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This article questions several entrepreneurial doctrines through examples that go against the norms. Thus, some successful entrepreneurs associate without a specific project, do not dedicate full time to their startup, simultaneously develop multiple startups, or rely more on their instincts than market studies. Success depends on multiple factors, and each situation is specific, requiring an analysis of the context and clarification of your personal and professional goals before making crucial decisions. Finally, certain conventions can be analyzed as dominant mechanisms for building trust.
E. Krieger
And what if some entrepreneurs succeeded by going against the recommendations of business schools?
Nearly 40 years ago, businessman Mark McCormack published ‘What They Don’t Teach You at Harvard Business School.’ This work provides advice based on his practical experience and addresses various aspects of the business world: negotiation, communication, decision-making, time and people management, among others. McCormack emphasizes the importance of interpersonal skills and understanding human dynamics.
This work achieved great success. Criticizing, even if at the risk of caricature, is often a good way to make sales even if business school curricula heavily focus on real-world aspects and the human and social aspects of management.
However, focusing on the startup universe, a corpus of ‘best practices’ has developed regarding the creation, financing, and development of these companies. This corpus sanctifies a series of rituals, myths, and taboos that it is useful to question in order to challenge the illusion of a universal recipe for success.
The examples below are not intended to promote complete relativism, but rather to analyze heterodox practices and encourage humility in entrepreneurship education.
Associating without having a specific project
Our first entrepreneurial totem is related to the team, as most startups are created by associates with complementary skills and temperaments. Creating a startup together requires identifying a business opportunity and significant collective preparation.
However, some entrepreneurs associate simply because they want to ‘create a company together,’ even if the opportunity is not yet defined. This was the case for Victor Lugger and Tigrane Seydoux, co-founders of the Big Mamma Group and later the fintech Sunday. The desire to create a company with an exceptional partner was the main reason for the creation of these two companies.
Not dedicating full time to your startup
Another entrepreneurial doctrine insists on the need to dedicate yourself full time to your business project, which a priori condemns you to not being able to launch a startup during your studies. If you are still a student, the amount of work required to launch a startup indeed collides head-on with your academic curriculum. You may even risk not obtaining your degree, which remains a guide for qualification and access to certain professional networks.
It will be challenging to raise capital during this gestation phase, but several students manage the feat of juggling their studies with the development of their startup. This was the case for Mark Zuckerberg, then a student at Harvard and co-founder of Facebook, and Mehdi Cornilliet, an HEC Paris graduate and co-founder of the media group 2Empower during his studies.
Simultaneously developing multiple startups
Entrepreneurial orthodoxy also states that it is strongly discouraged, if not impossible, to simultaneously develop multiple startups due to the required workload and the demands of investors, who contractually stipulate that you and your associates must devote 100% to the funded business project.
However, notable exceptions exist, such as Elon Musk, who created and developed several startups simultaneously, which became multinational corporations.
Relying more on instinct than market studies
Entrepreneurs are also often warned about the dangers of an overly impulsive approach to creating and developing a startup. As important as they are, intuitions must indeed be validated by significant fieldwork to confirm customer needs and the value of your offering.
Famous counterexamples also exist, such as Steve Jobs, the co-founder of Apple. Driven by a demanding culture of design and innovation, he often neglected traditional market studies to follow his instincts. In the same vein, Richard Branson, co-founder of Virgin Group, also stood out for his aversion to excessive planning.
What strategic situation and what personal objectives?
The role of a management teacher goes beyond the transmission of theoretical knowledge and practical skills. It is also about helping you think and act critically and ethically.
Entrepreneurial success stems from a complex combination of factors, and what works for some does not guarantee success for all. Almost every case is unique, and to a vaguely formulated question, a professional will invite you to clarify your objectives and specify your strategic situation.
An entrepreneur must make decisions in an uncertain environment where paradoxical injunctions abound. That’s why we recommend acquiring a solid foundation in management to innovate and take risks with full knowledge. However, those who give advice are rarely the payers, and you can perfectly disregard certain conventions that can be analyzed as dominant mechanisms for building trust.
