Don’t have an MBA? Don’t sweat your lack of schooling. Some of these seven guys didn’t have degrees either, yet they still achieved professional prosperity as corporate leaders. To turn their dreams into dough, they learned exceptional skills on the job rather than in the classroom. Read on to learn their rules for success.
After graduating with an MBA from the Kellogg School of Management at Northwestern University, Price quickly realized that much of what he knew about how businesses operate was probably bogus. At business school, you’re taught how to make logical decisions, he says—but companies don’t always follow logic. Some decisions are made due to office politics, says Price, and yes, every company has it. When the majority of decisions benefit one person or one group of people instead of the whole, you may be working for a sleaze.
Workplace wisdom: Do some sleuthing. Figure out if rational, informed business ideas are sought after at the company, says Price. Present a well-researched business plan to your supervisor. If he uses your advice, you probably work for an ethical boss. If he doesn’t, and you want to ditch office politics, find yourself a job where you can earn success in a more constructive environment, Price says.
This outspoken founder of Quirky, which develops and manufactures people’s million-dollar ideas, does just fine without a college degree. The hypothetical situations you talk about in the classroom probably won’t happen, says Kaufman. “What does happen is a combination of random shit on a daily basis that needs to be handled by thinking on your feet and experimenting with different tactics,” he says.
Workplace Wisdom: Forget right and wrong. Try out a method, and note its results. Make decisions based on your judgment and experiences, not on books. You may not succeed every time, but you’ll learn.
Business classes were not captivating, admits Perlman, who founded eight successful start-ups after dropping out of college as a sophomore. But he realized the importance of sage advice and sought out potential real-world mentors instead. They did everything from give tips to invest in his company. Perlman, over the phone, once convinced the wife of a businessman to give Perlman five minutes. That man became Perlman’s first investor.
Workplace Wisdom: Mentor-up. “People want to help out other people,” Perlman says. Surround yourself with men and women you respect. Seek them out through your network of connections, and consider being a pest if you’re not getting proper support.
Rejecting an opportunity at the University of Wisconsin Medical School, Klundt decided instead to fill a technological void in the world of education by creating StudyBlue (formerly Class Connection), an online environment where students can share study resources and information. He was aware of the needs of others, an ability he thinks can be clouded by arrogance.
Workplace Wisdom: Harness humility. “There are so many people in business who are not humble,” says Klundt. If you’re one of them, you’re focused on your own personal success and not the gain of the group. So, be that thoughtful guy, and hire the humble. You’ll have a team who’s focused on the goals rather than rewards.
Webb, who graduated with a degree in Criminal Justice and worked as a security guard, taught himself computer programming and later landed at IBM. He’s a proponent of formal education and business school, but knows your education is far from over because you have earned a degree.
Workplace Wisdom: Shed your belief in entitlement. If you have a college degree or an MBA, you’re allowed to be proud, but that degree won’t lead directly to dollars. “The real world is about results,” says Webb. “You still have to come in every day knowing you have to get voted on to the team.”
One man’s trash is another man’s millions. After failing to crack the Wall Street job market, Greer moved to China and started a scrap-metal recycling business that’s now worth $250 million. Armed only with a Bachelor’s degree in Economics, his company grew so quickly that it challenged his ability to keep up.
Workplace Wisdom: Slow down. Just like the Roman Empire, every mighty corporation can collapse. Your business, in a market full of potential, can flourish too quickly and leave you scrambling to rein it in. “Once you outgrow your ability to control all the financial aspects of the business yourself, you need a professional team to back you up,” says Greer. So don’t be too eager to dominate. If your once-small business becomes a Goliath, bring in help, as quickly as you can.
Not short on quality education (he has an MBA from the Wharton School of the University of Pennsylvania), Bhatti draws largely on his experience as an employee at Microsoft and as the founder of the people search engine Spock. Business school doesn’t always prepare you to choose business partners, employees, investors, or associates, but all of them have a vital role in your success, says Bhatti. “Steve Jobs had [Steve] Wozniak,” he notes.
Workplace Wisdom: Find your business soulmate. Collaborate with people who complement your skill set. Having a professional friendship with someone can be a lot like a marriage, says Bhatti. On the flip side, a business break-up can feel like a divorce. So ensure your relationship can last by picking partners who supplement your skills and who, frankly, don’t bore or annoy you. If you’re an idea guy, partner with someone who’s good at execution. “You and your work pal are an ideal pair if you’re stuck in a room with them for 12 hours fighting through a hard problem and you’d still enjoy getting a drink or dinner with them at the end of that day,” says Bhatti.
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