Running a successful business requires a unique set of qualities, including passion, resilience and determination and, while beginners should always start with the basic principles first, there’s no harm in absorbing as much theory and advice as possible to give your venture the best chance of success. Whether you are just starting out on your entrepreneurial journey or you’ve been running your own business for several years, it’s always possible to enhance your business knowledge and improve your skills. To help you to streamline your approach to professional development, here are 5 of the most effective ways to boost your business knowledge.
Learn from A Mentor
One of the best ways to learn is to learn from someone who has already been through the challenges and successes of running their own business. Ideally, they would own a business in a related industry to your own, but that doesn’t mean someone in a different sector wouldn’t have transferable advice in terms of setting up a successful business model, efficiency and ongoing development. You could meet with them intermittently or simply call on them when you have a specific question or issue to solve. If you don’t have suitable business connections, consider attending local business networking events to meet potential mentors and expand your professional network.
Research Your Industry
In some situations, you may need to conduct your own research into a topic, particularly if you run a business in a niche or pioneering sector. The internet is full of useful information, although you should try to use reputable sources and business publications.
Learn from Your Role Models
There have been many successful businesspeople throughout history, and many have taken the time to share their experiences and wisdom. They have written books about business in general and autobiographies which share their stories and what led them to success. If you aren’t a fan of reading or struggle to find the time, more recently, many modern entrepreneurs have started creating and sharing business podcasts.
Invest in Training and Education
You can also learn a huge amount about the key principles of running a successful business through formal education or training courses. For example, there are plenty of universities offering online MBA programs that enable you to fit your studies around your professional and personal commitments. Alternatively, Six Sigma training is an internationally recognized business methodology that focuses on discipline, statistical analysis and data to eliminate defects in a product, process or service. There are several formal certification levels of training based on the martial arts belt structure: white, yellow, green, black and master black.
Get as Much Experience as You Can
Finally, it’s important that you get as much hands-on experience in the relevant industry as possible. Many people choose to start businesses in which they have already worked, as it builds on the skills and knowledge they already have, such as restaurants, retail, or customer service in general. If you have never worked in a job in your chosen industry, it’s highly recommended that you try to get some experience before you commit a large amount of time or money in an industry that isn’t right for you.