Consider the businessman who has been catching and selling fish for 15 years. Over the years he has gained valuable knowledge and experience that have served him well. He is reluctant to take any classes or learn anything new about his industry. He thinks he has figured out all there is to know having worked in the business for many years. Unfortunately this attitude may prove costly. There may be things impacting the business that he is not aware of.
Is there overfishing in the area? Is the business sustainable for the next 10 or 20 years? Is pollution a concern in the area? Is there a shift in consumers’ taste? Will there be the same demand for fish 10 or 20 years from now? Is there any new regulation or licensing requirements? Will the supply of fish diminish by the increased presence of the predatory lionfish? (Lionfish invade Negril)
This article is not about fishing but we consider the above scenario to make a point. Entrepreneurs should always be looking for new or updated information about their field/industry.
There are many reasons for this. Market conditions change. Competition affect your business. Environmental changes can destroy your business. Consumers demand better quality and sometimes they spark new trends. Forecast for your business may require changes or adjustments. All of these could affect revenue.
How do you keep abreast with changes in your industry? Seminars, meetings, classes, conferences, videos and probably the easiest way READING.
So as an entrepreneur what are you reading? What are the more successful business men and women reading? Here are some recommendations that you can add to your list.
12 Awesome Gift Ideas That Appeared on ‘Shark Tank’
7 Essential Habits of a Healthy Entrepreneur
BRANSON CENTRE OF ENTREPRENEURSHIP (bransoncentre.org)
IdeaTrade helps businesses promote themselves, find new markets and boost their sales
FORBES MAGAZINE (forbes.com)
The Top 7 Online Marketing Trends That Will Dominate 2014
Microsoft Targets Global Internet Growth With Cheaper Phones
FINANCIAL TIMES (ft.com)
EU warns west must be ready to rescue Ukraine
THE STREET (thestreet.com)
What Is Common Stock and What Is Preferred Stock?
YAHOO SMALL BUSINESS ADVISOR (smallbusiness.yahoo.com/advisor/)
Social Media’s Impact on Moms’ Shopping Habits
SMALL BUSINESS ADMINISTRATION (sba.gov)
7 Inspiring Home Business Ideas for Stay-at-Home Moms (or Dads)