How to Upskill Yourself as an Entrepreneur?
Starting and running a business is no easy feat. It requires a unique combination of skills, talents, and knowledge across a wide range of disciplines. From finance and marketing to operations and HR, today’s entrepreneurs need to be jacks of all trades.
The most successful entrepreneurs are those who never stop learning. They make continuous education a priority throughout their careers. Why? Because the business landscape is constantly evolving. What worked yesterday may not work tomorrow. Entrepreneurs who fail to upskill themselves risk falling behind the competition.
Fortunately, there are now more learning resources available than ever before. Whether you want to improve your marketing chops, level up your finance skills, or get schooled in the latest tech, you have options.
Here’s your guide to effectively upskilling yourself as an entrepreneur in today’s fast-paced business environment.
Audit Your Existing Skillset
Before embarking on an upskilling journey, take stock of your current expertise. What are your strengths? Where do you need improvement? An honest self-assessment will help you identify gaps and prioritize learning needs.
Key Skills to Evaluate
- Technical: What systems, tools, and technologies are vital to your business? Can you operate them proficiently?
- Financial: How strong are your financial management abilities? Could you benefit from more accounting, budgeting, or investment knowledge?
- Marketing: Are you maximizing marketing channels to attract customers? How savvy are you with SEO, social media, email marketing, etc?
- Leadership: How effectively do you lead your team? Could you sharpen your people management, communication, and motivation skills?
- Strategic Thinking: How well can you set vision and strategy? Are you able to anticipate market changes and pivot when necessary? Strong strategic thinking is essential.
Take a 360-degree view of your capabilities across all facets of running your business. Be honest about the need for improvement. This evaluation will give you a baseline for an upskilling plan.
Set Learning Goals
With assessment results in hand, clearly define your upskilling goals. Keep these goals S-M-A-R-T:
Specific: Target a particular skill set you want to develop, like copywriting, programming, or budgeting.
Measurable: Set quantifiable improvement metrics, like increasing conversion rates by 25%.
Achievable: Make sure goals are realistic based on your schedule, resources, and access to learning.
Relevant: Ensure goals align with high-priority business needs and objectives.
Time-bound: Put deadlines on goals to create urgency and accountability.
Well-defined goals will provide direction, motivation, and metrics to track progress. Review and revise goals regularly as needs evolve.
Choose Your Learning Format
You can upskill yourself through a variety of learning formats. Consider which will best serve your learning style, needs, and schedule.
Formal Coursework
Enrolling in courses at a university, community college, or vocational program is excellent for gaining comprehensive knowledge and recognized certifications. With today’s virtual options, you can even partake without stepping foot on campus. Drawbacks include time commitments and tuition costs.
Online Programs
Online education platforms like Udemy, LinkedIn Learning, and edX offer affordable, on-demand courses in every conceivable business skill. Look for highly-rated programs with expert instructors. The self-paced format is extremely flexible.
Books
Reading relevant business books, from classics like The Lean Startup to the latest releases, can help build your knowledge. While inexpensive, learning is limited to the author’s perspective.
Podcasts
For bite-sized learning on the go, business podcasts cover everything from management to tech. Subscribe to shows like How I Built This, The $100 MBA Show, and Entrepreneurs on Fire to get insights while commuting, exercising, etc.
Conferences & Events
Attending conferences lets you learn from top experts in short bursts, network with peers, and soak up energy. Look for events aligned with your field and learning goals. Budget for admission fees and travel costs.
Coaching & Mentorship
Working one-on-one with a seasoned business coach or mentor gives personalized guidance to develop specific skills. Expect to pay hourly fees, but the customization is valuable.
Make a Learning Plan
With your goals set and format chosen, it’s time to map out a learning plan. Consider these tips:
- Set a schedule: Block out regular time for learning, just as you would for other business activities. Treat learning time as sacred in your calendar.
- Mix formats: Combine different learning formats like online courses, books, and podcasts for variety.
- Reinforce learning: Take notes on key takeaways and reflect on how you can apply lessons to your business. Teach concepts to others to reinforce retention.
- Focus areas: Schedule different focus areas on different days, like marketing Mondays and financial Fridays.
- Stay accountable: Share your learning plan with a mentor or peer group who can hold you accountable. Celebrate milestones and achievements.
- Review and refresh: Revisit your learning plan regularly. Fine-tune as your goals evolve or you plateau. Discard activities that no longer bring value.
Creating structure will help dedicate time for learning amidst the chaos of entrepreneurship. But stay flexible enough to adapt as needed.
Apply and Implement
To boost retention and results, put your new skills and knowledge into practice. Discovery without application is futile.
- Start small: Initially apply learnings to low-risk areas or minor projects, then work up to bigger initiatives.
- Iterate: View initial applications as experiments or MVPs. Get feedback, learn, and iterate. The key is to start applying.
- Get support: Have mentors, peers, or coaches review your implementations and provide feedback.
- Share wins: Celebrate successes and share lessons learned with your team. This builds momentum.
Application breeds confidence and propels you along the upskilling journey. As you implement new abilities, track how they impact your business KPIs.
Invest in Ongoing Learning
Leading entrepreneurs view learning as a lifelong journey rather than a one-off event. They embed continuous learning and improvement into their company culture. Here are three ways to make learning a long-term habit:
1. Designate a Learning Budget
Invest annually in your learning plan, just as you would for other business needs like software or equipment. Determine how much time and money to allocate based on potential ROI.
2. Build a Learning Library
Curate digital and physical resources related to your learning goals like books, podcasts, online courses, and tools. Revisit regularly to refresh knowledge.
3. Make Learning a Team Activity
Foster a culture of shared learning on your team. Participate in group courses, host lunch-and-learns, share key takeaways, and celebrate educational milestones.
By valuing yourself as the most important company asset, continuous learning becomes an investment rather than an expense.
The strains and rapid pace of entrepreneurship make learning feel like a luxury. However dedicating time to intentionally develop your skills is what will ultimately reduce stress and move your business forward. Plus, learning new things keeps your mind engaged and sharp.
Follow this guide to audit your skills, set S-M-A-R-T goals, choose learning formats, make a schedule, apply learnings, and prioritize ongoing development. With deliberate, consistent effort, you will master both the mindsets and skillsets needed to take your entrepreneurial abilities to the next level. The journey requires perseverance, but the rewards are invaluable — both for your business and for you as a lifelong learner.
Now go chart your course, growth-minded entrepreneur. The learning journey awaits.
