The opinions expressed by Entrepreneur contributors are their own.
When I graduated law school at age 21, I felt ready to take on any legal challenge. I had a thorough knowledge of case law and courtroom strategies. But what no one prepared me for was the reality of running a company. Many professions, such as lawyers, doctors, contractors, and chefs, undergo rigorous training to become experts in their field rather than to run a business.
Here are some lessons I had to learn on my own. Often overlooked in professional training, this is an important lesson for anyone stepping into entrepreneurship.
Related: 10 Things I’ve Learned in 10 Years Running My Own Business
Financial Literacy: The Fundamentals of Successful Practice and Business
The first reality I had to face was the financial aspect. I walked into a bank with the confidence to start a law firm, but the banker asked for my tax ID number. At that moment, I realized how ignorant I was about business finance. I never knew that managing your money effectively could be the difference between growing and just getting by.
Whether you’re a doctor, restaurant owner, or law firm founder, financial literacy is essential. Every business owner needs skills to manage cash flow, understand taxes, and control overhead costs. Although financial management has never been part of the law school curriculum, it is extremely important if you plan to build a sustainable practice.
For those looking to make the entrepreneurial leap, remember that financial discipline is just as important as expertise. The sooner you understand this, the better prepared you will be for the demands of business ownership.
Marketing and communications: building your brand and connecting with clients
Another lesson I had to learn early on was how to market myself and connect with clients. My legal training didn’t cover how to position myself in the market, let alone how to attract clients online. But in today’s digital age, being skilled at your job is only part of the equation. You also need to reach your clients and build a recognizable brand.
This is not just a legal challenge. Professionals in a variety of industries, including construction, healthcare, and hospitality, face similar hurdles. Building a customer base means going beyond traditional referrals. It requires a digital presence and a solid marketing strategy. Whether it’s SEO, social media, or just effective networking, all businesses need to stay connected with their clients.
Effective communication is equally important. Clients want to feel informed and valued. In a law firm, not meeting client expectations and staying in touch impacts trust. The same applies to other service-based industries. Understanding that clear and consistent communication can make or break relationships is rarely emphasized in professional training, but is essential to business success.
Related article: 4 lifelong business lessons I learned from starting my first business at age 11
Efficiency: The key to running a successful business
Efficiency is a skill not typically taught in professional training, but it is essential to running a business. Law school focused on deep analysis and thorough understanding, but in business, time is money. The faster and more effectively you can deliver your services, the better your clients and revenue will be.
This concept extends far beyond the legal field. If you run a medical practice, an efficient billing process can help you see more patients and reduce costs. On construction sites, streamlined project management helps you meet deadlines and avoid cost overruns. In any industry, efficiency leads to customer satisfaction and business growth.
At my law firm, we learned early on that streamlining our operations was critical. Time-saving tools and systems for billing, case management, staff coordination, and more allow us to serve more clients without sacrificing quality. Regardless of sector, efficiency is at the heart of running a successful business.
Starting a business is more than just applying your professional skills. It’s about understanding the business side of your industry. Professional training can give you great knowledge in your field, but the real challenge begins when you step into the role of business owner.
If you’re thinking of starting your own business, focus on increasing your financial literacy, mastering marketing, and incorporating efficiency. Find a mentor, consider business courses, and understand that running a successful business requires combining your expertise with solid business practices. There are many smart and talented professionals in the world whose businesses did not succeed not due to lack of skills, but due to lack of business know-how.