Why Learning Solely from Experience Isn’t Always Best?

When starting a small business, it’s tempting to think you should rely solely on your own experience and learn as you go. After all, wisdom comes from doing, right? Why not forge your path through trial-and-error?

While hands-on experience is invaluable, relying only on your own past lessons can be short-sighted. Here’s why the “learn from experience” mindset can lead entrepreneurs astray.

Experience Can Create Blindspots

When you only reference your own experience, you run the risk of developing biases and blind spots. You assume what worked before will work again or that your circumstances are universal.

In reality, every business situation is unique. Just because a marketing tactic was effective for your last startup doesn’t mean it will resonate for your new company. And just because you grew up in the digital age doesn’t mean all your peers relate to online marketing.

Experience creates tunnel vision. When you only look inward for guidance, you miss important external cues specific to your current business environment.

The Past Doesn’t Always Predict the Future

What worked in the past may no longer apply, because business conditions are constantly changing. The world today is not the same as it was 10, 5 or even 2 years ago.

For example, a growth strategy that was successful before the pandemic may flop today. Customer needs have changed, supply chains are disrupted, and digital transformation has accelerated.

If you only draw from past experience without acknowledging new realities, you’ll employ outdated strategies and miss opportunities. You can’t drive forward while only looking in the rearview mirror.

One Size Doesn’t Fit All

Just because a strategy propelled one business to prosperity doesn’t mean it will work for another. Every entrepreneur has heard stories of astronomical success, but those stories aren’t blueprints.

For example, a viral launch strategy that worked for a consumer app won’t necessarily translate to a B2B company. Effective PR outreach differs between industries. A pricing model that appeals to luxury shoppers may deter budget-conscious buyers.

Assuming your prior or secondhand experiences apply universally is a recipe for disappointment. There are rarely one size fits all solutions in business.

The Perils of Pride

Beyond blindspots and misapplied lessons, over-reliance on experience can also stem from ego. Successful entrepreneurs may stubbornly stick to what they know because they’re overconfident in their own wisdom.

But pride comes before a fall. No one has a monopoly on good ideas, no matter how elite their career credentials. If you think you know everything, you’ve stopped growing.

Mentorship Matters Most

Does this mean experience has no value? Of course not. Firsthand lessons are invaluable for entrepreneurs. However, the mistakes start when experience becomes the only teacher.

The truth is you will accelerate growth quicker when you complement your own experience with input from experts and mentors. Learn from other entrepreneurs who have navigated similar situations. Read books and resources specific to your industry. Join masterminds and network to gain new perspectives.

While the “school of hard knocks” teaches important lessons, graduating with honors requires supplementing real-world experience with trusted mentors and tailored education. Lean on others’ wisdom to shortcut mistakes and build on what you already know. Keep learning beyond your own two eyes.

The Rewards of Remaining Teachable

At the end of the day, experience is just one type of teacher. When you stay curious and open-minded, knowledge can come from anywhere – even from the least expected places.

The novice intern may have a brilliant tech solution. A casual conversation with your Uber driver could spark a marketing brainwave. Your teenage son or daughter may have creative suggestions that never crossed your mind.

But you’ll only tap into these valuable insights if you don’t close yourself off in a bubble of your own experience. You have to actively invite learning from diverse sources.

Next time you find yourself following the “learn from experience” myth, pause. Look outside yourself. Who else can you learn from to make smarter business decisions and avoid reinventing the wheel? No matter how much you’ve accomplished independently, you still have blindspots. Be humble, stay curious, and keep growing.

The Rewards of a Business Mentor

As an entrepreneur and business coach, I’ve seen firsthand how invaluable it is to have an experienced mentor in your corner. Their objective guidance and expertise can help you navigate the unique challenges of starting or running a small business.

If you’re feeling stuck in your own knowledge bubble, consider connecting with a business mentor. An outside perspective can reframe problems, point out things you don’t see, and expand your sense of what’s possible.

While learning through trial and error is important, you will go farther faster when you combine your experience with the experience of others. Don’t go it alone – make mentors an integral part of your entrepreneurial journey. I’m happy to advise and empower small business owners; please reach out if you’d like to discuss further.