Who’s your entrepreneur hero? Branson, or perhaps Sugar. Maybe one of the Dragons’ Den panellists? It may come as a surprise that most business owners believe they are their own best teachers.
According to a study by SFEDI, over 90% of entrepreneurs believe learning from their own experiences is the most effective way to develop their business skills. Learning from others was only thought of as significantly beneficial by 49%.
While I agree to a certain extent that learning from your own mistakes is invaluable, you can’t tell me we haven’t all learned a thing or two about how NOT to pitch a business plan from some of the unfortunate contestants on Dragons’ Den.
A
nd what about the Gerald Ratner’s example? Do you really need to be recorded on camera telling customers that the merchandise you sell is a load of crap to come to the realisation that it’s probably not a good idea to slate your own product?
While I think learning from your own business lessons is part of developing as an entrepreneur, there’s a lot to be gained from the experience of those who’ve trodden the path before you. Deep down I think the aforementioned 90% of entrepreneurs know that too. Why else would our entrepreneur profiles prove so popular?
