There are different notions on what it takes to build a successful business. Some argue that it’s the skill and hard work, while others have their bet on talent and diligence. 

Much as these skills and many others are critical characteristics of a good entrepreneur, without experience, business experts argue that it is only so far that an entrepreneur can go.

Experience hence cannot be overlooked in business. It has potential to affect the propensity of any business’ success.

Experience defined 

What you know prior and the ability to deal with the changing business environment is what sums up experience. 

In brief, experience is a muscle of entrepreneurship that involves understanding the climate in which you operate, growing the right traits to navigate the business world, making use of the available resources to serve your customer needs, as you manage your business viability.

Businessman Livingstone Buyinza is of the view that, as an entrepreneur, when you master the art of understanding your customer needs and focusing on delivering the services and the products they desire, you gain one of the most viable experiences to run a business.

With it, you have access to understanding your customers and the market better. And this enables you operate more efficiently as a business person, he says.

"Also, when they talk of experience, it means you know your sector profoundly. You have to be in sync with the changing trends and demands. With such knowledge, you gain the capacity to develop effective products that satisfy your target audience,” he says.

A number of entrepreneurs know the hitches that come with running an enterprise- they are aware of most of them before they even launch business. But it is impossible to determine exactly what or how things will turn out. 

It’s through experience therefore that the best entrepreneurs encounter first-hand lessons on how to best run their businesses.

Prossy Mbabazi a businesswoman dealing in cosmetics, shares that when she had just started out, she thought the seminars and workshops she had attended had prepared her enough for entrepreneurship. A few months into business however, she realised this wasn’t the case and that some things are best learnt through practice.

"How to deal with clients, managing your business, employees and customers, all of these things and many others are better understood when one is on the ground.” 

How important is experience in entrepreneurial success?

Having experience, of course, means you know what you are doing. More often than not in business, this is the difference between success and failure.

Since at least the late eighties, companies have prioritised business experience over education. The billionaire Richard Branson once explained the importance of business in a beautiful metaphor—entrepreneurship is like riding a rollercoaster. It can be messy and chaotic. Having business experience can make the whole ride less chaotic and messy, reads an article on the smallbizdaily website.

There are not many shortcuts to gaining a competitive advantage against rivals. Knowledge and insight learned from experience are what makes one company better than another. 

Therefore, don’t underestimate the power of business experience. In fact, relish in it. Don’t forgo gaining new business experiences for anything else, because without it, entrepreneurs won’t be able to aspire too much, the article indicates.