 37. Youll Do A Lot of Advising

    • 38. Econ Is Most Applicable to Real World

    • 39. Get Good at Drawing Graphs

    • 40. Expect Pressure at Month End

    • 41. Financial Audits

    • 42. Auditors Arent Personable

    • 43. Software Doesnt Stop Bad Accounting

    • 44. Be Organized With Your Files

    • 45. Reports Beyond Standard Reports

    • 46. Everything Must Tie Out

    • 47. Adhoc Report Requests

    • 48. Software Isnt Fool Proof

    • 49. Its A Numbers Game

    • 50. Be A Spreadsheet Pro

    • 51. Wolfpack of One

    • 52. People Dont Like Being Told They Cant Spend

    • 53. Be Ready for Adhoc Reporting

    • 54. You Might End Up Budgeting All The Time

    • 55. You Wont Use Anything You Learn in Stats

    • 56. Youll Learn Complex Formulas You Wont Use

    • 57. You Wont Find Stats Specific Jobs

    • 58. Bell Curve Is Good To Know

    • 59. Managing People is a Skill Of Its Own

    • 60. Figure Out Each Employee

    • 61. Somedays Youll Play Arbitrator

    • 62. To Move Up Youll Have To Be A Manager

    • 63. Incentives Work More Than You Think

    • 64. Be Smart At Computers

    • 65. Your IT Department Will Solve Most Problems

    • 66. Be A Pro At The Software You Use

    • 67. People Dont Know As Much As You

    • 68. Speak Another Language

    • 69. You Still Need To Study Another Discipline

    • 70. Unless You Are In Intl Biz Most People Wont Care

    • 71. Global Economy Isnt Hard To Understand

    • 72. Its a Global Economy Follow The Future

    • 73. Most Of You Will Fail

    • 74. Raising Capital Is Difficult

    • 75. Not All Foozball and Free Meals

    • 76. Pay Attention in Game Theory Class

    • 77. Know Numbers Really Well

    • 78. No One Else Will Be As Passionate As Yourself

    • 79. Be Good At Everything

    • 80. Entrepreneurs Are Often Eccentric

    • 81. Youll Work With Weirdos

    • 82. High Stress Environments Are Common


About This Class

Are You a Business Undergrad or Masters Student?

Are You Considering Taking Business In University?

Have You Ever Wondered What The Real World Of Business Is Like?

Do You Want A Head Start On Your Career With A Real World Education?

If You Answered "Yes" To Any Of The Above, Look No Further.  This Is The Course For You!

Enroll today and join the 100,000+ successful students I have taught as a Top Rated instructor!

Three reasons to TAKE THIS COURSE right now:

  1. You get lifetime access to lectures, including all new lectures, assignments, quizzes and downloads

  2. You can ask me questions and see me respond to every single one of them thoroughly! 

  3. You will are being taught by a professional with a proven track record of success!

  4. Bonus reason: I have an MBA from a top 10 school University of Washington

  5. Bonus Reason: Udemy has a 100% refund policy - no questions asked and no risk for you!

Recent Review:

Alex P says "The title is 100% correct, I truly learned 101 things I did NOT learn in MBA school.  Very practical and great content.  Thanks for answering my questions as well..  MBA business schools need to hire you to rewrite their courses.  So much more real world information is included in this course.  I feel like I'll use more from your course than I do from my MBA degree."

The Real World Is NOTHING Like Business School! Let Me Show You How.

As a MBA business student, you'll be learning a lot.  Once you get in the real world though you realize there's a lot, A LOT, they don't teach you.  The real world, intangible, topics that I am here to teach you.

Supplement your text book MBA business knowledge with these 101 real world lessons!

By the end of this course, you will feel empowered and ahead of the pack!

In this course we literally go through 101 lessons you will never learn in a MBA classroom!  Having earned a MBA from a Top 10 school, and going on to a successful career in accounting and finance as a CFO, I've seen and heard it all.  Now you get to share in the inside secrets!

This course is broken down by general professional disciplines.  Some lessons apply to all, so there is a Generic section at the start, and one at the end, of the course.  

Topic areas include:

  • Marketing

  • Accounting

  • Finance

  • Entrepreneurship

  • Sales

  • Computer Technology

  • Statistics

  • Economics

  • And More!!

Additional Bonuses

I have also included a copy of my ebook "Fund Your Startup by Chris Benjamin" which you will find as a download in the last lecture.  Learn your options for funding, where to find investors, how to wow them, and lastly the must do steps to successful funding!


About The Instructor

Chris Benjamin, MBA & CFO is a seasoned professional with over 20 years experience in accounting and finance.  Having spent the first 10 years of my career in corporate settings with both large and small companies, I learned a lot about the accounting process, managing accounting departments, financial reporting, external reporting to board of directors and the Securities and Exchange Commission, and working with external auditors.  

The following 10+ years I decided to go into CFO Consulting, working with growing companies and bringing CFO level experience to companies.  I help implement proper best business practices in accounting and finance, consult on implementation of accounting systems, implementing accounting procedures, while also still fulfilling the CFO roll for many of my clients which includes financial reporting, auditing, working with investors, financial analysis and much more.  

Thank you for signing up for this course. I look forward to being your instructor for this course and many more!

Chris Benjamin, Instructor, CFO & MBA


1. Course Introduction to 101 MBA Lessons: Hi, everyone. Welcome to my course. 101 rial world lessons. They don't teach you in MBA school. So I got my MBA about 10 years ago, and I got it after I was about 10 years in the workforce. So I had my undergraduate degree work for 10 years, got my MBA, and then I worked the next 10 years and consulting, even though the MBA program was really rewarding and I learned a lot, I'm telling you, I learned really a lot of stuff. There were still so many things that they don't teach you that as I've gone through, you know, being a consultant, working with lots of different companies, just really world things that I've learned. So it was, honestly, not too hard to come up with 101 things that I've learned out there that I just didn't learn in school. And some of these I really wish I had learned early on, and I could have applied instead of learning the hard way, if you will. So the way this course is gonna work is we're going to go sort of profession by profession , if you will so like accounting finance, marketing, sales, statistics, E con and what management? More and so reach of these, I come up with different sort of lessons for you that I wish I had learned in school as well. There's some that are just generic. They plot regardless of whatever profession you're in there, just generic things that I wish I had learned. And they don't teach you in MBA school. So the way I did was I broke up. I put you know, about 10 to 12 to start the course off generic ones. Then we go through specific professions. Then at the end, we go through sort of the last 10 generic ones that I think will apply to you the most. And at the end, we do Nice little conclusion. Some definitely sit back. If there's an area that interests you the most say you're in accounting and you don't care about marketing and certainly jump ahead to the accounting section and watch those videos first or only those videos. However, you, however you wish to do it, encourage everybody to watch sort of the generic ones that apply to everybody. There's definitely some great stuff in there, so sit back and enjoy. Take notes. Send me a message if there's any questions you'd like to ask, and I look forward to hearing from you as well as you're watching the course and may ask you for a course review early on, before you get too far the course, feel free to write a review. You know, I always appreciate a nice, honest review, or you can put it off and write your review at the end. So whatever course you take, I look forward to hearing from you and what you think of the course up that said, Let's jump in and start learning 100 and one things they didn't teach you in MBA school. 2. Asking Questions Makes You Look Smart: asking questions makes you look smart. So whether on this might be a bit tongue in cheek. But whether you have a legitimate question for someone when you're out there in the business world or you just feel like you need to contribute to the conversation, if you ask more questions about what it is that they're talking about, you will see like you're really generally interested in what it is. Obviously, you have to ask intelligent questions if they just said something like, the sky is blue and you turn ago. Yes, interesting. So what color is the sky that's not very intelligent, But I encourage you being out there in the real world when you're whether it's in a one on one meeting or a group meeting, be the person that ask questions, not obnoxiously and not a sort of out of place. But ask questions and dig in and learn more about what it is. And if there's something you don't understand, don't just sit back and be a wallflower. Definitely. Get out there fit. Just ask questions. It's a simple is that whatever questions come to mind, get out there and ask them and believe me if you're asking the question, someone else was probably thinking the same thing. I'm wondering, but they just didn't have the courage to speak up and ask it themselves. So be the hero in the room and ask questions of other people. 3. Real World Experience: you will get more out of your MBA if you have really world experience first. So what I mean by this is I'm using myself as an example do through a lot of these lessons . So I got my undergraduate degree and then I had a about 10 years real world experience before I went back and got my MBA. And I went to an MBA program that was geared towards working professionals, and we went in the evening to University of Washington was a top 10 school. Nonetheless, when you're in that type of classroom environment, you're with other students. Everybody has 10 8 10 12 years experience, and I was fortunate enough to be in a large city. Seattle. Washington. So you have big industries there, people that work for Amazon people that work for Microsoft, people who work for Boeing, all these people getting their NBA's. You got terrific feedback. We had great discussions. You got to hear Riel world examples. So whatever course it was in say it was in marketing. You know, someone might be able to talk about Well, you know, I work in the Boeing Market Department. Here's what we do in this situation. So you get a lot of terrific feedback from people with real world experience. Now, that's not to say so. Say you just finished your undergraduate degree. Your thing about MBA school. You see this lesson and you say, Oh, jeez, I guess I should wait 10 years. No, not necessarily. If you're ready to get in MBA school, Certainly do it. But I am telling you, if you say you are someone like myself, it went back and got their MBA. I definitely encourage you to do it because you will learn so much from other people with real world experience. And likewise, I was able to pipe up. I was one of the few people in my class who had sort of riel accounting and finance corporate experience. So in those accounting type classes, I was able to pipe up and talk about audits or building financial models and forecasts and month end closing all this stuff that we're learning. But me being able to put a real world sort spin, take on it for students help them as much as they help me. Another aspect. So that's why I say the real world experience really helps him pays off. If you have that already before you get your MBA 4. Public Speaking: you will have to get over your fear of public speaking. I know when I was a kid, I transferred from a small town to assert fairly large town where they had been doing public speaking in schools since they were young. But this was my first experience, and I was so nervous that carried on with me all through high school and even in the college. Eventually, some point that I realised you just need to get over it so easier said that done, I'm sure, and I see people struggle with. It's still as adults in the corporate world. If you can overcome any type of fear, you have a public speaking. It will serve you terrific, Lee. I enjoy talking other people. Now I enjoy doing these courses. I enjoyed talking to the camera knowing that there's gonna be thousands of people out there watching me say this stuff, but as well I enjoy assembling it from in front of a group of people because I get the share my knowledge and after you nervous about what people are thinking a lot of times, all it takes this thing about when you're watching somebody speak. Are you sitting there judging and laughing them? Probably not. I mean, unless they're doing something completely foolish. You're just taking it in your enjoying it. You're there for a reason. You wanted to hear them speak well. The same is for you. If you're a front of a group of people there, there, they want to hear you speak. So say it's a business presentation you have to do in front of board of directors or your co workers. Just have what you're gonna have state ready, practice it if you're nervous about it and get up there and just say it. Don't worry about them. Just worry about saying and just speak locally to people like Just let it roll off your time because you're speaking about something or knowledge about so definitely encourage you to take whatever means and whether you have to take a class on it. But get over that fear of public speaking. It will really help you because at some point and guarantee you in a professional career, you're gonna have to talk in front of other people 5. Office Politics: so, office politics, they just happened. I mean, that's the the real world. If you're in a corporate setting, the more employees there are, the more office politics there might be. So whether it's little cliques of like, you know, the HR department hangs out with themselves at lunch and the counting heads out with them. Or this person doesn't like this person or this person is a hothead. Whatever it is, there's always some sort of office politics, so my advice would be stay out of it. Best is you can. I think that's fairly generic and fairly simple to understand. You definitely don't want to be known as the person who's in there mixing up the pot, causing problems. It just has no place in the workplace. Unfortunately, it's there that always will be in the workplace. So when it comes office politics, just try to stay out of it. And don't be the person that's creating any type of politics. Like I said to steer clear of it, Um, I wish they had taught us today be a school just sort of real world like what happens in a corporate setting, and that's a little bit of what happens. There's just some off of politics, so I know it's a quick run. But yes, just stay out of the best you can definitely don't be the person that's instigating any of it. 6. School Name: so your school name is more for bragging rights than it is for actual quality of your education. Now say that with a grain of salt. So based on what I'm trying to say is, once you have your MBA, most people don't really care where you went to school. You know, if you went to Yale or you went to an online school, there's a big difference. But you still have an MBA at the end of the day, and that's what's important. It's the education of knowledge that you take from it and experience up. I wouldn't focus too much on making sure you get into sort of a top name school. Certainly, if you apply like if you're qualified to and you really want to win, it's your life's ambition. Do it by all means on the thing. Don't do it, but I wouldn't say that because you have to go to your local university. That's maybe not, well, knowns MBA program. It's the quality of the education you get that really matters at the end of the day and making the most of it. So don't worry about the school's name or where they're ranked. Worry about just getting an MBA education. And, hey, if you do go to school, that's notable in name worthy. Sure, maybe you put it out there. I know I do. Once in a while, I'm guilty of it myself. It's just to let people know that maybe, yes. Hey, I went toe like a bigger school. Nonetheless, it doesn't matter at the end of the day, and I think you should just go out there and get that MBA program, not worry about where you get it. 7. Corp Life is Like High School: so corporate life can be a little bit like high school at times something like office politics, but slightly different again. You just have people that from all different backgrounds and different environments and that they're used to and they all come from maybe different countries and cities. You all end up working at this company, and it is like high school. You have the popular kids after out the outgoing people that you know, everybody. You have the wallflowers, they're just quietly lunch by themselves. That's okay. That's sort of started the set up, if you will, for the office politics. So just be familiar with the fact that when you get out there and you get your first corporate job, if you go in and your client, you sit on your own. Yeah, people will notice that if you get in with the cool kids, if you will. People notice that as well. Nestle good, bad thing. But just be prepared for it. Not everything is yes, or even playing field. If you watch some of the sort of spoof comedies out there where they make fun of office environments, sometimes those aren't exaggerated reality of what actually is happening. There's just different dynamics in offices, so just be prepared for that if you haven't already been exposed to sort of a corporate environment. 8. Real World Experience: rial world experiences will ultimately mean more than the stuff you learn in the classroom . Now. I'm not saying you don't need the stuff you learn in the classroom. Definitely do. But at the end of the day, when you get into each company, people have different ways of doing things. So you know, you might learn sort of the stock way of doing something. Let's say you're in marketing and they give you the A. B. C's and marketing in your marketing class is. Then you go to a company and they say, Oh, no, we do it differently here. That's just gonna be the real world. So what you do is you learn from all your experience is different companies, and what I've done is every time I move to a different company, take those experiences with me and try to apply them, apply the good and sort of shrug off the bat and learn new stuff from your new employer as well. So definitely different environments out there. You're gonna learn lots of different ways of doing things, and not just ways of doing things that processes but ways of dealing with people or different ways of you know, scheduling your staff. Whatever it is, there's going to be lots of different ways to do it. Every company is going to be doing it differently, and you want to learn from each of those experiences. 9. Admit When You Are Wrong: always admit when you're wrong. So those putting together the 101 lessons I want to teach you guys. There's some that really stood out and this is one of them. One of the best lessons I learned is just don't try to cover up mistakes or make excuses for yourself. Just own up when you're wrong. People admire that, and they would rather you just say, Look, I goof this up and here's what we're gonna do to fix it and that's kind of part beat of that. If you have a solution to fix what it is that you did, incorrectly or wrongly, people will be much more forgiving and willing to move on and like, Okay, let's do that. Let's fix it and move on with Today everybody messes up. Believe me, I used to manage a staff of upto 11 people in accounting department, and each of them goofed up at some point, some more than others. But I goofed up well, so hey, you just seem to own it and then move on. There's I definitely didn't appreciate it when someone tried toe lie or just fix something without letting me know. But then they were doing something and it just cause more problems because I didn't know that it was messed up, So maybe I'd moved ahead with something. Whatever the situation. Waas as best when you when you realized you mess something up, just go ahead, own up to your mistake, have a solution ready, and then tell whoever it is that you need to tell whether it's your boss or a coworker. Definitely a lesson that people should take to heart that just own it almost becomes a badge of honor in a reverse sort of weird way. But just they know that if you do goof up, then the only forward you'll be the 1st 1 say, Look, I messed this up. We gotta fix this are And here's how I propose it gets fixed That's way more honorable than you know, goofing up, tried to fix it or just pretend it didn't happen. Blame it on someone else. Nine times out of 10 it's gonna come back to you anyways, and then it just looks really, really bad for you. So definitely take this one to heart. Always own up to it when you make a mistake and propose a solution 10. Business Ethics: business ethics Air best learned through real world experiences. You'll have to take at least one class, if not more, on business ethics in your MBA program, and it's easy to hear about different stuff. But it all just seems out there situations you probably won't run into is not things you're gonna remember. What you will remember is when you're in the real world, experience real world life experience and somebody asked you to do something that you know is wrong, and that's your time to step up and say, Know that goes against my ethics. It's not right for the company is not right for me for my part, whatever the case might be. So when you're faced with those experiences, you will know it right away. And that's when you kind of have to, like, make that sort of split decision like, Do I do the right thing or doing the wrong thing? You know, And it could be anything like what happens. It could be something smaller, big. Let's say you're in accounting and your boss comes to you and says, Hey, we didn't meet our you know, profit goals for the month, but if we just added a few dollars here and there. It'll put us over the mark. So could you just find some accounting thing to put us over? You know, we'll reverse it and fix it the next month. You know, it's like, OK, well, you know they have a solution, but you know, it's morally wrong. It's not right and it's your boss is asking you, so you're definitely put in a tough position. The first thing to remember is that that's your boss is putting you in a bad position. So shame on them for doing that in the first place and as well as your job. Hey, do the right thing. So whether it's just to deny them and say, No, I can't do that or whether it's depending on the severity of it. Maybe you need to go talk to their boss. There's so many different situations. We certainly can address them all. But all I can tell you is regardless what you learn in the business of X class, you will probably put in a situation you never dreamed in in the real world, and that's when you're gonna have to be able to handle it so just be ready for that. It's not something you're playing on or you need to walk around dreading what it happens. But eventually I feel like all of us will be putting some type of situation or situations over time where were asked to do something that goes against what we're supposed to do, so choose the right thing and always do that. 11. Listen Look Smart: listen, repeat and look smart. So it's not just about looking smart, you actually will be smart. It's just kind of a snappy title. But if you're having conversation with someone and say they're explaining something to you that you're not familiar with now maybe they're in a different department. And you know, they're trying to explain to you how the marketing for X y Z product works because you need to understand it because you need to understand how the costing for it works in accounting . Let's legitimately listen to people I find a lot of times people will talk and they just want to talk like they're like, Okay, you talk and say whatever it is you're going to say. But then I'm gonna stay back. What it is I want to say, No, take a different approach, really Listen to the people and try, and this kind of goes back to one of our previous lessons. Ask questions. So they're talking. They're saying, Oh, you know, this rattle off a bunch of different points. Okay, Explain to me again how you know that specific part work. I'm trying to figure out how to integrate that into what I need to do and make it a two way conversation. So trying to learn from each other and ultimately come to a goal where you both walk away smarter. Like I said, avoid those situations where you're just letting somebody talk because you know you want to jump in and and talk over them. That's not effective for anyone. So listen, repeat, engaging conversation LookSmart and be smarter. 12. Be A Time Management Pro: be a time management pro, So certainly we all have our jobs. So when you're out there in corporate life, you know you're gonna have your jobs. Maybe it's you do the same thing every day or, you know the pain on your department. You have a weekly schedule things need to accomplish. You have deadlines, other things always come up. You know, you take longer and launch an employee comes another co worker, comes to talks, do for half an hour and, you know, that was time. He really needed to finish the project. So what else dumps a project on your desk? Your boss asks you to do something else. You know, these are all things that happen. So you need to be prepared for that and really schedule at your days. So one thing I do personally, just you can use it or not. I'm a big fan of pen and paper. I will write down and schedule out my week at the beginning of the week. Here's the stuff I want accomplish each day. And then as the day goes on, a cross things off that feels very rewarding. Cross things off our to do list But then, at the end of the day, visiting, I didn't do that. I have to roll it forward to the next day. You might have to rewrite your to do list, depending on how big it is or how many things you have to move forward. Hopefully, it's none, but I was just start crossing off that list and move things down and sort of re budgeting your time, if you will, and maybe even budget, like an hour buffer every day. Just for those. What if projects that pop up, so manage your time professionally and you will certainly enjoy much more than if you just sort of frantically handle problems as they come in and you don't really know where you're at. All you know is you have a bunch of work to do. You know, there's nothing Admiral we have about being that employee who was like, I'll probably have to work on the weekend because I have so much stuff to do. Well, if they had managed the time of it better, there's a good chance a lot of those people wouldn't have to work on the weekends. So be the time management professional, and you'll feel much more relaxed and calm and get everything done on time. 13. Be A Bit of Everything: so be a bit of everything. So what I mean by this is whatever your job title is, so say for me, I worked a lot in accounting department, so I was the accountant and maybe I was the general account, but as well, you know, you want to be the people person. You might want to demonstrate that you have skill sets beyond just crunching numbers and accounting. Work well with others. Be a team player. Be an expert at the software used for me. It's like different accounting packages and then excel as well. So being good at lots of different things demonstrates value. It will make your life a lot easier as well. It's a lot more fun to go to work, knowing that something presents you problem. You have a lot of tools at your at your hands to solve those problems versus being like a one trick pony. So, like this comes from real world experience is a lot of this does, and just working with other people and seeing them struggle. No, they were really good at doing what they did. You know, they did the counting in the journal entries when if somebody came to them and said, Hey, could you create me a report that shows and at that point didn't matter because they were already lost on Don't know how they were gonna handle the problem. So trying to be good and trying to be well rounded at what you do it will make your life easier. And as a bonus, it will help you move up in the company. You know, people want to see that initiative from people who want to learn more and know more and do a good job. And part of doing good job is being good at lots of different things. So be a little bit of everything, and it will help you out in your career for sure. 14. Be Smarter Than Your Coworkers: be smarter than your co workers to succeed. So this kind of piggybacks off the last video little bit self serving as well. So if you're thinking about the corporate environment and you know you're ambitious, you got your MBA or you're working on it and you want to move up the ladder. But there's lots of other people. It's only put this in a real world context. I worked for a company where I was the new kid on the block and it was a utility company. So a lot of employees had been there, like 2030 years, their whole careers, basically since the company had started. So I had a lot of competition, if you will, if I want to move up. But the problem for them was that they were really those one trick ponies. They just They did their job and they were good at it. But they didn't demonstrating abilities to sort of do anything more than what it is and probably partly because they didn't want to. They didn't want to move up. So if you demonstrate that ability and you show that hey, I can do more and handle more, I'm good at managing. People get a multi tasking at time management. It's solving problems. You start to stand out, you start to rise above the others in terms of, you know, upper management looking at you. So if your goal is, I would hope as and A B is to succeed and sort of move up the ladder, make yourself stand out and, you know, succeed in one of the ways to do that. Just be better than your co workers. It's not a slight on them. People are all making their own choices, but you want to stand out. So just do a better job than they do. You'll stand out, and that's how you'll start to move up the corporate ladder. 15. Solve Your Own Problems: solve your own problems. This is another one of those examples where I think it's really important. This is one of the ones that stands out and something I learned that really made a big difference. So when you have a problem, so in the past we talked about if you created a problem and you needed to fix it, at least have a solution ready. So now I'm thinking about just solving problems so you've run into a roadblock. You know, you're asked to create some fancy report and you start putting it together and you realized , you know, it's just it's just not working like I don't know how to pull this data from the source and what not you could say if you completely hit a robot. There's no shame in asking others for help. Or do you have any ideas? But I certainly recommend that you at least take a good stab. I didn't really try to solve your own problems. I use reporting a lot just cause that's what I was involved in accounting and finance. But whatever the problem is, you know if you're constantly running other people for help or especially, let's say one other person that's maybe more knowledgeable than you, then it kind of the point. Well, why didn't they just do it to begin with? So there's a lot of sort of admirable qualities that, you know your management will look on when you're solving problems and you say, Hey, I you know, I had this problem. I came up with a solution. I had to work around this, that the other thing. But I made it all work at the end of the day, and that's a valuable skill set toe have. It really is because the higher up you moving the company a lot of times, that's what you're doing is you're managing people and you're solving problems. So demonstrate that ability to solve problems. You fix the things that others can't fix. Quick example. A friend of mine owns his own business. He has about 10 staff again. It's just a friend of mine, and they have a report and Excel. All 10 of its staff cannot figure out how to do certain things that were just like no, no idea. He sent it to me, knowing that I know itself pretty well, said Chris. What could they do. I took a look at it and it was challenging. I will admit, but I wasn't gonna let it go till I figured out a way to do it. You know, it took about two hours. I finally figured out a way to make everything happen the way that they wanted. So even though I'm not employees of his company, I wanted to help him out. And I want to show and demonstrate my value. And I just enjoy doing those things. But it goes to show that there was a way to do it. But 10 other people gave up on it first. So someone embarrassing for them that somebody outside the company had to come do it when I mean, it was definitely difficult, but I feel like other should did it. So getting back to the real world on yourself, you know, solve your own problems and just have that skill set, that mindset that you really want to get in there and fix things. If you get to a point where you really can't, then is the time to ask for help. 16. Not All Creativity: So it's not all creativity. People think, you know, when your school in your in marketing, you know, I hear the word marketing. I'm actually think of, you know, TV ads on Twitter posts and block posts and snappy campaigns and what not? That is definitely not what marketing is. As a whole. Marketing is a lot more to that. It just things like researching and budgeting your costs and figure out where the best adds air. What are the demographics and what's the best approach? Looking at your competition? There's 100 different things involved in marketing, if you will again. I'm not American professional, so it's gonna be a bit tougher for me to speak about this one. But certainly their statements. What was when I was in school? It's like I do is getting the very textbook sort of lessons on marketing, knowing full well that the real world is slightly different and even just in marketing my own consulting business, you know, learning real world experiences. And it's not just a ZZ, as do these things, and you have X y Z results up. Just keep that in mind. Marketing as a whole world of its own, definitely not as simple as a few textbooks definition 17. Get Your Google On: So get your Google on its research time. A big part of marketing is research. You need to find out local demographics. Wherever is your target market. Who's your target market? How much do they spend all those things? So a lot of marketing comes down to formulas, if you will not necessarily like a specific math formula. But it's How much should we spend on this market campaign in this demographic and what's are expected return on our investment. So you know, you start to build in some of the finance concepts in the marketing at that point. So going back to Googling, though, where is it all start? You have to do that research and find out all this data on these numbers. Certainly there's databases, and there's otherwise you're not gonna find it. Alter Google. But just as a sort of introduction to this, get a marketing department. You are gonna be doing a lot of research pending on your job, of course, but ah, lot of researchers involved in marketing more so than the actual fun parts, like creating an ad campaigns and what not 18. Marketing Is Evoling Quickly: some marketing as a whole is evolving really quickly, but marketing classes are not. So when you get your MBA or even when I got my MBA, you know, we're talking about things that there's some trying true things, like the Five Peas and whatnot, but about marketing techniques and what not. You know, there wasn't a lot of discussion about Internet marketing when I got my MBA, but now that would be really valuable information. Same things. Now there's probably a lot more discussion about online marketing, and they're not talking about other messages. Maybe your up and coming, you know, the lectures and the coursework or just gonna be behind the times a little bit, mainly because marketing is evolving so quickly something like accounting. I mean, there's accounting rules, and believe me, they do not change quickly. So in accounting class 10 years ago is pretty much the same applicable out today as it was back then, with maybe a few adjustments marketing that so much if those marketing classes from 10 years ago not so much applicable to today's real world, some of the fundamentals, but not a lot of it, So just keep that in mind that what you're learning in school in the MBA program might not completely apply to the real world and might not apply just to the company that you end up going and working for us. I take it all with a grain of salt, learned the concepts, but know that when you get out there in the real world might be a whole different way of doing marketing. 19. Mad Scientist: tests like a mad scientist. So a big part of marketing is running different tests and might have heard terms like a B testing your writing it for ads or you're running an ad for, say, the same product. But you're right it completely differently or slightly differently, and you try the boat and you see what results you have. So it's really like a mad scientist just started pouring the right ingredients and finding out what's the right combination of these factors to get us the bed? Best results up. Definitely expect there to be a little bit of testing and marketing. Like I said, like that mad scientists out there trying different things and it's again So say you're on your own. You're running a small business, encourage you to try different things. It's easy just to say right in ad campaigns that great, that's it. This works or doesn't work. Try different things. See what has the best results and go from there 20. Repetitive Tasks: you'll spend a lot of time doing repetitive tasks, so that's kind of goes toe any profession, quite honestly. I mean, there's just things that you have to do every day or every month, every week, things like, you know, updating spreadsheets with statistics. So say your marketing and you have to create a report every day that shows how many new followers you have on all the different social media platforms. It seems boring. It seems monotonous, but it's just something that you have to do so again, marketings Not all just flash and creating cool campaigns and getting out there and talking to people and showing off. It's a lot of just sort of administrative work, if you will, and doing these types of tests, I just keep that in mind if you're getting in the marketing. Certainly, I would hope that you have a bit of feel for that, and again, it depends on the company that you're in. Some I'm sure much more flashy and fun than others. But some have very sort of set in their ways marketing, you know, initiatives and ways to go about business up. Just be prepared for that 21. Competition Is the Nemesis: the competition will be your nemesis. So, you know, obviously your competitors there's, you know, you're trying to all share the same pie out there. Your job and marketing or your company as a whole is to get as much of that pies you can. But the sort of vehicle most likely will be in your sales team in your marketing team to try and sway customers over to you and to keep the customers that you have. So those mark those competition you'll probably be sending some amount of your time just checking them out, seeing what they're up to following their advertising campaigns and marketing campaigns, you know, how much of the how much of the market do they really have? What new products do they have? So you'll be spending a lot of time looking at your competition and either go like, wow, they did a great job. We better step it up or just saying, Oh, good, we're doing better job than them And look, you know, the market certainly sway in our direction, so just know that you may focus a little bit on the competition and you know what it is. They're up Teoh and sort of what things and what they're spending money on 22. Marketing Is Ever Changing: marketing is ever changing, and we kind of touched on this when we talked about how the class is he taking The MBA program might be a bit dated relative to what's actually happening out there in the marketing world, if you will. A big part of that is because this marketing is ever changing things. They're getting just different 10 years ago. Probably very little talk about social media marketing. Now it's all the rage is what people are doing. Marketing on YouTube, Instagram, Twitter, Facebook. So you really need to have your hands around what the current methods are. You have to keep your eyes open and see what's coming down the road. One of the new methods they're developing cos they're starting to think about and maybe test. And maybe you want either sit back and see how they work out first. Or you want to be on the cutting edge and be one of those companies trying new methods up front. So when it does become popular, you are already doing it for the last five years or whatever. It might be some just keep that in mind. You're always gonna be sort of on that treadmill, trying to find the newest ways to market and figure out what's working best and what maybe isn't working so much anymore and start to shift the dynamic to the newer ways. 23. Quick to Adapt: If you aren't quick to adapt, you're probably gonna be out. So along the same thought process of marketing methods or changing. If you don't change with them, then that's when you start to slip and you start to lose market share. No customers aren't going to be as excited about your television ad when people just aren't watching TV ads anymore. You know that record TV shows they skip the ads. Good example. There things like, say, Facebook right now, very popular. But what happens down the road if there's a new social media platform that overtakes Facebook? Hard to imagine. Sure, these days, well, to go Facebook, is it? But, you know, 10 years ago, 20 years ago, people weren't thinking that so same thing. 20 years from now, who knows what the new Facebook will be? It might even be five years from now. We don't know unless you're really out there paying attention to the market and what is new , what's upcoming. Certainly there's gonna be a lot of bus. You could probably go out and find ah, 100 different versions of Facebook, things that could potentially be the next popular social media site or who knows what it is , but whatever those are you kind of to figure out what's best and what do you want to test and try, and what do you want to stick with? So at a minimum, I would be prepared. Just keep your eyes peeled on the market and see what's happening. See what competitors are doing and be ready to sort of switch and sort of morph your campaigns in your marketing world to new or better ways as the new or better ways come about. 24. Budgets Trump Ideas: budgets trump your ideas. So, unfortunately, we all work are constrained by budgets. So marketing seems to be the one department in my experience that always has the biggest problem with this because it's easy to send money you could. You could spend endless amounts of money on different marketing campaigns. Or you could come up with new campaigns if you had more money. I've yet to see a marketing department that sort of lands under budget. You want to do the most, but you realize that you have to stick within your budget so you know, bigger the company and the more strict they'll be with those types of things. But you'll really be held accountable. So if you're spending X amount of dollars to better be getting return on it, and if you spend it to wildly and go way over budget, then there's probably gonna be a price to pay. So it's gonna have to answer for that. So just know that whatever marketing ideas and knishes you have and crazy new thoughts and things you want to test and ad campaigns you want right, there's gonna be constraints on that and their financial there all through your budget. So it's not a free for all out there in the marketing department. Unfortunately, 25. Job Is To Produce Numbers: your job is to produce numbers. Certainly, if you're in sales, that's your primary position is to pursuit produce results for your company, so you need to get out there and be selling. However it iss ah, lot of sales. People like to think they like the wining and dining and kind of romancing clients, and that's all part of the job. But at the end of the day, what you need to do is bring in sales plain and simple. Certainly there's lots to any department, any position in a company, others reporting. You're going to be doing meetings that you have to attend presentations you have to do. But ultimately end of the day. You really have one deliverable, and that's to make sales. So unlike some other departments were like, an accounting department has several reportings that they need to do and maybe file taxes. They've lots of little different responsibilities and sales. Really. The main responsibility is just to get out there and self 26. Build Relationships: so build relationships. That's also the name of the game in sales. Really, if you could build ongoing relationships with potential clients, ongoing clients, those air relationships that tend to foster and grow over time and will help you bring in additional sales Now you want to have genuine relationships with people, though you don't want to look at people. It's just the way you know to bring in money to the company, because if your clients feel that they're gonna be put off by that a little bit, so really, build those relationships and actually nurture them and care about the people you know. What can you do for them? You know, make it a two way street, you know, whatever it is, maybe that you're selling your product, your service, your software, whatever it is, make sure that it works well for them and that they could genuinely use it. There's nothing worse than trying to sell somebody something that they don't really need. But you have to pretend that it's important for them to have it. Just you can make that sale. That's not really a great relationship, great relationship. It's finding clients that need what it is that you have and building that relationship and growing in overtime and hopefully to ongoing and continue sales 27. Other Depts Find You Annoying: other departments find you annoying. Now I say that a little bit, tongue in cheek, obviously some of these air just that way. But it's true. Salespeople definitely tend to have sort of an outgoing, a type personality. They love to talk. They love the network. Not everybody is like that, though. So when the sales person goes down to the kind of introverted accounting staff that such rattling off numbers and they want maybe their sales figures, you know people it might rub people the wrong way a little bit. So just before that, not everybody is an A type personality and wants to stand around and chat and get to know you, and obviously as well sales people. I think in my experience again, I'm talking a lot from my experience, tend to have very much that sort of, you know, can you do this for me type of mentality and not so much the well, what can I do for you? But in that relationship again, using that example of going to the county department, there's not much the sales person could really do for them so they can be asking. But there could be a little bit demanding self again. I say that tongue in cheek is gonna completely depend on view yourself as a sales person. But just keep in mind that people in general look at sales people. You know the same when you think of a used car salesman. I mean, when I think of sales Prince, and that's immediately what my sort of stereotype goes to is a personal person who just wants to charm you and make the sale. So if you can break that stereotype, I say, Please do it for everybody. 28. Be an A Type Personality: so being a sales person, even though people might not like the stereotype, you really do have to be that outgoing kind of salesman type person that you think about who schmoozes a little bit. Talks about all the benefits, really tries to leave someone down the path to eventually making a purchase on being a part of that is being an A type personality. If you don't know what a tightening its just needs outgoing, you can look it up. And usually there's A and B types. B types would be more introverted, quiet people, so a type you need be out there selling some people. Some B type personalities will try to get into sales, and they will fail at it. It's just tough because you're up against so many a type personalities. So while it's not impossible for B type or quieter, introverted type of person to maybe have some success in sales, they definitely have a disadvantage going into it. So hopefully have those traits of just being that out there are going a type extroverted personality 29. Charm and Charisma: you have to have a lot of charm and charisma. So a lot of these sales traits and sort of facts that I think people don't learn really have to do with the sales personal themselves. Whereas other departments that's maybe more bit about technical steel sales really is sort of interpersonal negotiating, building relationships, type of positions. That's why a lot of it has to do with you as a person. So I need to have that chairman charisma. So beyond just being an A type personality, which we talked about in the previous video, you also have to be that charming person. I mean, you could be out there. Eight type just means you're out there. You're extroverted. You like talking to people. You could still not be a good sales purpose person and the extroverted. You also have those other sort of qualities intangibles that charm and charisma. People want to talk to you. People want to listen to you. People look forward to seeing you. So when you have something important to say, they're gonna listen to you. So have a bit of that sort of well rounded, outgoing personality, not just an outgoing personality 30. Not All Expense Accts and Company Cars: It's not all expense accounts and company cars. There are a lot of perks that go with being a sales person, especially if you're a great sales person. Lots of bonuses, probably part of your compensation is tied to what you sell. You get a commission, you might have a company car. You might have an expense account, but that doesn't mean you're automatically entitled of those things, and you have to perform in order to earn them. So there's a lot of pressure on the U. S. Person. Now, if you're salesperson of the year, not a problem. But that's seldom the case. It's seldom where you're just the sole winner in a company and you're the golden child and can do no wrong. No, you're dealing with ever changing external factors, competition, the market. You know what if the economy tanks, what do you do then? You know. So if you are a sales person, besides having all the personality traits, you need to have sort of a game plan in, You know what? No, what you're gonna do in the future in terms of keeping those sales coming in, and then and you know, one of those tactics. And maybe it's self improving on yourself, but nonetheless just No, it's not all fun and games. You can't just run around and sell stuff on The reason I say this is I remember back when I took my M b A. That's kind of how the sales, you know, personal was portrayed like you get out there. And if you do your job, you have all this awesome life drive the fancy. You know, Mercedes Company car doesn't always happen. A lot of the two depends on the company you're working for. Obviously, if you work for a small company, there's gonna be a lot less perks. And if you work for, say, a large multinational corporation with public, so just keep that in mind. If you're going down that sales path, it's not always fun and games 31. Be a Genuine Person: be a genuine person. So we talked about being outgoing, having that a type personality, having charm, having charisma. You know, I like to use that car salesman analogy. You know, I don't think of a car salesman as a genuine person. They really do kind of come off of somebody who just wants to ultimately sell you a car. That my name be the car that's perfect for you, but they'll get that sale. You don't want to be that person toe. Actually, build your sales career and really be successful over time. Just be a genuine person, really taken interest in your customers and your clients. Find out what it is that you can do for them and provide that solution. That's certainly part of sales is making sales and no offering products, and you're suggesting you know things that they could buy from you. I'm not saying you don't have to get out there and try to sell them, but just don't be a pushy person about it. Don't be the type of person that nobody wants to be around. Just be a genuine, legitimate person who your customers and clients and joy talking to, and you'll have a successful career in sales 32. Ups and Downs: you're gonna have ups and downs. I think I hope you realize that. And like I mentioned before, a lot of that is not stuff even control. You know, if the market tanks, the economy does poorly, war breaks out. There's so many different things that can impact the sales that you ultimately have. So just recognize that just because this year would say a terrific year where you know, if you ever heard of the term feast or famine some years, you just kind of those feast years where you could do no wrong and you're just making sales left, right and center. They have those famine years where it's just like pulling teeth are able to find sales to save your life. Maybe that's a bit dramatic, but nonetheless just know that it can't always be up, up, up and every year better and better. Certainly some of you are probably saying yes it can, And in the industry I mean it's growing. I'm sure there's exceptions. I'm not denying that. But in general out there, since of speaking the thousands of different people here, there's gonna be years. They're going to quarters, weeks, months, whatever metrics you're measuring your performance on where things are worse than they were the previous metric that you're comparing it to. So I just know that and recognize that it be ready mentally to deal with those you know. It's not fun to say, Have a terrific quarter, and then the next quarter you sell half a much and then maybe the next quarter. You also don't rebound and you sell even a bit less. You know that those were the times we need to regroup. Think about what it is that you're doing. How can you tackle the problem? And how can you maybe branch out and try different things and make additional sales? 33. Supply and Demand Is Easy: supply and demand are easy and their fundamentals economics, really, the concepts of supply and demand is gonna be the biggest thing that you use out there in the real world. If you understand basic concept of, you know, the more that some things in demand, the higher the price is going to be because there's a set supply or like wise. If there's too much supply and not enough demand, the price will fall. If you can envision how that graph looks, that will get you through a lot of economic problems now, I'm not saying like an economist themselves were able to get by on just that information, but in general, in business, supply and demand will come up a lot, and you can explain a lot of problems with it. You don't know how many times I've been out there and someone will say I don't understand why the price of whatever is going up Well, it's in demand. I mean, a lot of people want it, and there's a limited amount of it so cos they're going to charge more, for it is a very simple supply and demand problem. So just having that kind of concept and back your head and And when you hear a situation realizing, Oh, that's the supply and demand problem, that's when you can kind of pipe up and you can interject and say, Well, here's why and you look terrific and economics than when, really, it's a very simple and basic concept. 34. Game Theory: game theory is really important when it comes to economics, and also what comes the life in business. Game three was actually one of my most favorite topics when it came to business school, not just economics. If I hadn't gone a degree in accounting of finance, I definitely would have went into economics. Just gonna find a fascinating. So Game theory is just figuring out situations. It's almost like chest turning, life turning business into a game of chess. If we make this move, what will they do and what would be our next move and figuring out equilibrium? Zahn. What's people's best options given if you do this or they do that, it's really fun. I think it's fun, so I hope you embrace it as well. So when it comes to Game three and you should learn it in your sort of economics type, of course, is definitely pay attention because it will play a big part in the real world where you're having to make decisions and understand what the repercussions of those are and what it might mean for you down the road and maybe what you could have chosen differently and gotten a different result. So that really all comes back to game theory. If you have an interest in it and you haven't heard of it or looked up before, look up. Prisoner's Dilemma. It's kind of game 3101 if you will, a little sort of exercise where you have to prisoners with different payouts and depending on what choices they make, different things happen. So you figure out what would be the best choice for them versus what they might actually do based on the path. So it's really interesting stuff. So pay attention in those game theory classes, and if they don't teach you too much, get out there and read a book out and take some classes on game theory. 35. Freakonomics Book: Freakonomics is a terrific book. Is this one of the few times of recommending something out there in the real world for you ? But if you want to learn economics and sort of a real world environment and setting just to back that up, would you take economics? As it all seems very just out there, you have supplied the man graphs and oil prices in this country in that country and no demand for currency. It's all, you know, this sort of 10,000 foot level, or even if you get down to the nitty gritty, it's like, How do I apply this in the real world? So the book Freakonomics, by Steven Levitt He explains. Economics In real world situations, it's somewhat comical, but it gets the point across, and you'll actually learn about a lot about economics just through these real world situations. And as a signed note, Steven Levitt calls himself the road economists, and that's where I kind of basically came up with my own moniker of the Rocks. CFO really enjoyed his work and his book and his sort of outlook in this attitude towards the profession, so definitely recommend that book. If you haven't checked it out and you're gonna learn a lot about economics through it, 36. Few Companies Have an Econ Dept: very few companies have an economics department. In fact, I don't think I've ever worked for a company that had a economics department or really had anyone with an economics degree there. So it's kind of a heads up. If you get a degree where your Masters is focused in economics, you're probably gonna have to be good at something. Elsa's well, now. Certainly big big corporations do financial institutions. They will, but your average sort of public company software company, they probably don't need an economist there again, Maybe Economy ISS second degree for you a second major. Well, whatever it is, just know that getting in it economists degree or economy degree won't necessarily ensure that you're gonna get a job. And there's no insurance that you're gonna get job regardless of what degree you get in. But on his economics is it's a tough one to sort of sell us like you, then can apply those skills to a specific position and companies. So again, take that with a grain of salt. I'm going off of my own experiences. Maybe you're in the economics, and you're like, No, Chris, you can apply it here, there and everywhere. semi message. I'd love to hear about it, but for my my real world experience, you kind of need they have some other backup as well to go along with the economics degree . 37. Youll Do A Lot of Advising: you'll do a lot of advising. So one area where economics does apply is you just start giving advice. You're saying OK, given, you know, our pricing and the market out there. You know, you draw your graphs to put together some numbers and you can say, OK, here's where we forecast things. They're gonna go Economics and economists tend to do a lot of forecasting. And that's why you see them a lot in sort of financial type advisory firms, big banks. They really want to think ahead and build a forecast. Big things like the global economy. So macro economics and then as well, little things locally, micro economics for the firm. So just be prepared to be doing a lot of advising. If you do decide to really get in economics, I want that to be your focus in life. 38. Econ Is Most Applicable to Real World: economics is probably the most applicable subject to the real world. So well, I think having economics degree on its own is a tough one to sell for a specific position. On the flip side really think economics is the most applicable to the real world? I learned a lot in economics classes and, like a set, all those things like game theory, supply and demand, those air things that really apply to the business world and you're going to use them regardless of where you go. So definitely focus and pay attention in those economics classes. You know, the two things I mentioned. Their game theory in supply and demand are just two of them. You'll learn a lot when it comes to things like Mecca, macro economics, understanding, exchange rates and currency fluctuations. And why does war outbreak have an impact on markets and economies? Understanding all that stuff is terrific and definitely applies both in the business world and just in life in general. You'll use those types of things, especially game theory, just in your own life, and guarantee you're going to run into situations where Game three will be important. So pay attention to those 39. Get Good at Drawing Graphs: get good at drawing graphs. So big part of economics when you're taking the classes of drawing graphs and your professor will throw out a situation you're gonna be expected to start together. Graph. Now a lot of them are the very basic and sort of fundamental one is the supply and demand draft. But there's lots of other graphs as well, where you'll be plotting different points and trying to figure out what's the Nash equilibrium, or how will such and such factor impact a change in the market? And how will the graph shift? Will you know the supply chart? Shift out versus, say, the supply line or the managed line moved up, down back. Need to build a sort of think those things through and understand how the graph would move , and then how it impacts You know where those lines intersect at a very basic level. That's just sort of your two lines supply and demand graph. There's plenty of other graphs and economics. One of my fondest memories over 20 years ago undergraduate degree is economics, and just seeing my professor up at the white board just drawing grass, he would just you know, the X Y access line line and then start moving them around. It was pretty quick. It was hard to sort of follow a times because a lot of times I think economics are fairly until economists are fairly intelligent people. But they tend to move in a rapid pace as well. And one explain things and show how things are going to move. So there's a little bit tough to take in when you're first learning it. But once you understand those graphs and how they shift, it's really actually fascinating. It's sort of a visual representation of how different changes in whatever it is you're talking about will impact X, y Z and where equilibrium czar and everything else so just get really good at drawing quick graphs, not necessarily detailed drafts. 40. Expect Pressure at Month End: expect a lot of pressure at month, end quarter and zero arms. So accounting is my main profession, so I have a lot of sort of one off 101 lessons that you haven't learned in your MBA program about accounting and finance. So this is the 1st 1 so they don't teach. You learn a lot about accounting in school, but you don't learn like what the real world experience is. So there's a lot of pressure out those deadlines, so month ends chords. And, like I said, you're ends. You might be working a lot over time. I pretty much worked overtime any sort of corporate position I had when I was in accounting and finance. There's just so much to do with the closing schedule in journal entries and reconcile ing, and you know, you gotta wait for the bank statements to be ready, and you have to rely on other people to do their job, and then you have to get financial down, tie them up. There's a lot, a lot of stuff to dio my recommendation for you to make your life easy. It's created checklist. If you don't have one already in your company. Just every single step by step thing. You have to do what sort of deadline it has, whether it has to be done on day 123 whatever it might be. And then you can go down to make sure everything is done at one company. We had, like, a several 100 item checklists for the accounting close because there was so much to do. We want to make sure everything got done properly and in the right order. So So just be prepared. When you get into an accounting profession at a corporate level, you're going to be working sort of overtime. And I'm gonna have some pressure, definitely at those those sort of peak times when things they're closing. 41. Financial Audits: financial audits take a lot of time. So if you work for a public company, one thing you're gonna have to deal with, you know, they didn't teach us anything about this in school was the financial audit in the audit process. So where external auditors come to your company, you know, they have their own list of requirements and things they need to test, and they need to see back up, and they need to tie out numbers and see your reconciliations. There's a lot to it, so be prepared for that. I really wasn't over time, though. I learned how to sort of work this situation like you just get used to because you're doing it every quarter. So you have Corley audits and your end audits. You get used to it. It's different every every company that you work for it. It's different, depending on the audit firm as well. But as a whole, it's a fairly sort of regulated process that's gonna be the same thing ultimately. So just be ready for this financial audits because you still have to do your normal day to day job. But meanwhile, you have somebody else coming to you asking you for information and ask me to explain certain things or go dig up back up. So it definitely adds to sort of the pressure and let's dress that sort of a year end or quarter in. And now you also have this person sort of judging you and asking lots of questions they'll be ready for financial on its. 42. Auditors Arent Personable: auditors aren't exactly personable people, and I say that a bit tongue in cheek, but somewhat true, you have to realize that someone who's unaudited, who's performing the audit and coming and asking you for questions is most likely served the lower, you know, on the totem pole type of person they're doing on it because they're racking up there counting hours with a C p a firm so they could go on and become a C P A. Themselves. It's a lot as a. They have a grueling job. They have to go into a company where people really don't want to be bothered. Go ask them stuff. Ask some questions, basically make them feel like they're on the hot seat and that if they don't get the answers they want, they have to keep ants asking until they get the right answer or something. Reconciles all those types of things everywhere Ever worked? Auditors definitely or kind of treated as the adversary. My bit of advice was actually treated from his nice people on, learned to work with them. They had a job to do. I had a job to do, and you kind of build a respect for each other, and it works a lot better that way than sort of treatment as an adversary. But that said, for the most part, auditors air under a lot of stress, and they just want to cut to the chase. They don't want a lot of chitchat, every personal or stand around and learned about your life. They just have questions. They want them answered, and then they'll go back to the conference room and keep on working, so just be prepared for that. 43. Software Doesnt Stop Bad Accounting: software doesn't stop bad accounting at the end of the day. Soft accounting software. So whatever system you use after refer to E. R. P systems, which is enterprise resource planning, so the bigger so a small company might use QuickBooks on the RPI system is basically just a very big version of QuickBooks is a nice way to think of it that's fully integrated through the company you can just because it's software has lots of rules built, and it doesn't mean you can't have mistakes in there. So, for example, if you enter journal entry and you switch the debits and credits, believe me, I've done it. Everybody does it. Little mistakes like that. Accounting software doesn't know that. That's a mistake. It's just gonna take your journal entry as long as it balances it. It'll take it so you can easily still make mistakes in accounting software, even though it's sort of checking the best it can. So a lot of times saying you do month end and you go to reconcile something. It's not tying out. Just look for those types of mistakes where it's maybe a data entry air and something got reversed on their tips and tricks on how to look for those and based on the amounts you can kind of figure out, but nonetheless that software itself won't save you from some bad accounting or just data entry errors. 44. Be Organized With Your Files: be organized with your files, you're gonna have a lot of paperwork. Even still, in this digital age, a lot of companies are putting out reports keeping hard copies of stuff you're getting Reports from other departments keep them organized. Better to be over organized than not at all. At some point, I'll guarantee you somebody will come to you and say, Hey, do you have this report or where did you get this number? You're gonna have to find that. So it's no fun trying to dig through a pile of papers and not know where it is. Most bigger companies will have sort of filing systems Institute it, but it's up to you to then use that as well. Of course, there's some sort of bonus on each individual employee to work that system. So I just recommend definitely be organized in everything that you do so that it's easy for you to find. It'll save you a lot of time down the road, and it's just more professional as well and speaking auditors like we were before, they're gonna be ones asking for backup of things and where did this come from? And can you show me this? So at some point you will be digging out paperwork, So keep all those papers organized 45. Reports Beyond Standard Reports: there are reports beyond the standard financial reports. So we're all used to things like a profit and loss slash income statement balance. See the statement of cash flow, maybe a statement of equity. But each company will have its own special reports that they want toe produce and show, Of course. I mean, we'll talk about ad hoc reports in a different video, but nonetheless each company wants. I used to work for a company that did sort of profit margin by division, so that was a special report that was generated just for that company and built out. Now that's not to say that's difficult, but I'm just saying, Expect there to be lots of different reporting requirements than an external. But within the company that they're gonna want to see some month end isn't always about just printing out of three or four financial statements, you might have to put together lots of different financial statements. I know in the one company I worked for them. We then created individual financial statements for each location. We had five different divisions for each division, got their financial statements, which makes sense, right, But just expect that you're gonna have that work, so it's not always as easy. It's just printing a few reports out of your accounting or PRP system. Sometimes you're gonna have to possibly manly sort of piece things together and create special ad hoc or or Excel based reports. 46. Everything Must Tie Out: everything must tie out. Very simple rule, of course. I mean, it's accounting. So at the end of day, everything needs to tie out. And I've seen even where people can get around the accounting system and make things happen in error. So whatever it is you do, make sure at the end of the Ali reports, tie out and tie together. 47. Adhoc Report Requests: be ready for ad hoc report requests you're gonna have Other departments may be your manager . Other staff in your county department come to you asking for specific reports that aren't already out there and created. So it might mean having to go into your accounting system and apply some filters. It might mean having to manly piece together some information. I've seen it all, especially the bigger company work in. That might be a lot of data. I used to work for a utility company and they had data by every client. Every month you're talking tens of thousands of lines of information and they would say, Can you see? They put together a report that shows us clients in this zip code whatever and the the AARP system they had wasn't capable of doing it was a little bit dated. So depending on the limitations of the software using, you're gonna have to maybe mainly do a lot of stuff in Excel, and that takes time. So just be prepared for that. Your job isn't always, you know, ABC A lot of times there's other things that come along that you're gonna have to do, and that's just the course in the normal course of being in any department ultimately. But since we're talking about accounting and finance, you're gonna have a lot of that sort of reporting, and we call it ad hoc reporting. 48. Software Isnt Fool Proof: software isn't foolproof. So certainly we talked already a little bit about how you might make an Aaron and input something incorrectly into accounting software. And that will cause a problem. The accounting software itself isn't always 100% foolproof. There was times where I was trying to reconcile, say, an inventory report against the General Ledger, and it was didn't tie. The kind of system was duplicating different entries. Lots of different little things can happen. Not every carry software is perfect. None of them are perfect. So just be prepared for that that a lot of times you end up having to dig, and that could take a lot of time. So if you are a fairly app that software and understand journal entries and be able track transactions through the system, that would go a long way in helping you out and trying to find those problems where maybe, you know your accounting system made a big, big whoops for you. One area that I've seen time and again is in sort of an accounts receivable or in accounts payable report. You'll create an aging report on the total does not tie to, say your general ledger. So you have different things to look for. You know, the dates of the reports air the same. Sometimes accounts payable, aging or counsel table aging reports aren't able to go back and reflects. As of a certain day, they can only show right now. So a lot of times that was the problem. So there's just different things, and yet you learn those things along the way. But that's one of the things they just don't teach you in school is that you're gonna end up doing some digging and trying to problem solve, if you will, with the software that you're using. 49. Its A Numbers Game: It's a numbers game. So finances all about spreadsheets and numbers. Every even the big companies I worked for. Usually the finance person or people were just sort of hold away their offices, working away, creating spreadsheets, doing lots of different number work. And, I mean, that's ultimately the name of the game and finance. But just so you know, it's it's kind of the opposite of a sales job. You're not out there mixing and mingling and meeting people schmoozing. You are sitting on your computer working away, and he would say the same of some other careers as well, Like accounting. But at least in the county, you do have to sort of interact with other people and get information. A lot of times and finance, you're just working away, solving problems. You create spreadsheets. I mean, obviously financed. Financed depends on where you work and what your exact role of responsibilities are, but it comes to things like budgeting or doing analysis. It's just gonna be a lot of numbers and ultimately a numbers game for your finance professionals 50. Be A Spreadsheet Pro: be a spreadsheet pro. So hopefully, if you plan on going in the finance, you understand spreadsheets and I typically use Microsoft Excel have for last 20 years to do a lot of the work. So if you aren't sort of really expert level user and excel, I would suggest you get into it and maybe take a course or two on it. You will save yourself a lot of time and frustration. I've learned so many things over the years, and I still learn new things about Excel, just ways to handle situation or drill down to information I didn't know and I may be. In the past, I knew how to do it, but I knew a longer way to go about it. And now I know I know a shortcut. So one good example would be spread our pivot tables. So if you don't understand what a pivot table is, that will save you a lot of time. When you're trying to analyze big amounts of data, they could be a little bit confusing at first. But once you learn them, it will be your best friend. So just one tip there and certainly there's lots more, so definitely become a spreadsheet pro. If you aren't already 51. Wolfpack of One: you'll be a wolf pack a one now that's not necessarily true again. It's one of those tongue and cheek kind of items that we're talking about. But honestly, in the big companies I worked for, I worked for public companies with hundreds of employees. Two of them that I can think of had one person in finance and that was it. And they usually reported to the CFL. You're doing a lot of budgeting analysis reporting for other departments, you know, comparing numbers. Looking at percentage is holding people task. But they're really just had one person doing that for the entire company so that the finance people that I'm envisioning just sat in their office all day, crunch away at numbers, sometimes even just work from home because they really didn't need to interact very much with other employees. So if you're okay with that, then finance my pay for you. But if you're that social type that likes to get out, meet everybody. Finance might be a bit of a tougher go for you, but just a little heads up a little bit tongue of chief, but you'll be a wolf pack of one and finance possibly 52. People Dont Like Being Told They Cant Spend: people don't like being told they can't spend money so you'll be in charge of budgeting. Possibly probably be in charge of getting the information, creating a budget and get approved. And all the different departments in your company will have their budget as one of your jobs. You probably then be comparing the budgets to the actuals and then sending out and asking people, Why did you go over on this? Why did you go over on that? People don't like being asked those questions, certainly. So you'll be the one that probably takes the brunt of the responses. And you're the one who probably one has to hold him accountable and maybe say, Well, you can't spend as much next month next quarter because you over spent last month or last quarter. So you know, people really don't like being told they can't spend, even though it's their budget, they're responsible for it. Just be aware that you might have a little bit of that pushback when it comes to telling people that they went over on their budgets and forecasts 53. Be Ready for Adhoc Reporting: be ready for ad hoc reporting. So just like the account department, the Finance Department's going to get the same. You're going to be asked, probably by a management team and maybe even by departments. So for just ad hoc reports, you know, you tell them. Oh, you over spent on this? Oh, well, where do we overspend on that? Now you have to go drill down and get the details for them. Or maybe you show, you know, your boss. Let's assume it's the CFO or the CEO. You know, here's the overall budget. Here's how every department did. Well, you know why is you know it over 10% and I don't quite see where that comes from. Now you have to go get more details and to create other reports to demonstrate that. So just be prepared that it's not always a straightforward as just do your reports, distribute them and then move on and repeat in some ways. So ad hoc reporting is fun. It gives you something different to do. That's the way I always looked at itself. I mean, if it's a challenge, all the better, of course, it's not all the better if you're under time constraints, but still, just be ready for those ad hoc reports that you're gonna have to put together. And those are things they can't teach you in school because who knows what your boss might at ask you to do or how they interpret data. So just be prepared, though, that if you're great with excel and you're good with data, you could probably put something together that will satisfy all the users of your information, which is your co workers, and appears on your management team. 54. You Might End Up Budgeting All The Time: you might end up budgeting all the time. So what I mean by that is beyond just creating the master budget. I get something of a specific example in one company, but really it applied to a few different ones where the person and finance, the Wolfpack of one, spent a lot of their time creating the budget. The forecast for the following year, the price spent two or three months putting this thing together, getting information of different apartments, using historical data, using forecast from individual departments, creating budget. But then what happens month a month? Israel Life happens. So now you're updating and your re forecasting? Probably. So you're going to be continually in the cycle of updating forecasts, revising it, seeing how things have changed and then, of course, wants to get towards the year end. Now you're having to create that forecast for the next year as well. So you'll be in an endless loop of sort of budgeting, forecasting, revising disturbing reports. So just be prepared for that. Like I said, it's a numbers game, and it's gonna be a lot of sort of excel in reporting and data, Uh, in my experience, at least in what from witness in finance departments 55. You Wont Use Anything You Learn in Stats: you'll probably never use anything you learn in statistics again, a bit tongue in cheek. But honestly, the statistics class I took and you take a few of them in the Obey program. It's good stuff to know, but it gets into very specific detail things, you know, you're doing regression analysis and using all the different statistical terms I can't even think of too many cause honestly, in the last 20 years, I very seldom use them other than very basic things that you would just know through general math like averages. You know, one important thing is the bell curve. Pay attention of that, but nonetheless all the different. You know, chives squared. All those statistics, nothing. Everybody won't use them. Certain professions definitely will use them. If you're doing a lot of deep analysis, you're going to use it. But for the most part, just know that all those things you learn will be one of the things that will kind of be in one year and out the other. Or you just lose over time because you're not using it. If somebody asked me, do a regression analysis right now, I wouldn't have a clue. But when I was in the MBA program. Of course I knew how to do it because we had to do, and we ran it on several different data sets. So just know that a lot of those things that you're learning you might not use in the long run. Um, And if you are one of people that uses some, understand that if you use them and you come up with some data and some information that you're trying to explain it to somebody else, they probably don't remember what it is and how it exactly works. And what's the purpose of the different stats that you can generate, so keep that in mind. 56. Youll Learn Complex Formulas You Wont Use: you'll learn complex formulas that you also never use. So along with just the statistics themselves, the end results. You know that regression number. You'll learn the big formulas to create these numbers, and those are almost even. I want to say more worthless and send a little bit tongue in cheek. But somewhat true. You can always go look that up in the future, So don't get me wrong. It's important to know that stuff and understand it and kind of like I have it in the back of my head. I know there's a world of statistics out there self. I ever really, really wanted to dive deep into some numbers and figure out different statistical out areas and aspects and ways of looking at it. It's out there. I couldn't tell you, though. The best way to do it like just off the top of my head. So you're gonna lose a lot of that stuff in the real world because you just don't apply it day to day. You know, I'm thinking of say you're in accounting class and you learn, you know, debits and credits. That's something you will actually apply in the real world if you're in the counting, um, statistics. So they're seldom a statistics department in a company. A little aside, my brother actually works for the statistics of a government, so they actually use all the statistics stuff, but at the same time, they have software that does it all for them. So, um, not to put down your statisticians. Hopefully, I haven't offended anyone, but just know that in the real world there's just not a lot of statistics happening beyond sort of the very fundamental sort of easier ones that are available. 57. You Wont Find Stats Specific Jobs: you won't find any statistics specific jobs now, I kind of mentioned the previous video. There are jobs out there, you know. The government has statistics, departments different. Huge companies will have statisticians, but for the most part, you're gonna have a tougher time. I'm thinking again, and I often use accounting just cause that's the profession. I'm in accounting, you know, there's accounting everywhere. Even a small mom and pop shop probably hasn't accountant or the small, you know, private company with 10 employees. They probably have an accountant or an accounting person or staffer. Bookkeeper. You know, those type of companies just don't have a statistician, so it's definitely a profession that's a lot harder to say. Find employment. Or it's something where you would need two pairs statistics with something else and be good at it. So maybe statistics and international business. So whatever it might be, just know that it's not as applicable out there in the real world of some of the more sort of common professions, if you will 58. Bell Curve Is Good To Know: the bell curve is good to know. So that's one area of statistics that you will definitely learn. That's good to know. It's one of those things again. It comes up again. My experience in business. Time to time. It's good to understand what it is and how it works. It's one of those what I would think of its fundamental statistics, things that everybody should have a grasp on. So if you're not familiar with the bell curve, it's developed distribution curve. You're talking about things like standard deviation and how many standard deviations away from the mean all those types of things. So good to know again, If you ask me to actually calculate a standard deviation, I wouldn't be able to tell you how I would have to go on the Internet, find out or just pop it. Exelon. Righto, righto formula for it. So but still understand the general concept of a bell curve what it is, what it means in the real world. That's tough. So things are important. So definitely take that away, at least from your statistics class 59. Managing People is a Skill Of Its Own: managing people is a skill of its own. Just being a manager is definitely sort of its own concept and sort of realm. You have to be able to handle lots of different personalities, understand incentives for different people. It's You have to be good at being a manager, and it is very much its own skill set. You can take management classes in school, and of course you do. But it's hard to really sort of learn what it is to be a manager until you are managing people on having to direct them and make things happen and guide a team you know and sort of rally people, so you'll learn a lot of that in the real world. It's just one of those things that's just tough to teach. You can't teach good management skills. You can tell people what they are, but for them to really understand that you need to get out there and do it. So you learn a lot of that just through experience. When they get out there in the real world, 60. Figure Out Each Employee: figure out each employee. So you have a team that you're managing say it's 10 different people. You have 10 different personalities that work with. Some are hard workers. Some are a little bit more lazy. Summer outgoing, somewhere shy. Some show up on time. Some show up late, you know, somewhere really good. A computer summer horrible. There's so many different traits. Each person is an individual, and you're going to figure out each of your individual people on how to manage them best. What works best on guiding and sort of getting the best performance out of one employee will be completely different for somebody else. So being a manager is a lot of sort of these intangible skills and sort of people skills, if you will, and really being able to figure people out. So if you're good listener, good guiding people giving direction, you know, getting end results, uh, the management might be just for you. 61. Somedays Youll Play Arbitrator: some days you're gonna play arbitrator. You know, if you're managing a staff again, I use the example of 10 employees. There's going to be different times when people clash. This person needs this, and this person doesn't want to do it because they're under a deadline. They have other work to do. They think it should be done. One way this person thinks should be done. Another. You know, they're going to come to you ultimately with the problems. Or they might come individually and say, Hey, I'm having a problem with you know, so and so you know, they want me to do this. And I don't think I should. Whatever the case might be, you're gonna is gonna end up in those situations where you have to almost play judge or arbitrator and figure out OK, how do we all work together again? And you might end up doing this more than you like I get. I speak a little bit from experience. I spent a lot of time managing people when I was in corporate life. Um, we're gonna talk a little bit about that more in upcoming video, but nonetheless, you end up just sort of helping people out in solving problems for them. So it's a lot of time spent, not necessarily producing like an output, like a report again. I'm thinking of an accounting department. You're just trying to get people to sync up and kind of continue to work and go along on a happy path. 62. To Move Up Youll Have To Be A Manager: If you want to move up in your company and in your profession, you're gonna have to be a manager at some point. This is one of those points that's really important. So I mentioned in one of the other ones there's a few that really stuck out, and this is one, too. So, you know, I took management classes, but I didn't really have much interest in the method time. I just was like, Well, I'm you know, I'm getting into accounting and finance. I don't want to be in management. The thing is, is that we move up the ladder, the corporate ladder, eventually going to get to positions where you just have to manage a team. When you get to the level of accounting manager, you know, Controller CFO, you then have a team. You'll never be sort of a one person CFO unless you're in really small companies. So you learn definitely the good management skills and make sure that that's cut out for you. Some people just aren't good at management. I myself will claim that I was never the best manager. I just wasn't interested in it. Um, I would much rather be the do, and I really like getting in and solving problems and working. And that's why I got into consulting a much better sort of taking information and fixing problems and creating solutions and building cool things that I wasn't sort of solving problems between employees and making other people do stuff. So just be warned that if you do plan to move up and sort of the corporate world whatever department it might be, you will have to have some sort of management skills. I'm It's good the home those early on, if you can. 63. Incentives Work More Than You Think: incentives work more than you think, and it could be the smallest, simplest thing. So this is one of those things that I learned sort of on my own in managing people back in the accounting departments corporations I worked for, you know, oftentimes it's hard to get people to rally at month ends. Quarter answers a lot to Dio. So again, I'm speaking of accounting specific. So what I would do is create little incentives, create contests, you know, You know, if everybody's done on time for by the end of the week, with all the things they're supposed to do, you know, everybody gets a $20 gift card. So what? It cost the company a little bit of money, but you get the job done and obviously can't just give away money all the time. But it could just be little incentives, things like that that helped get your staff motivated and going in the right direction. Other things like team building. So people really feel comfortable working with each other. So those types of things are important to help build up the team, build up morale and just get people working well together. So it's almost like a machine. Everybody has their part that they do, and everybody's working well together. 64. Be Smart At Computers: these smart at computers. Another tongue and cheek somewhat, but somewhat true. So we're talking about computer information systems from an MBA perspective. So I'm not talking to the people that are actually getting CS degrees. I mean, you guys were just smart in computers in general. I'm talking about the business people and you have to take some computer classes. Believe me, you just have to be smarter computers. And I don't Maybe speaking to a lot of you think OK, well, yeah, of course, I believe me. I worked with a lot of different people who just are not smart with computers, and it creates a lot of frustration for you and for them because, say, you need somebody to do something and they just don't know how to properly use the software . Get the most out of it. Say states excel or it's your accounting software and they just don't how to operate it mean I've worked with people who could barely turn on a computer, let alone sign in and fire of software and run reports. So in these days, if you can't operate a computer very well, you're going to be left behind. So I hope that every watching this sees this and says, Okay, up I'm good and moves on. But if you're not good at computers for any reason or software that you use, I encourage you to take classes and started Get up to speed or you're going to be left behind a little bit. 65. Your IT Department Will Solve Most Problems: your I T department will help you solve a lot of your problems, so well, it pays to be greater. Computers be good at the software that you're using, the more you could do you for yourself, the better. You don't need to be. The wizard don't need to be the database expert. You know you have an I T departments. Actually, the bigger the company who can help you. So when you run into sort of complex problems, you know they're there to help you. That's what they're there for. Their the i T department, the CS departments up. Just be ready that you know, if there is a problem that you can't solve, you do have backup and using sort of your information technology department to help you out again, though I do encourage you to know as much as you possibly can with whatever it is that you're involved with, whatever software you're using, the computer systems that you use 66. Be A Pro At The Software You Use: the A pro at the software used, so I kind of touched on this already and the other videos. But depending on your department, your position you probably have very specific software that you use. For example, in accounting Now, I don't just use Excel. I use maybe quick books are used. Microsoft Dynamics. I use different reporting tools. Core vel. There's other ones as well. There's plenty of them. Just be really good at the specific software that you're using. It will pay off. You'll save yourself a lot of time and a lot of frustration if you learn it. I encourage you if you, you know, depending on how much training you got in it and how comfortable you feel with whatever software, does your using maybe go beyond that? Take courses, either. Ask the company to pay for them. Take them on your own, read a book about it. You will learn a lot, and believe me, the better you are at whatever software you are specifically using. It'll save you a lot of frustration at some point in your life, if not daily. 67. People Dont Know As Much As You: remember, people don't know as much as you do. So again, we're talking about computer information systems, but from an n B. A business perspective. So I'm assuming that you guys know what you're doing it on a computer, you know, excel. You know the software using at least to some degree, you're pretty good at it. You're going to be working with other people who just aren't NBA's. That's that's the honest truth. So and they're not gonna be maybe is brighter is quick or sharp on the stuff that you're doing something you need to have a bit of patients and understand that not everybody is there. And then you can take that as an opportunity to maybe teach them a few tricks or just understand that's got taken a little bit longer to do things. One thing back, I remember, reflected back in my corporate life. There was a point where I just I was frustrated because I would do things really quickly, and I want everybody to be on the same page and speed. It's me and my boss literally said to me, is like Chris, just remember, not everybody has an MBA degree, and it's true. I mean, I was working with people who were just sort of bookkeepers or staff accounts or accounts receivable person, apparel person they don't understand. That's really everything that's going on words with an MBA, you maybe have a bit bigger picture. Better understanding of how the entire business is running, how software is running. Reports are running. So you just have to have that patients and understand that not everybody is gonna be at the same level you are. 68. Speak Another Language: first things First week, another language. I mean international business. Sure, there's other English speaking countries, but it's definitely gonna be to your advantage if you speak another language. We're going to talk more about international business in the upcoming videos, but just sort of is a basic thing. I mean, I've and this may sound rudimentary, but I've heard of people saying Yes, I want to go in international business They don't speak another language to save their lives. Maybe they can learn it, ensure that be terrific. But really, if you're at the point of things going in the international business and you're at the N B A level, you should already kind of have that background. And I would even encourage someone to have the experience in the sort of cultures of countries that they might want to be working with. So that said, just be sure you kind of have that foundation. Don't discourage anyone if they don't have that already. But that might be something you need to work on before pursuing your career in international business. 69. You Still Need To Study Another Discipline: you still need to study another discipline besides international business. So I've heard people say, You know, I lost something. What do you want to do? What you want? A major, an international business. So great. Like, what are you gonna do? Like a county Or like finance? Er, no sales now just international business. Unfortunately, there's no job title that's just international business, and nothing more need to be doing something. So one of the sort of the core, you know, requirements of being out there in the national businesses. You're helping the company, and some faster. A lot of times it isn't sales or maybe negotiations, finance. Whatever the case might be. You see, there's those kind of core professions that have to be integrated with the international business. So just keep that in mind just cause you love to travel and they speak another language and want explore the world doesn't mean that you could just get a job in international business . Really need to pair that with something else to be a valuable sort of asset to companies 70. Unless You Are In Intl Biz Most People Wont Care: Unless you're in an international business, people probably don't care. So just keep in mind as well when you served, decide you're gonna be an international business. That's what you want your n b A to focus on. That's where you're gonna go with your life. You're gonna need to work with big companies that have international business or plan on expanding internationally. That kind of goes without saying I hope, but nonetheless keep that in mind, and that also limits your job opportunities. Not every company, obviously, is gonna be a realm where you could work. You're gonna be looking at bigger corporations, and that's fine. Just know that you're selecting sort of a little bit more targeted niche when you go into international business on. But it's not to say that it's a bad thing, you know. I know very few people that went in international business, so it does make those ones that did more of rare commodity. We think back to economics, supply and demand. There is less supply of people who haven't international business degrees, so it makes you more in demand. But there's also a little bit less demand for those people so nonetheless just know that when you go into international business, not everybody's gonna care that you have that degree unless they actually have a use for you. 71. Global Economy Isnt Hard To Understand: the global economy really isn't that hard to understand. So I say that a bit tongue in cheek as well. I'm not trying to take away from the international business people, but I think, and I hope people at the N b a level understand that really business is business. And, yes, there's certain things like there's cultural differences. You have to understand exchange rates. I'm not saying it's not a whole world of its own, but in general, doing global business isn't a whole lot different than just doing business. I mean, you're still doing the transactions. The whole accounting sale are cycle the sale cycle, marketing all those types of things. Things still happen. They just happen on a bigger picture with a few more twists and turns, if you will, to account for those differences in the cultures and locations and whatnot. So but still, global business as a whole really isn't too too hard to wrap your hands around 72. Its a Global Economy Follow The Future: It's a global economy, so follow the future. So after all I've said about international business, I do actually think it's a terrific, terrific profession to study and get into as long as you parent with something else. That's a swell applicable. I mean, the world is definitely becoming a global economy. We've all heard that so being able to sort of apply your business skills on a global level will be very valuable, only become more valuable over time over the next decade. The next two decades and I'm going into international business is definitely making a solid choice and doing so, and I encourage you to follow that. And definitely, as you do that, stay on top of recent developments and things that are changing. There's so many different avenues you could go with that, whether it's politics or the markets and exchange rates. But just be on top of your entire profession and, you know, whatever it is that you're pursuing specifically in international business, just be the best you can at it, and you'll be really successful 73. Most Of You Will Fail: most of you will fail. So now we've moved on to entrepreneurship, not return. Ship is a big part of what I studied when I went through the MBA program. I've worked with a lot of entrepreneurs, so I have a lot of points about entrepreneurship and just sort of how the real world is different from maybe what you learn in school or just what you have in your head. So the reality is, if you haven't heard these statistics, is pretty much nine out of 10. You know, entrepreneurs will fail at what it is they're doing when it comes to investment. Something in a venture capitalist investing companies. They invest in 10 companies. They expect seven of them fail, two of them to kind of break even and one of them to be the home run. You know, you know, the Twitter, the Facebook, those types of things and possibly not on that level. Of course, there's only so many of those nonetheless, just know that being an entrepreneur is an exciting sort of life choice career choice. But it can also be very frustrating, and it's bit of a risk to take, so just keep that in mind 74. Raising Capital Is Difficult: raising capital is much more difficult than you think it will be again. I've worked with a lot of start up companies that I worked with different investors as well , and I worked with start up companies who were at the seed stage. Early idea stage all the way is toe ones that were already on their way to being public and one even helped take public. So I run the game it when it comes to start up companies when it comes to looking for investor capital. So whether it's angel investors that your capitalist loans it is going to be difficult. And I think entrepreneurs understand that, but they don't really understand. So they start trying to find capital and just nobody even response to them. Nobody wants to talk to them and it starts to get frustrating. And then your ideas sort of on hold until you can raise money. So just understand that in those early days, a big part of what you do might be trying to raise capital and it might ultimately not go anywhere is definitely a tough, tough business. Um, if your interests I have another course as well, all about raising capital and kind of explain a lot more about it. So definitely a difficult aspect of being an entrepreneur. But when it happens, very rewarding, of course that then you're funded and you can move on and build your company. 75. Not All Foozball and Free Meals: It's not all foosball and free meals. You know, I think a lot of us are entrepreneurs. Early stage officers have this sort of vision of these fun office environments where it's all games and there's, like corporate lunch and you bring your dog to work and everybody you know, where's whatever they want. And, you know, you worked late hours. Well, you will work late hours that can tell you that much. Being an entrepreneur, running a sort of a startup company, something more of a start up company that's actually off the ground has employees, not just sort of the solo entrepreneur, But you've actually got your idea off the ground. It is gonna be a lot of work and going to be working those 12 14 hour days. There's so many things to do in the more you do, the more things that kind of come up And you think, Oh, I also have to do that. Or maybe once you solve one problem or something, it's done. Now it creates more work because something else has to get done as an entrepreneur, and especially if you're the founder and CEO, you're gonna run, you're gonna be running constantly, and you're gonna have to go the extra mile on a daily basis. So it's a lot of work. There's a reason companies started Companies have those fun things like foosball and games , or bring a dog to work and free meals because they, I mean, it's just the culture. You want people to be feel at home and be comfortable being at work, Um, and also a way for them to relieve some stress and whatnot. So while that stuff is a lot of fun, don't get me wrong. And I've worked in companies like that. Those are also environments. We are doing a lot of hard work, and it isn't just the fun part. You have to put it, roll up your sleeves and really do the hard work when you're in those entrepreneurial ventures. 76. Pay Attention in Game Theory Class: pay attention and economics class game theory is really important to what you're doing. So ah, lot of what you learn. I mean, you don't just take in the entrepreneurial classes and nothing else. You want to be good, especially. I'm speaking to you guys, its founders of Stay entrepreneurial ventures and companies. You want to be good at things. You want to understand What's marketing? What are financial reports? What air? No different reporting requirements if you took your company public as well. Economics. You know what? Pricing, supply and demand game theory. Game theory is one that I pulled out just cause. It's really important to understand how different moves that you make an impact. Others, and then they will react accordingly. So pay attention and all those other classes and understand how they'll apply them to your venture. And as a founder, it's good you have be the expert. Everything. I'm not saying you have to have the CFO skills are the economist skills, but understand, at a high level what all the different pieces are and then you are good. When you're talking to other people who are running those departments, you at least have an understanding of what it is that they're doing 77. Know Numbers Really Well: no numbers. Really, really Well, So again, even as an entrepreneur, as the founder, as the visionary, you really need to know numbers, especially if you're looking for investors and you get funded. They're gonna be asking you for information. They could ask you for different metrics. What's your profitability? What's your burn rate? You know what your margins? What's your growth rate? You know, what's your cut backs all those days? If I throw out those terms and you don't understand what any of them are, that's a good example. You need to understand what all those things are. So again, it's easy. Get excited being an entrepreneur, believe me, they're most passionate, sort of people have worked with, if you will, out of all the different professions that you could possibly learn. Passionate, excited, energetic. They need to have a still that kind of core business sense about you. So understand numbers, because they're gonna be really important, too, especially as your company starts to grow 78. No One Else Will Be As Passionate As Yourself: No one else will be as passionate about your business as you are as excited as he wire about your idea. You know, it's fun to go tell other people on. Oh, we're gonna do all these cool things. We're going to solve these problems in this country revolutionary, and this will be a game changer. People are a little bit jaded again. We talked about how Maney entrepreneurial ventures fail. So that said, When you go to somebody, especially an investor, let's talk about a venture capitalist and say about your awesome new idea. That's gonna be a game changer and revolutionary. They've heard it all before. And like myself, I've heard it all before. So really, the proof is in the pudding. You got to demonstrate that it's actually something that's a game changer and going to solve problems and have sales and how it's going to grow. So just be for Warren that while you're super excited and jazz about what it is you do, a lot of people would be yes, men and say, Oh, yeah, that sounds terrific, like I love your idea. Oh, it'll definitely be a success. Some people actually maybe be honest with you and say, There's some holes on that. Let me, you know, ask a few more questions and poke around here and see if it will actually be successful. So just before warned that not everybody's is passionate about your idea as yourself. 79. Be Good At Everything: be good at everything, not just one thing. So I touched on that a little bit before. He didn't have that well rounded business sense about you In order to be a true entrepreneur, being an entrepreneur isn't just about coming out with a cool idea and being able to come up with a marketing plan or designed a product or cool software. You need to understand all the business things, the sales approach, marketing. What are the five piece of marketing accounting? What's the count cycle? How do you create a financial report again? At a high level, you don't even be an expert at everything. Nobody does. But it will definitely pay off if you're a well rounded business person. So pay attention in all those MBA costs is not just the entrepreneurial geared ones. 80. Entrepreneurs Are Often Eccentric: entrepreneurs are often a centric, so again, somewhat tongue in cheek. But honestly, in my experience, a very true statement. Oftentimes, founders definitely have a bit of a quirk about, um and when you think about it, it kind of makes sense. I mean, in order to be an entrepreneur, you need to be a bit of a risk taker. You need to have a lot of energy and passion about you. You're gonna stand out. You're gonna be a little bit of a different person than, say, the introverted accounting person. So definitely a lot of founders of companies I worked with were centric, sometimes for the good, and sometimes you're the bad. It's hard to real those people in some time, but at the end of the day to sometimes they're centric in a way that's just there, out there, and they can't get enough. And they're just constantly trying to run the company that might annoy some people. But at the end of day, there also getting a lot of stuff done. So just be prepared. If you go in entrepreneurship, you're definitely gonna work with a lot of different personalities, and some of them are kind of the conventional sort of stuffy business people that you think of not whatsoever. It's definitely can be a bit of a wild ride if you put it that way. 81. Youll Work With Weirdos: you're gonna work with weirdos, so kind of like how you say entrepreneurs are a little bit of centric. The people that tend to sort of gravitate towards those personalities are also a little eccentric or weird. And I'm not saying that in a derogatory way. It's a fun way. I mean, honestly, when I worked at a few different startups, there's so many different, lively people. They're all different backgrounds, you know. People wear whatever they want. You have the hippie, have the business guy, you have the eccentric seat, CEO, CFO and everything in between. You have the young, you know, you just at a college in Turner in college interns. And they have the older people again who might be really seasoned that what they do. So it's just it's such a melting pot of different people. You meet a lot of different personality, so it can be a lot of fun but have to embrace it as well. So as the CEO are the entrepreneur, the founder. You need to be able to work well with lots of different personalities, more so than I would say, in just a typical corporate environment, 82. High Stress Environments Are Common: high stress environments very common again. The few entrepreneurial ventures that actually worked for where they were, actually cos. And lots of employees, it's just it's a lot of hours. It might be a fun environment. They have those son things, like the foods ball on the free meals on Fridays. But it's just a high stress environment, cause there's so much to get done and you do have a lot of different personalities working , and it's not. That's just cause there's a lot of people working there. Entrepreneurs and sort of star ventures tend Teoh attract really energetic people who want to work hard. But you don't always necessarily get them. So you get sometimes clashes in the environment and you just get people who don't put in the extra efforts that you end up working more hours or just in general. There's just so much to do that you have to work a lot of hours. So expect the kind of devote your life, in a sense, to the entrepreneurial venture, especially if you are the founder of the CEO of that company. So definitely just expect a lot of hard work and you're trying ultimately for a huge payoff . At the end of the day, when you see your venture becoming huge company