Taking a one-sided approach to entrepreneurship and business won't work. The key to success in business is to put different skill sets from your toolbox into play. But how do you apply that in real life when a lot of things happen all at the same time? Are there things that business school didn’t teach you?

Jay Barney, Presidential Professor of Strategic Management, and Pierre Lassonde Chair of Social Entrepreneurship at the University of Utah David Eccles School of Business unpacks his new novel and textbook, What I Didn't Learn in Business School. He covered the countless factors that affect running a successful strategy from a strategic view on finance to employee management and everything in between. 

Throughout this episode, he tells us how he studied resource-based strategy theory, how shareholders' perspectives are incorporated into profit allocation, and the importance of investing in long-term partnerships with employees.

How can firms take advantage of the resource-based theory:

“You have to find opportunities to gain access to new resources that are more valuable to you than they are to anyone else. Take advantage when the price of the market doesn't fully reflect the value of those resources.”

How do you create genuine economic profits with your shareholders?

“The notion that all the firm has to do is maximize returns. The way to do that is by also including other stakeholders, those that provide resources that have the potential for genuine economic profits.”

Why do some firms can’t maximize human capital?

"Many firms have gone away trying to guarantee employment for the employee. Instead of guarantee and employability, firms give you experiences that enhance your general capital, which will make you valuable when you go somewhere else. Think about that. You can't extract economic profits in that general human capital.”

On innovation and creativity:

“The thing that you're not going to lose, well, what's harder to imitate is vividness, creativity, and ability to work more effectively as a team.”

• Jay Barney’s University Profile
• Resource-based Theory
• Why resource-based theory's model of profit appropriation must incorporate a stakeholder perspective
• Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure
• Order Book: What I Didn’t Learn in Business School