The importance of learning on the job

A vast majority of small business owners started their business with a single, unique idea. This is generally how so many market gaps have been addressed when great minds think outside of the square. So, how do these initial ideas get off the ground and shape into a growing business?

According to a survey run by accounting firm MYOB, 38% of more than 400 SME’s said they lived by the classic ‘trial and error’ method when they worked through the motions to get their business off the ground. Dropbox Co-Founder and CEO Drew Houston once said, ‘Don’t worry about failure; you only have to be right once’, a really important message for all small business or start up owners that during the first few phases of setting up shop, actively learning on the job is fundamental to getting your team engaged and upskilled and developing processes to successfully manage your business.

Against the last SME snapshot conducted by MYOB, 78% of SME’s believe that a degree isn’t required to run a business. MYOB’s CTO Simon Raik-Allen explains, ‘Start-ups are basically learning on the job, we can see a real opportunity emerging to provide practical training for entrepreneurial types’. Along with having the right support to set up the books, on the job learning is key to ensuring your business remains relevant.