4 Reasons Entrepreneurs Should Never Stop Learning
September 24 2018 |
Summer is officially over and students all across Canada are going back to school. As a busy entrepreneur you might not have time to go back to school yourself, but it doesn’t mean that you have to miss out on opportunities to learn on a daily basis. Things like project management, marketing or simply some industry insights could be essential to the growth of your business. Let’s look at a few reasons for why you should never stop learning.
Your industry constantly evolves
What you knew about the industry yesterday, might not be true today as there are various external factors that affect many aspects of your business daily. Keeping up with these changes is one of the ways you can learn. Knowing the latest trends can help your business stay ahead by being able to offer new products and services to your customers before they realize they need them. Subscribe to industry-related podcasts, blogs, YouTube channels etc. Attend conferences and workshops so you can network with likeminded professionals with a deep understanding of your industry.
New technology allows you to work smarter
Today, technology drives many things. Regularly learning about various solutions available in the market can help your business be more productive and completely transform your operational processes. Automation is on the rise as it becomes more affordable and accessible to small and medium size businesses. Look into the daily tasks at work, assess the amount of time they take and see if you could automate some, if not all of them. You might be surprised by how much time can be freed up by doing so. You’ll then by able to allocate this time to more important tasks.
You get great ideas
Make it a daily habit to scroll through your local news. Take some time to think how different events can potentially affect your business. For example, you’re in flooring business and you’ve learned that there’s going to be a flood in a specific area. You can do two important things. First, you can make sure you have extra product in stock to help those affected by the flood rebuild their homes. Second, you can get together with other local businesses and come up with a plan to help those affected by the disaster. Even the seemingly insignificant small events may find a way to impact your business, for better or for worse.
Keep an eye on what your competition is up to. Will something the competition is doing become a trend?
Use your own expertise to your advantage
Your business can be your best mentor. Just think of all the things you’ve had to figure out on your own when you just started. Don’t let all that experience go undocumented. Start a little journal and write down what you did well and what you could have done better after executing a project or finishing a sales campaign. Documenting data provides you with invaluable facts and numbers to help prepare you to better tackle any future challenges.