The adage that you can’t teach an old dog new tricks is certainly not true when it comes to business. To stay competitive in today’s market, older business owners need to learn from the successes of their younger counterparts. Vikki Gerrard La Crosse shares nine concepts that older business owners can better understand from the newest generation of entrepreneurs.
1. The importance of staying up to date with technology
In today’s world, technology is constantly changing and evolving. What was once the latest and greatest quickly becomes outdated. To stay ahead of the curve, seasoned entrepreneurs must ensure they keep up with the latest technology.
Keeping up with trends
Staying current with the ever-changing landscape of technology can be difficult for business owners juggling multiple responsibilities. Vikki Gerrard La Crosse recommends making things easier by following tech-focused publications and websites, such as TechCrunch, CNET, and Mashable. This way, you can easily stay updated with the latest news and developments in the tech world without investing much time.
Utilizing technology for cyber security
In addition to staying up to date with the latest technology trends, it’s also important for older business owners to understand how they can use technology to improve their cybersecurity. With more and more businesses moving online, cyber attacks are becoming more common.
2. How to be more innovative and creative
In today’s business world, standing out from the crowd is essential. Being innovative and creative in your business approach can help you do just that.
Older CEOs can learn from younger entrepreneurs by taking a more creative approach and thinking outside the box when working on marketing campaigns, product development, and even day-to-day operations.
3. Being open to change
Change is inevitable, but that doesn’t mean it’s always easy to deal with. For older generations of entrepreneurs who have been moderately successful in their usual tactics, it can be challenging to break out of their comfort zone and try something new. Being open to change is essential for success. Entrepreneurs resistant to change will likely struggle to adapt and fall behind.
4. The value of networking
In the business world, it’s not always what you know but who you know. Building a solid network of contacts can help you in many ways, from finding new customers and partners to getting your foot in the door for new opportunities.
Vikki Gerrard La Crosse suggests that older business owners attend industry-specific events and conferences or join a professional organization related to their field. This is a great way to meet new people and expand your network.
5. Having a positive attitude towards failure
No one likes to fail, but it’s an inevitable part of being an entrepreneur. What separates successful entrepreneurs from the rest is their ability to learn from their failures and move on.
Viewing failure as an opportunity
Experienced business owners can benefit from adopting a more positive attitude towards failure. Rather than seeing it as a setback, view it as an opportunity to learn and grow. Try to take something away from every failure, no matter how small.
6. The importance of work/life balance
Working around the clock is often seen as a badge of honor in the business world, but it’s not sustainable in the long run. Eventually, burnout will set in, and productivity will suffer. Up-and-coming young adults in the working world understand the importance of taking time for yourself outside of work to recharge and rejuvenate.
7. The power of social media
Social media is a powerful tool that can be used for marketing, networking, and even customer service. But it’s also necessary to use social media in the right way. Knowing how to harness the power of social media without coming across as out of touch is another fantastic lesson experienced business owners can learn from their younger counterparts.
8. The importance of ongoing learning
What worked yesterday might not work tomorrow, so it’s essential always to be learning new things. But mastering the art of continuous learning doesn’t mean you must go back to school or get a formal education. The best way to learn is often by doing, listening, and watching. Pay attention to what’s working for others in your industry and adapt it to fit your business. Ask questions, read industry news, and experiment with new ideas. Attend seminars and lectures from experts, or even listen to podcasts. The key is to never stop learning.
Final Thoughts
Older business owners can stay competitive in today’s business world by learning from the successes of their younger counterparts. They can learn about the importance of technology, creativity, networking, and more. Seasoned owners can also benefit from learning how to manage their work/life balance better and continuing to learn new things. By adopting these eight lessons, experienced business owners can stay ahead of the curve and continue to be successful for years to come.
