Posts Tagged ‘experience’

A major reason it’s important to keep track of and be familiar with history is so that we don’t repeat it. Every entrepreneur should take full advantage of the experiences of others so they don’t make the same mistakes, giving them a head start in business.

Here are some ways to learn from others’ experiences:

• Do Your Research Check out businesses similar to yours and see what changes they’ve made. Newspapers may have archives of recent businesses – maybe even some that are now out of business – which you can reference to help you understand what they did right and what they did wrong. Do similar research for other types of businesses for more general ideas.
• Talk To Those With Experience Seeking out someone who has seen success – or perhaps they’ve retired – is a great way to learn from their experience. They will be able to discuss what parts of their business were the most successful, what didn’t do so well, and what they might have done differently. If they’re willing to be an ongoing resource for you – where you can agree to some sort of consulting or mentoring fee – that would be even better.
• Get Educated This may mean checking out a book in the library or taking an evening class, but there are plenty of authors and professors who have been through the rigors of business and will be able to pass on valuable knowledge to you. And again, don’t just look for those who’ve found unparalleled success; you can also learn from the mistakes of others.
• Learn From Customers Customers have an experience each time they visit a business, purchase something online, or deal with customer service. Their experiences are too often underutilized in business. Seek out your customers, and make it easy for them to contact you with question, concerns, comments, or compliments. They may be the best way to learn how you can improve your business.

While you will continually learn from your own experiences and mistakes, there’s no need to make the same errors others have made or to always have to go through what others have gone through. Make the most of the world of information already available and you’ll be able to bypass some of the hardship of making tough decisions.