How to run a successful business without having experience?

Some of the most successful entrepreneurs , those who run multi-million dollar corporations, have their experience to thank for their successes, at least in part. In fact, most "successful" entrepreneurs have failed at least once in previous business endeavors.

It is not surprising. Spending time as the leader of a company will introduce you to a wealth of new ideas, skills, and resources. Over time, you will learn to better manage people, understand how to make important decisions, and find new sources of knowledge to use as you see fit. You'll also experience mistakes firsthand, so you'll never make them again.

With enough experience, you can take even an acceptable business idea and develop it into a successful company.

But what if you have no experience? Is it possible to run a successful business?

The short answer

Let's start with the short answer: Yes .

There are two ways to think about this question. First, is it possible to drive the success of your first business, even if you've never run one before? Because we have countless anecdotes to draw on, we can palpably prove it. For example, Mark Zuckerberg didn't have any business or management experience when he founded Facebook , which is now a $ 788 billion company (although he did have a lot of programming experience). It is hypothetically possible for an inexperienced entrepreneur to follow a similar path.

Second, what do you consider "success"? The nature of this question will change depending on your answer. If your goal is to build a trillion dollar tech giant from scratch, your lack of experience will greatly diminish your chances of achieving "success" due to your unfamiliarity with the field and scaling a business from scratch. However, if your definition of "success" is simply keeping a business afloat, with positive cash flow and lots of learning opportunities, your lack of experience may be of little consequence.

The warnings

There are some important caveats here, of course. First of all, experience comes in many forms, and a "true" lack of it can be devastating to your chances of business success. For example, you may never have had experience creating and managing a startup from scratch, but do you have experience managing a personal budget? Do you have experience leading a team of people? Do you have experience reading emotions and negotiating?

Some experience is a practical necessity in running a business, even if it doesn't come from previous business endeavors.

Second, any experience you lack needs to be factored into your trading strategy in some way. If you don't know what you are doing, you cannot assume that you are going to make all the right decisions. You need to make up for your lack of experience in a meaningful way to give your business the best chance of success.

Compensating for lack of experience

Fortunately, there are several strategies that can help you make up for a lack of natural business experience:

Associate you. If you don't have a lot of business experience on your own, consider partnering with someone who does. Obviously, there are pros and cons to starting a business with a partner , but if your partner has more business experience than you, it could work in your favor.
Hire consultants. Consider hiring consultants in areas where you have limited experience or to help you solve difficult problems that you cannot solve with brute force on your own. For example, you could hire a general business consultant to help you plan for the future of your business or work with specialists in unfamiliar areas such as marketing, finance, or sales.
Outsource work. You can also rely on outside companies or independent contractors with strategic planning and operational execution. In this way, you can delegate some of your company's high-level decision making to a more knowledgeable organization.
Hire experts. Create a team full of experts. It is not always necessary to be an experienced specialist to make a good decision; often only information and advice from experienced specialists is needed. You can learn from them along the way.
Work with mentors and advisors. If possible, seek out mentors and advisers whom you trust and respect. Ask them lots of questions and listen to their advice. They will give you complementary perspectives that can help you make up for your lack of experience.
Stay agile. The most important thing is that you understand that your experience is limited and that you are going to make mistakes. As long as you stay nimble and are willing to adapt on the fly, you can make up for those mistakes and keep the business moving forward.

So can you run a successful business even if you have no business leadership experience? Yes, but you will need at least some experience to complete your soft skills and prepare you for an entrepreneurial environment. You will also need some strategies to compensate for your lack of experience. By doing this, you can compensate for your natural weaknesses and set your business up for long-term success.

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