12 Efficient Ways To Learn To Run A Business
1. Hands-On Experience
- Why Efficient: Direct involvement in running a business provides real-world insights and practical skills that are hard to replicate in a classroom.
Example: Starting your own small business or working in a startup. Nothing beats seeing things in action and getting your feet wet to experience the process and learn from it.
When I was a Business Development Engineer in a Japanese company, I got myself exposed to working with Palm and it’s PDA as a client. They were very new to the market but having joined the meetings, technical discussions and analysing the market helps me to understand more about how to do business in the consumer and enterprise markers better.
2. Mentorship and Networking
- Why Efficient: Learning from experienced business leaders and peers can provide valuable advice, support, and opportunities.
Example: Joining business networks or finding a mentor in your industry. Talking to them, asking the relevant with insights and knowledge shared by them can help you understand better how things work and can be done better.
My director gave me this advice to buy coffee to someone smarter and tap onto their knowledge and experience about anything. Within a year or so, you will realize that you learnt more from someone who had done it, made the mistakes and survived it all, than reading some inspirational books.
3. Formal Education (MBA or Business Degree)
- Why Efficient: Structured programs offer comprehensive knowledge of business principles, management, and strategy.
Example: Enrolling in an MBA program or a business-related degree. But I will encourage this only if you have spare cash and time as the investment can be hefty. The certificate may be important for some, but I will suggest looking into what you can learn and the interaction that may happen with other peers to learn more from each other.
The biggest benefit aside from earning that paper is the interaction with other peers! The bonding and comanderie spirit can last decades.
4. Online Courses and Certifications
- Why Efficient: Flexible and often up-to-date with the latest business trends and practices.
Example: Platforms like Coursera, edX, or Harvard Business School Online.
We launched the platform, StartupStorm Asia with the intention to help young founders to build a stronger fundamental foundation.
5. Reading Books and Articles
- Why Efficient: Access to a wealth of knowledge from successful entrepreneurs and business experts.
Example: Reading books like “The Lean Startup” by Eric Ries or “Good to Great” by Jim Collins.
While you may not be able to meet the authors themselves, the next best thing will be to read what may take them months and years to put their knowledge into a 300 page title for anyone to read.
Go to the library or secondhand stores to invest in your future.
6. Workshops and Seminars
- Why Efficient: Interactive and focused on specific business skills or topics.
Example: Attending industry-specific workshops or business seminars.
There are many lessons to learn as speakers or trainers share the latest tactics and methods to help you accelerate your learning and provide you indepth understanding of the relevant topics and subjects.
7. Business Simulations and Case Studies
- Why Efficient: Practical exercises that mimic real business challenges.
Example: Participating in business simulation games or analyzing case studies.
Nothing beats getting the insights with the Ups and Downs of these activities as it puts you into situations that can train you up on how to handle them, should similar real life cases happen.
8. Podcasts and Webinars
- Why Efficient: Convenient and often feature insights from industry experts.
Example: Listening to business podcasts like “How I Built This” or attending live webinars.
While it is not as popular as in the Western countries, there are many good podcasts that are worth listening while on the way to work, riding on the MRT trains. Copy down what resonates into your digital note books and refer to them occasionally.
9. Volunteering or Internships
- Why Efficient: Gaining experience in a business environment without the full responsibility of running a business.
Example: Interning at a company or volunteering for business-related projects.
While interns may be young and from the schools, it is becoming common for mid-career folks to sign up for internship too.
Share your experience and gain new knowledge is the fastest way to see the ongoing in a business.
10. Self-Study and Research
- Why Efficient: Allows for a personalized learning pace and focus on specific interests.
Example: Conducting independent research on business topics or using online resources like blogs and forums.
Spend the weekends in the library and in front of the computer with tools like ChatGPT to enhance your learning experience. Save that Starbucks coffee and invest in a subscription service that will help you to gain knowledge and answer questions effectively and efficiently.
11. Business Competitions
- Why Efficient: Provides a platform to test business ideas and receive feedback.
Example: Participating in startup pitch competitions or business plan contests.
Be the guy in front of the actions and see it all happening in realtime as others share about their works and reasons of starting the business. It will inspire you to do better and strike for excellence.
12. Government and Non-Profit Programs
- Why Efficient: Often provide free or low-cost resources and support for entrepreneurs.
Example: Utilizing resources from organizations like the Small Business Administration (SBA) or local business development centers.
In Singapore, there are many available grants and funds given to its citizens such as SkillFuture with a couple of thousand of dollars to learn new skills or get a certificate of achievement. Tap onto them and benefit from the new knowledge.
In conclusion, each method has its own strengths and can be more or less effective depending on your personal learning style and business goals.
Which method do you think would work best for you?
