The Biggest Skill You Need to Run a Business (It’s Not What You Think)

I hold an MBA from London Business School and there’s no doubt it’s a valuable degree to have under one’s belt. I guess to some extent I have to say that; how else would I justify the exorbitant tuition fees?

Still, I learned a lot during that year. Much of it applicable in the real world, which isn’t always the case when it comes to tertiary education.

That being said, there’s one skill they don’t teach you in business school. It’s something I believe to be more important than smart business acumen, exceptional marketing know-how, or even financial savviness.

Make no mistake—these abilities are of critical importance. Without them in your arsenal, your company will flounder, and possibly even fail. They’re just not, in my opinion, the most important skills you need to run a business successfully.

Ask the Experts: Things I Wish I’d Known Before Starting a Business

While it’s generally good to be forward thinking and avoid dwelling on the past, most of us have made a few key, crucial mistakes that we’d reverse if we could.

The same is true for small business owners. In every startup story, there is bound to be a wrong turn here or there. With hindsight being 20/20, it’s easy for entrepreneurs to look back on their mistakes and see exactly where they went wrong.

This isn’t meant to warn you against making your own mistakes—you’re sure to make them. However, with this in mind, it’s a smart move to look at what successful entrepreneurs wish they’d thought of before starting their businesses, what they realized too late, and which wrong moves they’d avoid now that they know better.

Here are eight lessons that the entrepreneurs from the Young Entrepreneur Council wished they’d known before they started their businesses.

You can’t know everything, and you’re bound to make some mistakes—just perhaps not these ones.

When Do You Really Need Insurance for Your Business?

As an entrepreneur, you know that not every part of the job is glamorous.

Buying insurance can feel like a hassle, but if you invest in finding the right policies now, you’ll save yourself from potential legal headaches and unexpected costs down the road. You probably have a lot of questions surrounding what specific risks different types of coverage actually protect against, and whether or not they apply to your business.

When it comes to insuring your business, factors like your location, industry, and the number of employees can all affect what coverages are applicable. To ensure your new business is protected in any scenario, here’s a list of common business insurance policies that may apply, and how they actually work for you.