“Formal education will make you a living;
self-education will make you a fortune.” — Jim Rohn
Some business owners think that once they’ve secured a few months of consistent profits or found solid roots in their industry, that the hard work is over. We disagree – working on the business never stops. Talk with any entrepreneur or business leader enjoying long-term success, and it’s likely that they will all tell you the same thing: keep learning.
Our world changes frequently and it’s easy to get left behind if you’re too comfortable. Keeping a competitive edge means staying agile and adapting to the changes. Do so by investing in continued education and coaching.
Whether it’s taking online courses, listening to podcasts or finding accountability groups – continued education forms a critical part of your success in life and in business. It’s also a common practice among highly successful people.
Here are the top reasons why entrepreneurs keep learning:
If you want to be the best, learn from the best.
It’s unlikely that you’re always the most successful person in the room. Rather than letting that fact slow you down, use it to your advantage. Growth comes from years of trial and error. Entrepreneurs who currently perform at top levels in their industry weren’t always in that position. They all made mistakes. Learning from their past actions gives you the opportunity to avoid the same pitfalls, costly errors or avoidable missteps that occur in businesses all the time.
You don’t have to be in the same room as them, either. Read articles they’ve written or listen to interviews they’ve given, and strive to apply what you discover to your own business.
Continuing your education puts you in the company of like-minded individuals. Whether it’s attending industry conferences or joining an accountability group, surrounding yourself with other entrepreneurs presents both a coaching and business networking opportunity. While you explore ideas or engage in a conversation about how a colleague works differently, you’re also building potentially rewarding relationships with other business owners.
Understand your industry
No industry is safe from change. Take the example of Blockbuster vs. Netflix. Equipped with the knowledge that streaming was the future of movie-watching rather than physical rental stores, Netflix positioned itself as an emerging industry leader even while Blockbuster was a household name.
As a decision maker, it’s vital to be aware of the coming disruptions in your industry or risk making the wrong choice when the pressure is on. Be aware: you can’t make the most informed decision without continued investment in your education. Learning about the ins and outs of your sector, industry advancements or changing technologies keeps you agile and potentially avoiding an untimely end.
Ultimately, entrepreneurs love learning because it motivates them to achieve great things. Inspiration rarely comes from making the same sales calls or talking the same way with the clients every week. Find a different sales approach or dig into a new daily habit and see if creativity strikes! When it comes to learning, you have nothing to lose and everything to gain.
At R2R, we make ABL (Always Be Learning) a priority. Education and coaching improves your business, protects it from disruption and gives you the skills, confidence and knowledge to lean in to challenges as they come. If that’s not enough, you’ll make some excellent friends and contacts along the way.