It doesn’t have to entail physically going out in the streets to perhaps facilitate some door-to-door sales and such, but there’s definitely a difference between learning the business ropes by immersing yourself in some practical business practices, and perhaps first going to Business School to get an official qualification. Basically there’s a difference between someone who would identify as a street hustler or out-and-out entrepreneur, and someone holding an MBA.
The differences between these two types of businesspersons are only really surface-level differences, perhaps most visible through their application style. Otherwise if both types of businesspersons can point to some success they’ve realised, some striking similarities between the two emerge. The street business lessons learned by someone who didn’t first go though Business School are actually formally taught in that official academic environment, making for some interesting exploration thereof when we try and connect the dots and expose the links.
Learning about the marketing theory in the lecture hall is not for everyone. Some people learn more through practical application, which naturally comes with a lot of trial and error. However, when it comes down to it, the marketing techniques used out on the streets are used as case studies in the official Business Economics textbooks.
If you plant pumpkins in your backyard, have branding stickers made for them, load them up into your pick-up truck and drive around offering them at a nice price, you have basically covered every step involved with the process officially referred to as marketing. In an officially prescribed textbook they might use examples considered to be a little more complex, such as those around institutionalised business models deemed extremely difficult to get involved in as an individual.
For instance, if you’re looking for a free bonus no deposit is required by some online casinos, as long as you sign up and have your credentials verified to make sure you’re who you say you are. The street entrepreneur might refer to this as simply giving out freebies, while the MBA educated business professional will likely seek to draw on the wealth of complex terms they were exposed to, in order to explain what is essentially the process of giving out freebies!
Everything to do with business comes down to supply-and-demand, which just by the way is an official Business School term. However, as an entrepreneur who is just going out there and making deals happen to meet a certain identified gap in the market, you don’t need to know about official terms such as supply-and-demand to make a profit. Granted, this isn’t the most mystified of the terms you’ll ever come across…
The basics of selling
If you can source something at a cheaper price and sell it for more money than what it cost for you to source and receive a cash (or value) exchange for it, as a so-called “street business” graduate you wouldn’t really care too much for the theory behind what you do as contained in the official, prescribed MBA textbooks.
To put it simply, it’s a matter of different ways of learning about business – one practical and the other backed by theory. As long as the end-goal and outcome is success, it doesn’t matter which path you take.