Business Class 101

I have always questioned the fundamentals of what good business practices are about and this is partly because I have experienced both worlds of business; Theory and Practice.

I have grown up in a business set up. My parents have always run a retail store for as long as I can remember. My siblings and I have also taken part in the day to day running of this entity for close to two decades now.

With a business related degree and now pursuing an MBA, I believe I have enough theory to run a successful business. But the question is can I really?

Not that I doubt myself in any way. In fact, I know I can come up with a proper strategy for any line of business.

Having seen both worlds of business; theory and business practice, I believe more needs to be done in bridging the gap between this two worlds that are far apart yet so similar and should compliment each other.

To bring my point into context, let’s take the example of the medical field. Hospitals are more than just a place where patients go and get treated. They are research centers, Laboratories, data centers and more importantly educational facilities. doctors and nurses are trained in this facilities and that is why there is always a seamless transition from a medical student to a professional.

In business, it is contrary. After spending almost four years in business school, you go back to the drawing board while you figure out what to do next.

Everything you have learnt is shelved for god knows how long. You realize you were only taught how to manage a business.

They skipped the part where you have to source for capital.

They skipped the part where you have to be managed as a business employee.

They skipped the part where you have to grow the business.

They skipped the part where your business will fail.

Theoretically, all this business concepts make so much sense, now try and conceptualize and you will go crazy trying to balance that sheet.

You will probably never use the balance sheet and your human resource department will only deal with the payroll.

You will start using philosophical terms like “TIME IS MONEY ” and “HARD WORK BEATS TALENT ” to manage your business because then you will have realized you skipped all the fundamentals of starting a business from its infancy and went straight to running a fortune 500 company.

I would like to propose a different analogy to business studies.

Organizations should take charge of this institutions. The business premise should act as incubation labs for practical business lessons. Data should not be extracted out of the Internet but from the business set up.

Questions should be answered over the entire trading period.

Interest rates and inflation rates should be concurrent with the time of learning.

Students should be allowed to set up and run small businesses and graded according to how effective their strategies are.

Emerging issues like technology and out sourcing should also be implemented in this student based Organizations.

When we adopt this form of learning and growing businesses, we will not only be creating a new crop of business leaders, but also restructuring current businesses according to emerging trends, therefore shaping all this businesses into maximum profit reaping organizations.

We will also be utilizing the skills and competencies of the young crop of business enthusiastic students and filling the gaps left by the decentralization of business institutions.

The question then is,

What if we do not adapt this strategy?

If we do not do this, our business institutions will be treated as sermons where students go and learn for the sake of it.

Incubation labs that offer seed funding will always come out with more and more successful businesses while we marvel at the beauty of our MBAs and how colorful our graduations were.

We will then hide our shame in color and glamour of fancy suits and corner offices, knowing too well businesses do not operate in the classroom and we are just record keepers for business theories. More than that, we can’t put all this concepts into practice.

Before we change, people like Bill Gates, Elon Musk, Larry page, Richard Branson and many others like them will dominate the business spheres because they understand that business is practised outside the class room.

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Sometimes I write, Most times I don't.

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Ammon Kiprono

Ammon Kiprono

Sometimes I write, Most times I don't.

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