Why experience is vital in business?

Every moment of life is an experience which shapes our thought, mind and way of life. It is regarded as the best teacher whether it is told or actually happened to the person. It aids an individual in the making of decisions as well as handling situations that could prove challenging or difficult.

In the business world, the best possible way of making the most out of a business is through growing experience before cash. Most people might consider this approach stupid because they see business as 'if not making money it is not making sense'. An average individual that ventures into a new business has only one goal which is to make profit.

This kind of drive to a business is wrong because if the objective of making profit is not achieve the mind of the business owner to the business will become disoriented, which could lead to loss of interest and thereby the downfall of the business.

In considering the drive of 'experience' first, The business owner grows to withstand the risk of failure as he considers it as an encounter that he will learn from, towards making future decisions. The individual learns the business first by studying and practicing on what has been learnt, and putting it into good use.

Harold Geneen said,

In the business world, everyone is paid in two coins: cash and experience. Take the experience first cash will come later. 

Following this quote, it can be seen how important experience is to the actualization of profit making. This motive to the realization of a business goal brings the following;

• It enables the business owner have better understanding, knowledge and idea of the business 
• It guides the decision making process of the business 
• Experience establishes confidence in the business and the actualization of goals. 
• It develops the business owner leadership skill.
• The business owner is capable of handling difficult situation in the business activities. 

There is no doubt on the benefits which experience tend to bring to the business and the business owner, remember TAKE THE EXPERIENCE FIRAT CASH WILL COME LATER.