The following is a guest post by TheYEC.org’s Zachary Yungst.
My co-founder and I both attended Wharton as undergrads, where we “concentrated” in entrepreneurship (in addition to finance, accounting, legal studies and philosophy). We wrote multiple business plans, negotiated the details of term sheets and collaborated on teams vying for theoretical capital within the confines of a semester.
While the skills learned no doubt gave us perspective and provided a structure for entrepreneurial thinking, after two-plus years of living a startup, it’s become apparent to me that studying entrepreneurship was just as abstract — if not more so — than my studies in philosophy, especially with respect to starting and building a bootstrapped company.
The lessons outlined below may not be as sexy as term sheet negotiation and capital raising, but they are core to the success of a resource-constrained startup — and make a world of difference between success and failure.
Read more here.