What Your MBA Didn’t Teach You About Starting a Business, with Catharine Montgomery
Most MBA programs do an excellent job teaching strategy and theory. But when it comes to the nitty-gritty of actually running a business? That’s where many graduates find themselves scrambling to fill the gaps.
Catharine Montgomery, founder of Better Together Agency, learned this firsthand. After graduating from Auburn University and building her career at top PR agencies like Edelman, she launched her own social impact-focused agency during COVID. What she discovered along the way reveals some surprising blind spots in traditional business education.
The Three Skills Every Entrepreneur Needs (That Business School Skips)
1. Basic Financial Forecasting
While MBA programs cover complex financial modeling, Catharine found herself struggling with simpler questions: How do I create a profit and loss spreadsheet? When can I afford to hire my next employee? “I just need to know the basics of adding and knowing and being able to predict how many employees I need,” she explains. These practical skills often get overshadowed by theoretical case studies.
2. Real-World Hiring Decisions
HR courses teach broad principles, but they don’t prepare you for the reality of hiring in a startup environment. Catharine’s biggest lesson? Not everyone who says they’re “ready for startup life” actually is. The combination of agency work and startup culture requires extreme versatility—you might write social media posts in the morning and present to million-dollar clients in the afternoon.
3. The Art of Complementary Team Building
Perhaps the most transformative insight Catharine discovered was the “Visionary-Integrator” concept from the book “Rocket Fuel.” She realized she’s naturally a visionary—great at generating ideas and building relationships—but struggled with implementation. Instead of trying to master everything, she hired an integrator who excels at turning visions into reality. This partnership approach has been game-changing for her agency’s growth.
The AI Revolution: Why “AI Forward” Beats “AI First”
Catharine’s agency is positioning itself as “AI forward,” and the distinction matters. While many companies are going “AI first” (prioritizing technology over people), Catharine advocates for an “AI forward” approach that keeps employees at the center while leveraging AI as a strategic thought partner.
Here’s how she uses AI practically: brainstorming sessions, converting big visions into actionable plans, and proposal development. But there’s a crucial caveat—AI bias is real and dangerous for businesses. Catharine shared examples of AI generating stereotypical content and biased imagery that could damage a brand’s reputation if used without careful oversight.
The competitive advantage goes to companies that can harness AI’s efficiency while maintaining human insight and cultural awareness. As Catharine puts it, “There are going to be PR agencies that are not going to survive” if they don’t adapt to AI, but those that do it thoughtfully will thrive.
Social Impact Isn’t Just Feel-Good Marketing—It’s Smart Business
One of Catharine’s core beliefs challenges conventional thinking: social impact work isn’t charity—it’s strategy. Her agency works exclusively on campaigns that create positive change, and she’s seen firsthand how this approach drives real business results.
Take Red Rabbit, a company that brings culturally relevant meals to school cafeterias. Instead of the standard “square pizza and milk carton,” students might see chicken masala—and trained chefs who can explain the dish’s cultural significance. This approach doesn’t just educate students; it created a scalable business that’s expanded from New York to the West Coast.
Or consider Ulta Beauty, which developed foundation-matching technology using data from hundreds of diverse women. The result? More accurate color matching and expanded market share by serving customers who were previously underserved by existing products.
Three Action Steps for Current Students and New Entrepreneurs
1. Seek Tactical Training Alongside Strategy
Don’t just study case studies—get hands-on experience with the tools you’ll actually use. Learn basic financial forecasting, practice creating P&L statements, and understand the practical aspects of hiring decisions.
2. Identify Your Visionary or Integrator Style
Are you better at generating big ideas or implementing them? Both are crucial for business success, but trying to excel at everything often leads to mediocrity in both areas. Build a team that complements your natural strengths.
3. Embrace AI as a Thought Partner, Not a Replacement
Start experimenting with AI tools now, but approach them thoughtfully. Use AI for brainstorming and idea development, but always maintain human oversight—especially for content that touches on cultural or social issues.
The business landscape is evolving faster than textbooks can keep up. Catharine’s journey shows that the most successful entrepreneurs combine formal business education with practical experimentation, cultural awareness, and a willingness to learn from both successes and mistakes.
Ready to dive deeper into the practical side of entrepreneurship? Check out the full podcast episode for more insights on building a purpose-driven business in the AI age.