As an entrepreneur, investing in your own professional development is essential to the growth and success of your business. Continuously enhancing your skills and knowledge can give you a competitive edge over others in the same industry. However, entrepreneurs are generally idea rich and time poor. With a plethora of potential options for development available, deciding what to invest in can be a daunting task. Investing any time away from day-to-day operations of your business should be scrutinized and justified.
In this blog post, we will explore some of the less obvious professional development opportunities available to entrepreneurs and guide you on how to think about the cost and value of these opportunities.
If you're an entrepreneur and your immediate thought is that you don't have the time to focus on your own professional development, you're certainly not alone.... in fact, you're in the majority.
The amount of time an entrepreneur should dedicate to learning versus operating their business can vary depending on factors such as the entrepreneur's experience level, the industry they are in, and the specific stage of their business. However, it is generally recommended that entrepreneurs still allocate a significant portion of their time to both personal and professional development.
Continuous learning is essential for entrepreneurs to stay competitive, adapt to market changes, and acquire new skills and knowledge. As a general guideline, allocating around 5-10% of your time towards learning and professional development can be beneficial. To simplify, this is roughly 8-16 hrs a month (or 1-2 business days a month) in which you are focused on your own development as an entrepreneur. Most entrepreneurs are already dedicating at least that much time, if not more, to the same activities we'll discuss. The difference is thinking about them and understanding them as forums for ongoing development.
In the early stages of a business, more time may be required for operational tasks and getting the business off the ground. As the business stabilizes and grows, more time can be allocated towards learning and strategic initiatives. Ultimately, finding the right balance between learning and operating the business is a dynamic process that requires constant evaluation and adjustment. The key is to recognize the importance of continuous learning and allocate dedicated time towards it to foster ongoing growth and innovation within the business. If you don't, your employees certainly won't.
Here are some less-obvious avenues for development as an entrepreneur.
One of the more inexpensive yet effective forums for professional development as an entrepreneur is to build your own peer group. Find other entrepreneurs you highly respect and admire. Set up a regular cadence for connecting virtually or in person to openly discuss challenges you face within your businesses. Agree to be open, honest, and confidential within the group.
Peer groups are valuable for entrepreneurs as they provide an opportunity to build connections and exchange ideas outside of the organization. Sometimes the only people who can really understand and help you solve a problem are other entrepreneurs who have separation from your day-to-day activities. Use this forum as an opportunity to be challenged and further develop your own skills.
If you're at a more mature stage, groups like YPO , EO, Vistage and many others have formalized these groups into powerful, highly-programmed networks.
You might be surprised by how many experienced entrepreneurs are willing to hand out advice and time for free. Finding a mentor can be one of the most valuable ways to invest in your professional development as an entrepreneur. They can offer guidance, share their experience, and provide connections that can assist you in reaching your goals.
Search in your professional network or industry associations for mentors to help support your growth. Ask them to dedicate a regular amount of time with you on a regular cadence. Ask them to press you. Ask them to hold you accountable.
Similar to mentors, finding a coach can be a great way to solicit a source of accountability and assistance in professional development. Mentors generally do so for free, whereas coaches generally charge for the service. Sometimes, this financial exchange is beneficial. In theory, coaches are not only personally invested in your growth and success (similar to mentors), but also financially invested in you as a customer.
You have to proceed with caution when soliciting and interviewing coaches. Find a coach that knows your industry and has a proven track record, both as an entrepreneur and as a coach. Best case scenario is the coach comes to you as a recommendation from a fellow entrepreneur you trust. Good coaches will allow you to try out a session before you sign an engagement.
If you're already attending conferences, they're likely focused on your target customer and the programming is organized around lead generation and sales within that target industry. Do you know of any conferences that specifically focus on learning and development for building companies in your field?
Conferences can be a great way to concentrate peer networking and learning in a short period of time. Conferences in which you're focused on learning (and not on selling) can be highly energizing. Find a conference outside of your typical target industry. They can be a great opportunity to bring a small team and break away from the day-to-day operations for more strategic problem solving and thought.
Undertake a small personal or side project that allows you to explore new skills, test ideas, and learn through practical application. By taking calculated risks and pursuing entrepreneurial endeavors outside your primary business, you can develop new competencies and gain valuable insights that can be applied to your main venture.
The key here is actually capping your hours for the activity. Choose your time wisely and stick to the constraint. Remind yourself that this is a way to stoke imagination and learning, but not a distraction from the real priorities of your business.
Arrange to shadow or spend time with entrepreneurs or professionals whose expertise and skills you admire. This hands-on observation allows you to learn firsthand from their experiences and gain practical insights. It's also a simple ask for a peer, since there is very little or no preparation necessary to enable job shadowing.
Similarly, consider job swapping opportunities, where you temporarily switch roles with another entrepreneur or professional. This immersive experience can broaden your perspective and enhance your skill set. Just seeing the way another company is run or the way other individuals approach a challenge can be eye-opening for your own professional development.
As an entrepreneur, you are undoubtedly eager to grow your business and knowledge. Investing in your own professional development is an essential part of achieving that goal. It's crucial to understand the value and worth of the unique options available to you and where they can lead. Through investing in yourself, your business will grow and thrive.
.png){kind=small}
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
.png){kind=small}
