It is said that Warren Buffet spends eighty percent of his time studying the market. Most great business men and investors are well read—even if it is within the confinements of their respective fields.
Learning should never stop—even when you feel you have achieved all there is to achieve (a stupid feeling by the way). To grow in business, one needs to stay atop of relevant inter and intra field information, one needs to pursue the knowledge that increases capacity for growth, one needs to understand the playing field and how it changes with time; one needs to do frequent researches to improve technology, profit, and in all, economies of scale
Relevance is proportional to knowledge and growth exists within a constant capacity to learn. There are four different ways an entrepreneur learns in a business.
- Mentor: Mentors are people who have achieved in a field or in a connected field we intend to achieve. Great business men have one or two mentors. These people know a lot and they are willing to pass on that knowledge to the entrepreneur. A mentor sometimes sees a problem the entrepreneur fails to see and offers a solution the entrepreneur might not have been able to offer. There are times when an entrepreneur will be unable to access a mentor; during these times, an entrepreneur must be smart enough to pick the winning traits and actions of the industry’s finest and follow suit—or carve even better and smarter ways to rise to the top.
- Role Model: A role model is a distant figure one intends to be like. An up and coming boxer might take Ali as his role model if he prefers the dancing style of boxing or Tyson if he favors very heavy punches.
- Studying: This is rather the most important form of learning. A man that can take his time to properly study will be able to learn. A person who intends to become a stock-broker must take his time to understand how such world works. There are different forms of studying: Street Observation involves studying from real life experiences. Real life experiences teach us principles on a first hand basis and if we take wrong steps, the consequences will be paid. A person who spends three years in the forest might know a lot about animals and plants than a botanist and a zoologist; such person will understand the key tactics to survive in the wild—and such tactics can only be taught limitedly if they are written on paper. Experiences teach us first-hand the consequences of actions. A child, who places his finger on a burning wood and experiences the pain of a fire burn, will become afraid of a candle. Passive Studying involves reading about a particular subject. Passive studying transcends into active practicing. Active practicing is the bringing together of all our street observations, experiences, and studying, to make the best and most productive business decisions.
Learning is a cycle; there are times when an entrepreneur must stay within, improve his craft, and understand his world; there are times when he must step out and put all the knowledge into kinetic productivity. When he makes a mistake, he will search within and learn from his experiences; he will better himself through study and courage until he finally builds a business worthy of the name—business.
If you want to take the next step in your business and continue to learn schedule a free coaching call with me. Click here to schedule a time.