Keep Learning to Stay Competitive!

Hello Chasers,

One of the things about being in business that I have learned over the years is that there is always change – team members, laws, technology, political parties, strategies etc. And as a consequence of this, to keep up to date we need to keep learning and educating ourselves if we want to stay relevant and competitive.

If you ask any entrepreneur that has enjoyed success, they will all tell you that one of the keys to success is that you need to keep learning. Some business owners think that once they’ve secured a couple of year of big profits that the hard work is over, and that they know all they need to know. But, the hard reality is that the hard work has only just begun and that in order to keep maintaining the big profits they need to maintain their competitive edge otherwise it will be their competition that starts to get a greater market share!

There is still so much more to learn. 

Entrepreneurs, generally, all have an inner drive and determination to make things happen however, those who also have a keen mind and are aware of their limitations will strive to self-improve.

Continuing your education – whether it’s taking online courses or going to seminars and conferences – will form a critical part of your success in life, and in business. 

Here are the top five reasons why as business owners we need to keep learning.

1. If you want to be the best, learn from the best

All those entrepreneurs who have experienced incredible success have all made mistakes. Learning from them means you won’t have to go through the same failures or agonising and costly errors that occur in business all the time.

2. Networking

Continuing your education puts you with lots of like-minded individuals that you could end up making connections with. The life of an entrepreneur can often be something of a lonely existence and it can be incredibly tough going. Educational and learning environments are a great place to keep your sanity.

3. Opportunity

There is an enormous volume of business-related ideas you can explore, from attending industry conferences through to taking privately-run courses by leaders in your industry as a result of the technological advances we know have with online courses and presentations – many of which are free too!

4. Understand your industry

No industry is safe from change, you only have to look at taxi drivers and the rise of Uber, video stores and the rise of streaming services like Netflix, accounting/bookkeeping and the rise of cloud-based tools like Xero to see that their is a revolution happening as consequence of technology. In fact with the rapid advancement in AI (Artificial Intelligence) many industries will face change that is unprecedented and many businesses will fail if they don’t adapt and change. It is critical that you are aware of the coming disruptions, and learning about the ins and outs of your sector is going to help you avoid coming to an untimely end.

5. A continual source of inspiration

If you want to experience real success, inspiration is one of the most important drivers – and without continuous education, you will find those new ideas a lot harder to come by.

Last month, I attended my quarterly business conference (which just so happened to be in the Philippines ( at the Shangri La Mactan Resort in Cebu) where I got to tick off all 5 of these points above. I have a head full of ideas and strategies as well as meet new people to add to my network.

This is what keeps me motivated, inspired and energised in my 35th year of being in business.

What do you do to keep learning and up to date with the current innovations in your industry?

Have a great day!

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