The Top Opportunities Entrepreneurs Should Examine for Professional Growth
One of the least appreciated traits of successful entrepreneurs is that the best leaders are also known for being the best learners.
Even for entrepreneurs who don’t go on to build billion-dollar-companies, being an active learner throughout their journey in business gives everyone the capability to be more successful.
If you’re looking to gather new skills and develop yourself professionally, you’ve already started the journey of getting ahead in business. Here’s why professional growth matters, and what growth opportunities you should examine moving forward.
Why professional growth matters
No one has ever said (with a straight face) that entrepreneurship is easy. In fact, entrepreneurship is inherently risky. Even though many people view successful entrepreneurs as visionaries, they still have areas where they need to grow and develop, just like corporate employees.
That’s why professional growth is crucial. It’s a key piece of what Harvard Business School calls having a growth mindset, as opposed to a fixed mindset: believing in the ability to improve an individual’s or organization’s intelligence, abilities and talents over time.
Opportunities for entrepreneurs to grow
To be successful in business, you need to embrace change. But how can entrepreneurs striking out on their own do this without the luxury of an employee development program that some corporations might offer? Start by focusing on the following opportunities for growth.
1. Adopt a learning mindset
Just like in life, a willingness to learn is one of the most crucial traits of an entrepreneur. When you’re in that professional development and skill development mindset, even failure can be a valuable experience. It’s in those moments that entrepreneurs learn about their knowledge or skill gaps, and can go about filling them.
These abilities are necessary and viable in expanding knowledge and understanding of how business works. To pace yourself quickly with changes, set aside time to keep learning new skills regularly.
The recent explosion of generative AI tools like ChatGPT is a great example of an area where savvy entrepreneurs and employees alike can benefit from a learning mindset. AI technology is likely to keep increasing in importance for businesses over the years to come, so those who take time to build their knowledge of these tools and how to use them are likely to benefit.
Dig deeper: How to write a business plan with ChatGPT
2. Ask for feedback
Some entrepreneurs find it challenging to ask for feedback. Others recoil in terror at the thought of hearing anything other than praise for what they’re creating. Of course, everyone feels like this to some extent: who wants to open themselves up to criticism if they can avoid it?
The thing is, if you truly want to be successful as an entrepreneur or the head of your own businesses, you need to gather the insights and understand the feelings of the people around you. So how do you get them to share their feedback?
One approach you can take is providing an open-door policy. Invite your employees to give you feedback whenever they feel the need. Just make sure you are open to being approachable. In return, you can thank them for their insights and suggestions.
It may take time for your team to open up, so keep asking for feedback time and again. Constantly asking is critical so you can offer support and be the leader they care about.
3. Learn business strategy
Alongside a learning mindset and an openness to feedback, entrepreneurs should also work to develop a business strategy. Successful entrepreneurs build thriving companies because they have many skill sets, but they also need to focus on the future.
Setting a business strategy means describing how a business sets itself apart from competitors and captures market share. In practice, it means explaining the problem in the marketplace that the business solves and how it solves it.
It’s an invaluable part of the business planning process, one that ultimately helps businesses grow faster than those that just wing it instead of taking the time to define and develop their strategy.
4. Find mentors
Having the resources and tools to back up your knowledge is invaluable. However, there’s nothing like accessing someone else’s perspectives when trying to develop new ideas.
Entrepreneurs should find a mentor they can trust outside of their business. Consider a coaching platform like BetterUp to enhance your career. They have numerous professional coaches you can choose to help you get started.
Another method is to seek out potential mentors in your local community at networking events, or if you’ve already got an up and running business, you can develop a board of directors.
Either way, choose wisely in seeking someone as a mentor. They can be resourceful and provide you with validation, ideas, and new perspectives. A mentor may be just what you need to boost your confidence and your business.
5. Utilize your professional network
Similar to asking for feedback, smart entrepreneurs also take time to seek out practical advice from professionals in their network. This provides a sounding board for them to test ideas and gather input about their strategy from their peers in a safe environment, before they invest time and money turning their strategy into an action plan.
A few methods for utilizing your network can come in the form of a mentorship program, friendly gatherings, or professional groups such as:
- •
Entrepreneurs’ Organization - •
Young Entrepreneur Council - •
FoundersCard - •
Startup Grind
You might find chatting with someone for a few hours is more productive than taking a month-long course. Overall, the objective is to have a clear goal in mind when talking to someone.
6. Invest in education
A successful entrepreneur retains some of the skills through their natural abilities. On the other hand, they also develop them through training and education in business and management.
A typical route that entrepreneurs take is achieving their Masters in Business Administration (MBA). This can involve a broad spectrum of courses ranging from accounting to communications and much more. While MBA programs prepare students for the financial sector, they also pivot their careers for management positions, startups and foundations.
Other opportunities that entrepreneurs should consider are online courses. These courses are available for entrepreneurs with topics ranging from growing your business to podcasting. Courses from providers like Udemy and HubSpot Academy offer a variety of free and low-cost business courses and certifications on topics like sales and marketing.
7. Enhance your vision
Some entrepreneurs can get caught up in how others are achieving their successes. They look at how those people built their brands and lose sight of their own vision. Some also become too invested in advice they may have gleaned from motivational speakers and coaches, advice that isn’t actually as applicable to their situation as they think.
They often attempt to follow in their footsteps as a way to achieve growth. However, entrepreneurs need to realize they can dissect their own strategies, adapt, and move along their journey.
The key is to learn from everyone you meet and strive to be the best you can be.
8. Read regularly
Reading is an excellent way for business owners to invest in themselves. Entrepreneurs can seek relevant articles, current events, and historical subjects about their industry. The best books for entrepreneurs are those written by leaders who have experienced successes and failures.
Reading also enhances your creativity. It reduces stress, stimulates memory function, and can lead you to some truly innovative thinking. Reading gives leaders the advantage of building self-confidence and broadening their horizons.
If you don’t have time for reading, audiobooks are a great alternative to developing yourself professionally.
9. Pass your knowledge to others
Teaching people what you already know helps you become a better entrepreneur. When you teach others, you open yourself up to new viewpoints and possibilities. This type of engagement also leads you to broaden your perceptions about the business world.
Entrepreneurs can master new things when opening up to others about their knowledge and skills. Apart from what you already know, sometimes teaching can provide you with something more to learn.
When you sit down to share your wisdom, two things come into play. The first is recalling your skills and ideas and being able to retain them better. Second, teaching someone can help you learn about the subject in more detail. Overall, you can realize what you overlook or lack in your business.
10. Build self-awareness
Self-awareness is critical to those who want to be influential leaders. Entrepreneurs should observe their own actions as they go about their workdays. It’s a good idea to set some time aside and think about what improvements can be made.
When it comes to self-awareness, entrepreneurs should find out what drives their motivation. They need to know where their strengths lie and leverage them.
A successful leader will also actively address their weaknesses so they can make improvements more quickly. If setting the time aside to do this self-audit regularly isn’t possible, try to tie it into your monthly plan review and reporting processes. Ask for feedback from your team, review your own goals, and examine why you have or have not achieved them. Doing this will showcase how important process reviews are to the rest of your team, making it far easier to identify potential pitfalls and opportunities.
Growth is ongoing
Several opportunities lie in wait for you to discover when it comes to developing yourself professionally. The business world is dynamic and fast-paced, but you don’t want that to stop you from growing as a leader. After all, success is never guaranteed — but it will certainly come easier if you keep learning and adapting.
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