By Mikesh Raithatha
Your Roadmap to Higher Performance in 2024
The 70-20-10 model highlighted in this Harvard Business Review article, states that successful professional growth comes from a combination of 70% work experiences, 20% social interactions and 10% from formal education and professional development.
The same concept is applicable for business performance and in particular, that of business owners and leaders.
The 70%: Learning by Doing
Most of your growth as a business owner comes from hands-on experiences and facing challenges at work. Actively engaging in day-to-day operations, decision-making, and learning from both triumphs and challenges builds up your skills. This practical approach fosters adaptability and sharpens your ability to navigate the complexities of running a business.
The 20%: Learning from Others
Networking and collaboration contribute significantly to your business journey. Allocating time to connect with fellow business owners, industry experts, and potential collaborators enhances your understanding of market dynamics and opens doors to new opportunities. Collaborative efforts provide a support system, enabling you to share insights and collectively address the unique challenges of entrepreneurship.
The 10%: Formal Learning
It’s easy for a busy business owner to forget the importance of ongoing learning. Taking the time out to work on your business and learn new strategies for business success is essential. This is like adding the finishing touches to your skills.
How to Make It Work:
Keep an open mind, take on challenges, and never stop learning. This rule isn’t complicated – it’s your shortcut to success.
We run quarterly business growth network workshop, for business owners to learn and share insights for business growth and success. If you are interested in joining our practical, high-value Business Growth Network (BGN) workshops, please contact us or call our office on (08) 6212 7200 for more information.