Business schools equip you with a solid foundation of theories, case studies, and the latest management trends. But as Cori Ann Russell, a successful entrepreneur and business consultant, points out, there’s much more to building a thriving business than what’s taught in the classroom. From practical skills to real-world insights, there are critical lessons that traditional education often misses.

In this blog post, we’ll explore the key points Cori Ann Russell highlights about what business schools don’t teach you, providing valuable insights for aspiring entrepreneurs and professionals alike.

The Gap Between Theory and Reality

What You Learn in Business School

Business schools focus on strategic planning, marketing principles, financial modeling, and leadership theories. These are undeniably important, but often they remain abstract concepts until you enter the real business world. Cori Ann Russell emphasizes that while these subjects are essential, they don’t fully prepare you for the everyday challenges of running a business.

What’s Missing: Problem-Solving and Adaptability

One of the biggest gaps is learning how to adapt quickly and solve problems on the go. Business environments are dynamic, and challenges come up unexpectedly. Business schools teach you how things should work, but they rarely dive into how to pivot when things don’t go as planned. As Russell mentions, the ability to make quick decisions and think outside the box is crucial to success.

The Importance of Emotional Intelligence

People Skills Matter More Than You Think

Emotional intelligence (EQ) is another area that business schools tend to overlook. Many students graduate with a strong understanding of analytics but lack the interpersonal skills needed to lead a team effectively. According to Cori Ann Russell, understanding how to connect with people, motivate your team, and manage relationships is often more important than the technical knowledge you acquire.

Building trust, negotiating with clients, and maintaining a positive company culture are key elements of long-term success. These “soft skills” can’t be learned from a textbook but are developed through real-life experience.

Risk Management and Failure

Business Schools Gloss Over Failure

While business programs teach risk management, they often fail to prepare students for the emotional side of dealing with failure. Cori Ann Russell stresses that failure is an inevitable part of any entrepreneurial journey, yet many graduates enter the workforce with an idealized vision of success. Business schools may teach you how to analyze risks, but they don’t teach you how to cope with setbacks or how to bounce back after a failure.

Learning From Failure

In the real world, setbacks are valuable learning experiences. Russell advises that embracing failure and viewing it as part of the process will help entrepreneurs grow. Business success isn’t about avoiding failure altogether, but about using those failures to refine your approach and improve over time.

The Value of Networking and Mentorship

Networking Goes Beyond Classmates

In business school, you’re encouraged to build connections with classmates and alumni, but real-world networking is much broader and more complex. According to Cori Ann Russell, expanding your network to include industry experts, mentors, and even competitors can open doors and offer guidance that formal education cannot provide.

Mentorship is Crucial

Russell also highlights the importance of mentorship. A good mentor offers insights and advice that you won’t find in any textbook. They can help you navigate challenges, avoid common mistakes, and provide a perspective that comes from years of experience. If you haven’t found a mentor yet, it’s never too late to start looking.

Conclusion

Business schools provide a valuable foundation, but as Cori Ann Russell points out, true success comes from what you learn outside the classroom. By focusing on real-world skills like adaptability, emotional intelligence, and networking, you’ll be better equipped to handle the ups and downs of the business world. Take these lessons to heart and start building your business with a fresh perspective today!