Lifelong learning for entrepreneurs – key to growth

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Heather Lowe | Head | SME Development | FNB | mail me | 


There is a pervasive myth that entrepreneurship cannot be taught. If you were not born an entrepreneur, you are out of luck. If you are a born entrepreneur, success is presumed to come naturally.

Both ideas are problematic. If entrepreneurship means setting up a business and taking financial risks to realise profit, it is teachable. In fact, it must be taught because the required technical, emotional, and interpersonal skills do not come naturally.

Entrepreneurship is both an art and a science

Creative talent helps, but best practices are essential for achieving optimal outcomes. You may have advantageous personality traits, such as innovation, problem-solving skills, or a growth mindset.

Even with innate talent, learning good business practices is necessary for success. Natural traits can help at certain stages of the entrepreneurial journey but can also hinder progress.

High confidence and self-belief are vital in the early stages of building a business. These traits attract team members and help communicate your vision effectively. However, overconfidence and poor risk management can cause issues when formalising processes or attracting cautious investors.

Lifelong learning

Entrepreneurship requires a variety of skills that can and must be learned. Lifelong learning and adaptation are essential traits.

  • Technical skills

Entrepreneurs need foundational knowledge in product development, marketing, operations, and finance. At first, small teams require multitasking. Later, understanding each domain ensures better recruitment and management decisions. Technical skills come from reading, researching, and consulting experts. Testing these skills in practice and collaborating with others further enhances them.

  • Communication skills

Communication is a vital soft skill for entrepreneurs. It involves conveying the product, vision, and business model effectively. Great communicators are not born; they develop through practice, confidence-building, and self-awareness. Emotional intelligence helps entrepreneurs read situations and improve relational dynamics.

  • Self-appraisal and adaptability

Entrepreneurs must appraise themselves honestly, acknowledging weaknesses and working to improve them. External market conditions demand constant adaptation. Addressing personal weaknesses, like lacking financing skills or attention to detail, is crucial. At various stages, strong negotiation, empathy, and technical innovation skills become necessary.

No one has all these talents at birth. The challenge lies in aligning personality traits with success indicators for each entrepreneurial stage.

Overcoming fear through lifelong learning

In SME development programmes, younger entrepreneurs often struggle with confidence. Confidence can grow through research, calculated risks, and practice. Many participants operate successful businesses but retain a fear-based mindset. Entrepreneurs thrive by adopting an opportunity-based perspective and a positive attitude.

Self-reflection, coaching, and listening to others help entrepreneurs understand themselves better. Honesty with oneself is difficult but necessary.

Effective entrepreneurship teaching

Entrepreneurship teachers need personal entrepreneurial experience. They must teach agility, resourcefulness, and practical problem-solving, avoiding purely textbook approaches. Entrepreneurs benefit more from learning with other entrepreneurs than corporate executives.

Effective programmes start with diagnostics of business ideas and participants’ openness to learning. Bootcamps and technical training, combined with mentorship, develop technical and personal skills.

The three key areas for entrepreneurs to invest in for themselves through lifelong learning therefore include:

  • Gain technical knowledge through reading, research, and engaging with thought leaders and fellow entrepreneurs.
  • Commit to personal development by addressing limiting mindsets and working with experienced mentors.
  • Adopt humility and embrace lifelong learning to build resilience and capability for long-term success.

This multi-modal approach consistently transforms passionate individuals into capable, well-rounded entrepreneurs. All this means that lifelong learning for entrepreneurs is vital for continuing and sustainable success.


 



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