Lifelong learning: invest in yourself for entrepreneurial success

Valentina Lorenzon, Strategy consultant and business advisor

According to a definition introduced by the European Lifelong Learning Initiative and the American Council on Education, lifelong learning is ‘the development of human potential through a continuously supportive process which stimulates and empowers individuals to acquire all the knowledge, values, skills, and understanding they will require throughout their lifetimes and to apply them with confidence, creativity and enjoyment in all entrepreneurs, we should embrace this mindset as an imperative and a key strategic factor for the success of our business.

Lifelong learning: a necessity, not a choice anymore roles, circumstances, and environments.’ This is certainly a very powerful description and within its context the meaning of learning is expanded to indicate a deliberate choice to acquire knowledge and experience, in order to unlock our potential as well as build confidence in our own abilities. It certainly represents much more than a mere accumulation of notions and requires high levels of effort and motivation, so that we can successfully take ownership of our development and adopt suitable learning habits for our growth as individuals and professionals. In particular, over the last few decades the relevance of lifelong learning within the business world has significantly increased so it is important to reflect on the reasons why, as

Historically, the idea of dedicating time to learning, especially if unrelated to one’s main occupation, was considered a luxury that only a few people could afford, both financially and in terms of time and effort. Today, thanks to the ongoing process of democratisation of education and the wide range of learning tools and platforms available, we have easier access to an invaluable wealth of knowledge and opportunities to grow and develop ourselves, both formally and informally.

Leaders and decision-makers across sectors and geographies increasingly appreciate the importance of continuous learning as a strategic approach to deal with the unknown and the high levels of ambiguity and volatility of the current business environment. This is due to the fact that knowledge becomes obsolete very rapidly and what we know at one specific point in time cannot be considered sufficient to face future challenges. As a result, when planning our professional development, we should widen our horizon and make a shift away from the traditional idea of education and towards a more flexible and adaptable fruition of information. Today’s learning should reflect the diversity of current requirements and the urgency of acquiring new skills to adapt to non-linear careers and business life cycles.

As entrepreneurs, we should place particular value on lifelong learning as a way to futureproof our leadership and our business. Various examples of entrepreneurial success show how innovation and positive disruption often happen when we question existing knowledge and move across what are generally accepted boundaries. Many of the solutions to our current problems can be found at the intersection between multiple, often seemingly unrelated areas of expertise. For this reason, it is essential to get new skills and accumulate a diverse set of experiences as well as to learn how to make a more appropriate use of the ones we already have, so that we can make informed decisions and take action promptly and suitably, even in the most complex situations. Lifelong learning can be a powerful tool to prepare us both as individuals and leaders to face challenges and seize opportunities, regardless of what the future will bring. In other words, it provides us with a toolbox of transferable skills and experiences combined with an open mindset that can prove indispensable in the current world of work.

What are the risks if you stop learning?

There is no doubt that trying to learn about different subjects and keep up with the rapidly moving environment around us can seem a daunting prospect and, especially when things go smoothly and we are busy running a successful business, there is little incentive to take time off our main work to study. And even if you decide to do it, the number of opportunities available may be almost overwhelming so it is necessary to adopt a strategic approach and prioritise specific areas of knowledge, based on the time and resources that you have available. In my experience, it does not matter how little or how much you manage to do in a day or a week, the most important thing is to be deliberate and consistent about it and make it part of your daily routine.

However, the risks related to stopping learning are too high, for you and for your business. To put it bluntly: what you do and what you know may become irrelevant very quickly. More specifically, experts have identified a series of potential consequences and the following ones are probably among the most damaging for the future of an organisation and the development of a leader.

. Silo mentality. In relation to an individual mindset, it refers to a tendency to have a narrow focus and concentrate on a single idea or approach while neglecting the diversity and multiplicity of the other opportunities available. It goes without saying that this may lead to a fragmented view of the world and a lack of adaptability and dynamicity in the face of change and uncertainty. studying learners and their behaviours. More specifically, she identified two different types of people, those with a ‘fixed mindset’ who believe that their learning potential is predeterminedand depends on factors like their genes or their socioeconomic background - and there is no point in trying to learn something that they are not good at; and, on the other hand, individuals who are strongly convinced that their true potential and abilities are boundless and, thanks to effort, passion and practice, it is possible to overcome challenges and achieve our objectives.

. Herminia Ibarra, Professor of Organisational Behaviour at London Business School, introduced the concept of competency trap to describe a common bias towards preferring what we know and do well instead of considering alternative options that may be more appropriate for the changing situation. In Ibarra’s opinion, this is due to the fact that we often base our decisions on the false assumption that “what produced our past successes will necessarily lead to future wins”.

. Intellectual myopia. This term indicates a narrow perspective and a failure to understand the big picture and the multiple, complex layers that characterise it. By specialising too much and not learning, we may find it difficult to identify the connections and synergies between different aspects of our business and the surrounding environment.

Fear of failure. This could probably be considered as the most paralysing factor because it prevents us from making decisions and taking risks due to the fear of making mistakes. Thanks to the acquisition of transferable skills, the development of high levels of confidence and the mastery of multiple areas of expertise, lifelong learning helps us to acquire the knowledge and mindset necessary to pivot and be moved on from failure quickly as well as to respond to change successfully.

Dweck calls this approach ‘growth mindset’ and explains how it has a positive impact on a person’s level of confidence, commitment to development as well as to the willingness to accept failure and learn from negative experiences. This attitude is therefore an empowerment factor that is strongly linked to the concept of lifelong learning and supports consistent growth and development, both at individual and organisational level.

Think like a beginner! Another aspect that plays a significant role in engaging in continuous learning successfully is a beginner’s mindset, an idea that was introduced by Shunryu Suzuki, a Zen monk and author of the book Zen Mind, Beginner’s Mind. In Suzuki’s words, “… in the beginner’s mind there are many possibilities, but in the expert’s, there are few.” This means that if we think like a beginner, we regularly question the status quo as well as the current assumptions, theories and conventions to look at things from a different perspective instead, and identify new, disruptive and often unorthodox solutions that might prove essential for entrepreneurs to navigate the current VUCA environment.

Develop a growth mindset

Thanks to the wide range of learning opportunities available, we can all embrace lifelong learning without necessarily having to invest a significant amount of time and money. The most important factor is to adopt a ‘growth mindset’, a concept introduced by Carol Dweck, a psychologist at Stanford University, who has focused on

Regardless of how much we already know or have experienced, we should have the humility and curiosity to consider a diverse range of opinions, ideally different from ours and acquire knowledge across different fields. In this way, we will foster - within ourselves and others - creativity and innovation that could be very helpful for today’s entrepreneurs who face constant challenges and find themselves making decisions that require a multidisciplinary approach.

From the individual to the business Entrepreneurs - whether deliberately or not - can also be powerful role models and therefore have the possibility to - and should - set the example and cultivate lifelong learning within their organisations as well. This approach can bring about many benefits that support the sustainable growth of a business at all levels, including the creation of a strong employer’s brand that attracts talent and encourages a growth mindset and the fulfilment of an individual’s full potential. As a result, this can lead to the creation of a pipeline of highly skilled employees that can fill existing skill gaps and expand the areas of expertise of a company, at a critical time when finding suitably trained people may be challenging.

In conclusion, as entrepreneurs, we should consider lifelong learning as a way to invest in ourselves and show our commitment to development that can then extend from us as individuals to our organisations. In this way, we can prepare ourselves to face future challenges and navigate high-uncertainty and high-complexity situations. In addition, we can leverage our role as leaders to foster a lifelong learning mindset that empowers our workforce and provides them with the appropriate skills and attitudes to grow with the organisation.