What They Don't Teach in Business School about Entrepreneurship

The panelists share what motivated them to pursue entrepreneurship and the biggest surprises they encountered. Nazila highlights her desire for creative freedom and autonomy, and the unexpected importance of strong partners in a startup environment. Will explains his motivation to 'test the whole wafer' of his capabilities, and how he learned to trust in process over having all the answers, a shift from his investor-driven mindset. Mike describes his realization that his fate was in his own hands after a less-than-motivating corporate experience and the surprising importance of a small team with high morale over the initial idea.

The discussion shifts to key lessons learned. Will emphasizes the importance of a flexible, adaptable team that can rapidly learn from market signals, likening it to 'tacking back and forth' in sailing. He also advises on managing relationships with thesis-driven investors to ensure they remain supportive through changes. Mike stresses that 'speed is the ultimate weapon,' sharing examples of fast deal closures, fundraising, and product launches. Nazila highlights persistence and trusting one's passion, even when faced with pressure or self-doubt. She also jokingly suggests finding a 'lion partner' if one feels like an 'ant' in negotiations, underscoring the value of complementary skills.

Panelists reflect on their business school experiences. Will challenges the notion of risk in startups, arguing that corporate jobs can be just as insecure. He criticizes business schools for over-emphasizing rational decision-making and undervaluing sales skills. He suggests cross-disciplinary work to understand diverse perspectives. Mike recounts his sales experience where he learned to close deals effectively on the phone, illustrating the power of direct sales. Nazila emphasizes the importance of sales and organizational behavior. She also points out the overemphasis on maximizing revenue over value in business schools and the importance of understanding one's weaknesses.

The floor opens to audience questions. A question about self-financing and growing organically leads Mike to share his experience of starting a company with minimal capital, noting that venture money can accelerate growth, but isn't always necessary. Another audience member asks about reconciling personal biases with entrepreneurial drive. Will stresses authenticity and having trusted advisors. Nazila suggests daily reflection and observing market reactions. Lessons from large companies are discussed, with Nazila emphasizing the value of observing scale, operational processes, and executive behavior, and Will highlighting the importance of excellence in work product and functional execution learned at Morgan Stanley.

An engineer asks how they can gain sales experience. Nazila suggests working on help desks to understand customer perception and tagging along with sales teams as a product expert. The existence of a new sales course at the business school is mentioned as a positive development. Finally, opportunities in the current economic landscape are discussed. Will points out the rise of capital efficiency and new investor classes with different expectations, particularly for software companies. Nazila anticipates a renaissance in customer support and education. Mike advises ignoring macroeconomic trends and focusing on building the company, highlighting the advantages of a down market like easier hiring and lower competition.

The session introduces the audience to what business schools often miss in entrepreneurship education. Panelists Mike, Nazila Alasti, and Will introduce themselves and their entrepreneurial journeys. Mike shares his experience of founding four startups, including Dialafish, Direct Hit, and X-fire, detailing their successes and challenges. Nazila, an engineer by background, talks about her transition from a corporate role at Apple to starting multiple ventures, including Jooners, and her passion for empowering women in entrepreneurship. Will discusses his path through venture capital to becoming CEO of Widget Box, emphasizing the comprehensive 'full wafer test' that entrepreneurship provides.