You may often hear the phrase “learn from the best.” That is exactly what this next topic is going to discuss. In the academic world, the term “bench-marking” is used for what is commonly know as “best practices.” This process of business is a great learning stage. When a person wants to be successful in business, it is good to study other businesses with similar products or services. In essence, you want to find what makes some companies thrive and what makes other businesses fail.
If you are trying to start a localized business, it is smart to find a business in another location and simply ask what it is that makes them successful. This may not always work, because the business may fear competition but that is the reason for going to one further away. Explain that you are studying successful companies in their field and would like to find out how they reached their accomplishments. Make sure you tell them you will not be in direct competition with them. Some great ways of doing this would be to job-shadow or intern. Gain the experience needed for you to excel in your own ventures.
“If you’re not listening, you’re not learning.”- Lyndon B. Johnson
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