Is Professional Experience Important for Becoming a Better Entrepreneur? Well, we do know that a startup requires an exceptional idea, identifying sources of funding, focus and dedication. But the time comes when those things are not enough. You need to be aware that business often faces lots of complications. Global issues, consumer demands, government policies, and other problems can create tension if not handled properly. Experience, therefore, plays a vital role in dealing with such situations.
Let us look closely, how professional experience can work wonders for your startup.
Where is the Problem?: It is important that you identify a problem that is not being addressed at present. If you have professional experience in the field that you are starting your business in, then you will be able to understand the issues that are being left uncatered.
Once you can identify that problem, then only you will be able to fix it. For example, if you have seen in the agricultural industry that they lack modern techniques of agriculture. Then you’ll work to bring in modern technology to upgrade your business. This identification was done only because working in the industry gave you insights into its working. You were able to spot easily what lacked there that you could add on to the business now and make it better.
Research: Now once you know the problem, you know where to focus your energy on. At this point, you need to take off your mind from all the other issues and make this your priority.
To solve the problem, you need to dive into some serious research first. This research will need some critical opinions and ground-level facts from the past experiences along with the current know-how of situation.
You might think that bringing modern technology to the agricultural business is going to be a great solution to your problem. But with the help of past experience in the field and in-depth research, you find out that there is no source of electricity around that land.
The concern here is to understand the industry, the ultimate goal, the business environment, competitor’s strategies, etc.
Guide Through the Routine Stuff: An entrepreneur needs to work on a lot of fronts. Some of the tasks may be clerical and routine in nature, while others were may be complex and very specific to your business.
Past experience will guide you easily through the routine tasks like dealing with the customer, legal procedures, increasing sales, marketing etc. You will be able to slide through them smoothly, with the use of best strategies. You will also be able to avoid things which led to failure in past. All this will save your time and efforts which you can use to focus on the complex areas and building new skills for the venture.
Anticipate What Could Go Wrong: Any business comes with its own set of challenges. And it is no doubt impossible to be aware of all the dangers that might come up. But with the help of past experience it is comparatively easier to anticipate the challenges that you are bound to face and prepare accordingly.
Identify what could go wrong in the business and ensure that you have strategies to control it or prevent it from happening.
If you are new to the industry, you might be demotivated by what the journey throws at you. But if you know what to expect, you know how to deal with it.
The Good or The Bad: Past experiences can be either good or bad. Well, according to me all the experiences are good since they all teach you something. But some teaches you the hard way.
Life is too short to repeat mistakes. So learn from the past mistakes, made by you or by anyone else in the field. One thing that I believe in is, don’t watch the success stories of others. Rather hear the stories of their failure. They tell you what not to do.
Good judgement comes from experience. Most of the startups fail in their early years, because they lack the knowledge and the experience. You may be able to run a business without a degree. But you definitely need experience to run it well and to grow it. The biggest entrepreneurs in the world didn’t reach to those heights overnight. They worked hard, made mistakes and learnt from it. They learnt from the mistakes of others. They took inspiration from everything around them.
Your journey as an entrepreneur is going to be like a rollercoaster ride. The ups and downs are always going to be there. But with past experience, you are going to save yourself the overwhelming of a sudden fall.
You can never be fully prepared for what is there to come. But you can definitely soften some blows while defend the others with some experience.