Various studies on entrepreneurial characteristics point to a common trait of
successful entrepreneurs: they are often disappointed but not discouraged by
failure. Instead of giving up, they look at what they can learn from their
failures. They try to analyze what went wrong and what they did to fail. By
understanding the reasons for their failure, they can avoid similar problems in
the future.
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Whether you are running a one-person or a small business, you need to learn
from experience - both your own and that of others. You need to be an
information seeker: someone open to new ideas and always on the lookout for ways
to improve. The key to success in business is to analyze, reflect, observe,
interact with others, and learn from these encounters. You need to seek and use
feedback on your performance in order that you may improve and correct your
errors.
You can learn from experience in several ways:
First, learn
from the experiences of other business owners with similar needs or
problems.
You can do this by reading the stories of other entrepreneurs, and knowing the
adversities that they went through before they attained success. More
importantly, you can network and talk with other entrepreneurs to benefit from
their experience. Networking is researching, finding answers, recruiting and
discovering opportunities. You can benefit from organizations that offer a
strong network of entrepreneurs and managers that you could draw on for advice
and support. Clubs, associations, and conventions are a good place to start and
provide excellent opportunities for shared experience.
Second, seek
out people who can give you good advice.
Not knowing how to do something should never be an obstacle - you should
find someone who can teach you. Particularly during the start-up phase, the
first thing to do is to find people who could answer your questions -- or at
least help you figure out what the questions are. Professional advisors such
as your lawyer and your accountant can teach you a lot about your business.
By listening to their advises, they can help develop your skill in planning
and managing. In the United States, you can avail of the free services of
the Service Corps of Retired Executives (http://www.score.org), an
organization that provides small business mentoring and advice on the full
range of business topics.
Third, continue
to educate yourself about all areas of business operations,
whether formally or through self-study. The goal is to keep you abreast of
new ideas that could improve your bottomline. You may also want to improve
your knowledge regarding your weakest aspect in business. You can take
courses in your local colleges, attend seminars and skill workshops, or even
enroll in an online course.
Fourth, learn
from your customers.
Customers, through their interaction with you and your company, can teach
you about themselves, what they want and what they need. Be attuned to what
your customers are saying, and make the effort to get their opinion and
feedback. What you learn from your customers can increase your profitability
by making their lives easier. After all, your ability to give customers what
they want depends on your ability to learn from customers' experiences.
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