An interesting story from Peter Day of the BBC on how the founder of Poundland learned about business through Bilston Market here. The suggestion is that practice beats business school.
Never one to avoid sitting on a fence if it is available, I suggest that both have their place. However, practical experience cannot be found in a book.
Can a lawyer learn from running another business? Certainly, and I know some who are involved in multilevel marketing. More interesting is someone who was a Practice Manager, who spend weekends travelling round craft fairs selling hand made chocolates, meeting creative and business needs. It is perhaps unlikely that a Partner will have time to run a side business, although I recently stayed in a B&B which was part of a group with a firm of solicitors. It may be that it was part of a pension scheme, but it was certainly a business, not just a property investment.
Older readers will remember Victor Kiam, the man who liked the shaver so much, he bough the company. He assisted his wife with her business of importing Chinese jewellery. The other half’s business can also be a learning laboratory.