How Entrepreneurs Need To Think About Learning
Being an entrepreneur is different, to say the least. While steady jobs offer routine and a degree of stability, the task of being "your own boss" and running a business offers very little of the same. Anyone venturing into entrepreneurship necessarily steps into the unknown. There are no regular timings for work or goals set by someone to supervise you, and there's no guaranteed salary either. Everything you have to do, you figure out on your own. Whether it's finding sources of funding, learning to negotiate, fixing leaky holes in your business, or managing your own training. As such, an entrepreneur's ability to learn is the engine that keeps a business going and drives its success.
In this article, I'd like to dive into what learning means for entrepreneurs. The intention is to state its importance for anyone who seeks to start a business and to highlight what to learn and the best ways to learn. Ultimately, we'll see how learning is a lifetime skill for any business owner and will help you achieve any goal you set.
Figuring Out The Unknown
Despite the existence of MBAs and other business courses, the reality is that starting and running a business will always be a journey into unknown territories. Every business and every entrepreneur faces unique challenges that can hardly be predicted or solved by following rules. This is where the ability to learn becomes crucial. As an entrepreneur, you will have to continuously seek knowledge and adapt to new situations for your business to thrive, starting right from:
- Understanding the market and audience
- Knowing what type of business to create
- Pitching your business to investors (requires sound business-planning skills, plus communication skills)
- Negotiation skills
- People management skills
- Technical skills
- Networking abilities, and so on
As you can see, there's a lot to learn, and the list continues. By its very nature, entrepreneurship cannot stop with a degree or even after decades of experience in the arena. Therefore, having an entrepreneurial spirit means being naturally curious and eager to learn new things. This will help you tackle unexpected situations, adapt to market changes, and continuously improve your business operations. In other words, the more you are willing to learn, the better prepared you will be and more likely to help your business survive. Now, let's look at learning approaches that an entrepreneur can take.
Learning Agility As A Key Trait For Entrepreneurs
Learning agility is a key trait for entrepreneurs. It refers to the ability to learn from experience and then apply those lessons to succeed in new situations. Entrepreneurs with high learning agility quickly unlearn old methods and adapt to new ones, making them versatile and resilient enough to turn challenges into opportunities.
Consider a hypothetical example of an entrepreneur who started a boutique digital marketing firm. When a global pandemic hit, businesses tightened their budgets, and this firm faced a significant drop in its client base. Instead of panicking or shutting down, an entrepreneur who practices learning ability can see this as an opportunity to pivot. By learning how social media engagement and influencer marketing are important, the entrepreneur can switch gears and offer tailored solutions to businesses struggling with online sales.
This approach will help revitalize the business and create a new avenue for growth during trying times. Similarly, being able to adapt to new situations is a learning-by-doing experience and should be viewed with patience and an experimental mindset.
Growth Vs. Fixed Mindset
Another aspect to consider is that learning agility and open-mindedness often come naturally to entrepreneurs with a growth mindset. A fixed mindset assumes that abilities are set in stone, while a growth mindset believes that they can be developed through dedication and hard work. This belief, combined with an entrepreneurial spirit, is what pushes individuals to build businesses from the ground up, knowing that success is a result of continuous learning and effort. Developing a growth mindset is possible by embracing challenges, learning from mistakes, seeking feedback, and being open to new perspectives. All of these characteristics are beneficial for an entrepreneur's journey.
Recovering And Learning From Failure As An Entrepreneur
Failure is inevitable as marketing campaigns don't pan out, products fail, and business deals collapse. What is important is extracting the most out of these failures and learning from them. For leaders, failure is a reality check that shows where the business needs improvement and can even open up new areas for innovation. The lessons learned can be applied to improve your business model, make better decisions, or avoid repeating mistakes in the future. What is important is not to view failure as the end of the road but rather as a key learning point. When you are willing to learn from something that doesn't work, you can integrate new information through practical experience and build your skills as a business owner.
What To Learn
From everything shared so far, it becomes evident that business owners and entrepreneurs need high-level skills rather than technical ones. In fact, hyper-focusing on the specifics of a product can be detrimental to your business because such details are best served by assigning them to talented developers, project managers, and others. Instead, entrepreneurs must build a knowledge base that helps them adapt and succeed in any situation. Examples include:
- Problem-solving and critical-thinking skills
- Negotiation
- Communication and public speaking
- Marketing, sales, and customer service skills
- Leadership and people management skills
- Financial management skills
- Personal development
Learning these key areas can help entrepreneurs become well-rounded business leaders who can steer their ventures through various challenges.
Best Ways To Learn As An Entrepreneur
With the internet, learning has never been more accessible. Online courses, webinars, podcasts, and other digital media offer an endless stream of information that you can use to learn anytime. However, don't merely rely on book knowledge. Entrepreneurs need to be ahead of the latest trends, and this can only come from industry connections. Hence, this means that business owners need to prioritize networking if only to stay current with trends, market dynamics, and potential partnerships.
Another way to learn is through mentorship. Identifying and approaching successful entrepreneurs can provide invaluable insights as you grow your business. Finally, learning from peers in the entrepreneurial journey can create an accountability system that helps both parties stay motivated toward achieving their goals. So, join "councils", accelerators, networking groups, mastermind communities, and exclusive online groups to build relationships, exchange ideas, and learn from each other.
And that isn't enough. Be active, attend relevant events, foster relationships, and always have your business cards ready to get the most out of these networking opportunities. Also, teach to learn. One of the best ways to boost your learning in any subject is to share what you know with your team or the world at large. Try mentoring young people or creating your own online course. Through such learning approaches, entrepreneurs can expand their skills and knowledge and build strong networks that contribute to personal and business growth.
Lifelong Learning: A Key To Success
Entrepreneurship is a journey, and your learning ability will determine how far you go. As an entrepreneur, be curious about industry trends, policies, consumer habits, and competitor strategies. Also, continue learning through books, workshops, conferences, and networking events because businesses operate in dynamic environments. Most importantly, be open-minded when it comes to learning, be willing to embrace failures as opportunities, and have a growth mindset that believes in continuous improvement. Your willingness to learn and adapt will give you an edge over others, help you build resilience, and ultimately lead your business toward long-term success. So, never stop learning.
