LEARN FROM YOUR BUSINESS
Typically, when starting your own business, you will not have access to technical knowledge that is essential to operate and sustain a successful business operation. That is entirely normal, and is usually the case for many new businesses. This factor should not stop or discourage you in any way, because it is a universal truth that is commonly experienced by all successful people. Undeniably, it would be easier to immediately start your business with all of the necessary knowledge, and, begin the process of operating a successful business at once. This is possible, if one is planning to join an established business operation, with a proven system (such as a franchise operation). However, starting your own brand, with all of the necessary technical knowledge at your disposal, would be unrealistic.
Fortunately, there are many ways of acquiring the necessary technical knowledge that is needed to prosper in business. One classic method which most of the major businesses we know of today have started with, and continue to use till this day is; the process of Trial and Error. For this method to work successfully, one is required to have, and demonstrate,
a high level of tolerance. The process of trial and error is a repetitive cycle, which involves:
- Trying and discovering new methods of doing things,
- Making errors
- Extracting, learning from, and implementing new lessons
- Trying a different method over again
It is essentially a process of “identifying, separating, and extracting” the small number of useful, and practical methods from the many invalid and impractical methods.
Effective application of the process of trial and error, requires one to exercise deductive reasoning (the process of reasoning from one, or more, statements to reach a logically certain conclusion), the fastest way to arrive at a “self-convicted conclusion,” which you strongly believe in, is to be part of the conclusion (in other words, to be part of the final results of a situation). Self-conviction is a powerful trait which drives your physical and mental efforts forward.
Failures and mistakes should not be considered using emotional thinking, for they can prove to be inaccurate most of the time. Any sort of failure, must simply be considered as the cost of acquiring needed lessons, and ultimately the cost of doing business. The ideal aim is to find, and keep, your focus on the lesson(s) arising from your business errors. Then without delay, begin using these valuable lessons to regularly improve your overall business operation.
To discover whether or not a business method you have executed, is in fact, effective or ineffective, you must pay attention to the response you are receiving from people you’re dealing with.
- Ask customers you regularly, or briefly, do business with for feedback in order to improve and regulate your system
- Compare your your monthly and yearly sales by comparing numbers and related percentages.
- Evaluate the quality of your product or service in comparison with your previous quality level of product or service
Learning from your business errors, requires continuous attention to details.
Because you’re growing something of “real value,” and not just a
temporary product or service that easily fades away within a few short years. The necessary lessons you need to prosper will present themselves to you, if you keep making the necessary errors. However, you must be attentive and perceptive enough to recognize and benefit from them, otherwise, you will continue to fail without growing in any way. Factually, there will always be someone who does business in a better approach and process than you. Therefore, you can use this fact to your advantage by “learning from those who are involved in the same field as you are.” Analyze their system, style, conduct, and various approaches then compare them to your ways. Doing this will give you an “invaluable insight,” and keep you on top of the current trend.
Do not make the mistake of “copying” other businesses. Your aim is to simply observe their approach, and start considering how you may implement and execute a better business model for your operation over the years. Copying other businesses is ineffective, and will only work to make your business appear inauthentic and indifferent.
The initial process of trials and errors during the early period of founding and shaping your business, will exert much of your mental and physical energy. Hence, it is advisable to be “mentally and physically” prepared to undertake the journey of starting your own business. It is not easy, and should be be taken lightly. Nevertheless, you should find joy in being involved because that is where you truly begin to grow yourself as an increasingly knowledgeable human, and the foundation which works to benefit the world at large.
Businesses often fail because they simply do not implement their own creative thoughts into their operation. There are too consumed and focus solely on generating profits and sales, and consequently, neglect the importance of finding and implementing new ways to adapt their business according to changing trends.
You, as an individual, are born with the power of creative thought. If you continue to focus your attention on the “feedback and the lessons” which you will receive, building a successful and profitable business over the long term, is realistically within your reach and power.
Learning from your own business will provide you with the “hands on tools” that are needed to continue prospering. You will personally gain first hand knowledge, and will possess the power to maintain a smooth operation of your business. Simply because, you are the founder the president the operator of your original idea. Other people will join your venture, and share the risks as you move forward and lead them. You may hire people to work for you, and help you grow your business as you generate revenues from your smart and hard work. All of this will take place as you keep your vision “inline” and steadily continue building your business foundation on solid grounds.
Build your Business, like you’re building your Home
If you decide to build a home, which you strongly desire to reside in for the rest of your life you would, naturally and unquestionably, select the best materials to build your home. You would seek the best type of available concrete on the market, the highest wood quality, the best brand of bricks to build and preserve a solid foundation. You would seek the finest ornaments and furniture to decorate your home.
Building your own business, is no different, than building your own home. Comparatively, you’re seeking and demanding the best materials of working knowledge which can be utilized to build your strong business foundation on. Investigating the best means of conducting your marketing, in order to spread awareness of your brand. Finding efficient and workable ways of handling customer concerns and potential problems. The most reliable products and/or services you can offer to consumers. You would seek simplicity and quality for others to enjoy and receive a good value from. Learn to manage the building of your business, in the same manner you would manage the building of your home.
The process of trials and errors will help you extract the necessary information, and isolate unworkable and impractical information. Remember to maintain a high level of tolerance, and do not be quick to give up. Understand that you will face many disappointments. And utilize the power of logical thinking in the midst of it all. No lessons can be gained from business, if one resorts to inflexible and close-minded way of thinking. Consider keeping track of what good and bad lessons by:
- Keeping a notebook to list all of the relevant key point productive and effective methods, in a clear and easy to understand form.
- Keeping a second notebook. List all of the relevant key point counterproductive and ineffective approaches, in a clear and organized form.
Your goal is to take notes and keep track of your actions and results, in effort to exclude and keep away from repeating previous mistakes, and to include and continue repeating beneficial actions. Taking notes, is the simplest way of achieving this step.
Remember, many successful businesses have started as a small operation and learned to grow themselves through the countless trials and errors they’ve made and paid for. Anyone with a powerful enough desire to succeed in business can follow, execute, and take advantage of the same approach.
With time and experience, you will compile many practical practices to do business, and execute them to build a prosperous business. You will uncover “how to learn” from your business, and expand it. Building a business is a laborious task, which requires much energy and work. Work diligently and continuously, and you will leave no room for ultimate failure to take place in your life.
Remain optimistic, regardless of the unavoidable ups-and-downs, and remember to share your lessons with the world after you have prospered. Giving back to the world is what makes the world a better place.