Different people have different ideas about what it takes to build a successful business. Some believe having good ideas is essential, while others emphasize the importance of skill or catering to a contemporary demand. While hard work, talent, and the drive are all critical characteristics of a good entrepreneur, there’s another important aspect of doing business that often gets overlooked: experience.

The Rollercoaster of Experience

Since at least the late eighties, companies have prioritized business experience over education. The billionaire Richard Branson once explained the importance of business in a beautiful metaphor—entrepreneurship is like riding a rollercoaster. It can be messy and chaotic. Having business experience can make the whole ride less chaotic and messy.

Having experience, of course, means you know what you are doing. More often than not in business, this is the difference between success and failure.

Experience will Give You Innovative Business Ideas

All successful companies were once mere ideas. So how do successful businesspeople come up with these ideas? It’s not as spontaneously as the movies may have you believe. Well-known entrepreneurs often build successful companies out of ideas gleaned mainly from experience. Mark Zuckerburg didn’t randomly come up with the idea for Facebook. He was a talented programmer with at least one previous venture into social networking when he eventually came up with Facebook. A better example is Bill Busbice. Though not as well known, he recently developed a groundbreaking new app for the trucking industry called HWY Pro.

HWY Pro makes transporting loads between destinations highly efficient for truck drivers. Though not many outsiders know this, the trucking sector’s methodology is archaic and wastes drivers’ time and energy. HWY Pro aims to change the game for truck drivers, possibly disrupting the industry as a whole. Mr. Bill Busbice also did not spontaneously come up with the idea for this possibly life changing app. He has worked in the trucking industry for well over a decade. His experience in this regard gave him a keen insight into the trucking world. He spotted a significant flaw in doing business and now has developed a solution with great potential.

Likewise, the business experience can be invaluable when it comes to starting a new venture.

Business Experience is Important for Gaining the Upper Hand

There are not many shortcuts to gaining a competitive advantage against rivals. Knowledge and insight learned from experience are what makes one company better than another. Mr. Busbice developed an app that has no equal competitor in the market at the moment. His expertise is what made this possible.

Having business experience means you know your sector intimately. Experienced entrepreneurs understand the changing trends and demands in their respective industries. This knowledge directly leads to developing efficient products that resonate with the target audience. HWY Pro is a prime example of a product that highly appeals to the target audience because the developer used his experience to perfect it.

Therefore, don’t underestimate the power of business experience. In fact, relish in it. Don’t forgo gaining new business experiences for anything else. Because without it, entrepreneurs won’t be able to aspire too much.

The Importance of Having Business Experience  was first published on smallbizdaily.com

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