5 Reasons You Need To Expand Your Knowledge As A Start-Up Founder
You might think that running a business based on what you have already learned and surrounded yourself with people that share your ideas is a recipe for success; unfortunately, this does not work every time. According to Jack Welch, ‘An organization’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage.’ Running a business is hard and seeking new knowledge might seem like a strain and waste of time but the benefits far outweigh the reluctance you may be feeling. Being open to new and useful knowledge stimulates your brain, boosts your business and increases your employees’ productivity.
Here are 5 reasons why you need to expand your knowledge as an entrepreneur.
1. Knowledge is not necessarily expensive
When learning becomes a habit, your input and output improve. With the advent of internet technology, there are several learning opportunities available to us. Coursera, Edx, Alison among other online academic platforms offer a wide range of courses; most of which are tuition-free. These do not include paid online programs provided by particular institutions home and abroad and the best part of it all is that you can learn at your convenience and from the comfort of your home.
2. Your business is at risk without new skills, tools and software
To increase efficiency in business, it is imperative to be productive, find user-friendly solutions and stimulate employee motivation. It has become necessary for businesses to adapt to the changing times. If your business is not adding new skills and utilizing new tools, it may not stand the stiff competition with nimbler businesses. Get acquainted with modern day skills, tools and software that make work easier and more interesting for employees and create opportunities for wider coverage. The more excited your employees are, the more eager they are to work and that increases productivity.
3. Knowledge increases your success rate
Your business is only as strong as the knowledge of your team. Actively managing organizational knowledge can stimulate culture change and innovation by encouraging the free flow of ideas which in turn will ensure the success of your business. As a business owner, you need to strive for personal growth to enable you to thrive professionally. You also need to encourage your team to increase their skills and knowledge for their personal growth and the growth of your business. The market is not what it used to be 10 years ago; it evolves daily. It is important to stay current and competitive to win. If you aren’t gaining knowledge or coming up with new ideas, you are making it easier for your competitors to get ahead of you. In the long run, innovation wins.
4. Knowledge helps you relate better with your employees
If you run a hardcore tech company, odds are you find it a bit difficult to communicate effectively with your non-techy employees. Investing in introductory educational classes, marketing seminars, sales webcasts and public speaking webinars can drastically improve your connection with employees outside your educational and professional background.
5. Knowledge is a valid competitive strategy
As an entrepreneur, you should know what is happening in your business circle. An effective knowledge management strategy enables an organization to create, apply and share information; breaking down silos and increasing usage of valuable data. As technologies evolve, the right strategy sustains organizational objectives and takes it ahead of competitors. In the book, “Only the paranoid survive”, Andy Grove said, “The ability to recognize that the winds have shifted and to take appropriate action before you wreck your boat is crucial to the future of an enterprise”. The aim isn’t to get fixated on your competitors but to analyze their businesses and find out what is and isn’t working. Other businesses will do at least one thing differently and better than you. Adapt what they are doing right and avoid what they are getting wrong.