When you started out with your business idea, you were armed with a lot of skills, information, zeal, passion and importantly knowledge. All of those things have paid off in the long run which is why your business is doing so fine. So while you are busy trying to keep your business above the blue line, sitting in seminars, reading books or attending courses are the farthest from your mind. If that is the case, you are Wrong! If you think you can run your business just fine based on what you knew, ditch that thought. Albert Einstein said this “Education is what remains after one has forgotten what one has learned in school.” Agreed, running a business is hard and seeking new knowledge might not necessarily be the first thing on your mind. But the benefits far outweigh the reluctance you are feeling. Being open to new and useful knowledge boosts your business, benefits your employees and stimulates your brain. So here are 7 reasons why you need to expand your knowledge as an entrepreneur.

1. Knowledge is not necessarily expensive, ignorance is

Get over the stereotypes of expensive courses that can be taken by executives and entrepreneur, It is not MBA or nothing. There are a number of free online courses you can successfully complete on your own time. All you have to do is find a suitable course and get to it. edX, Coursera and other platforms all offer a range of free courses you can take at your convenience. In case you want to take it a step further, there are dozens of paid for courses still affordable that will interest you and help widen that knowledge base considerably.

2. Knowledge helps you get rid of linear thinking

So you want to think out of the box? The only issue is, a vast majority of us actually do that on our own. We are rooted in the first leg of knowledge we got from school, and are not motivated to go the extra mile. A 2014 study by the Apollo education group stated that 70% of senior executives are concerned about the availability of key skills and knowledge needed for professional growth. The truth is if you do not expose yourself to some new learning, it will be very difficult to think outside the said box. It is time to go beyond what we left in the classroom and learn from experiences and knowledge base of others.

3. Your business is at risk without new skills, tools, and software

If your business is not adding new skills and utilising new tools, it's a matter of time before you are swept out by a nimbler and faster competition. When you keep learning, you get introduced to these skills, tools and software making working easier and much more interesting for your employees. The more excited your employees are, the more eager they are to work and that gives you more productivity.

4. New ideas help you develop an efficient knowledge strategy

Developing a knowledge strategy for your business is extremely important. You can only develop a truly efficient knowledge strategy if you have gone through extensive learning yourself. You need to identify the value new and important knowledge will bring to your business, and to do that, you need to keep learning. Think of ways you can exploit this knowledge for your financial gain. It could be in form of gaining a larger market share, help in developing new products and other goals you previously set for your business. You need to make sure that knowledge management, acquisition, and distribution is a process that should be continuous and sustainable.

5. Knowledge increases your success rate

Get this, your business is only as strong as the people behind it. As a business owner, you need to strive for personal growth to enable you to thrive professionally. The market is not what it was ten years ago, it most certainly wasn’t the same 5 years ago. It is important to stay current and competitive to win. If you aren't exposing yourself to new ideas, you are making it easier for your competition to eat your lunch. On the long run, innovation wins, and the most ignorant entrepreneur tends to lose.

6. Knowledge helps you relate better with your employees

If you run a hardcore tech company, Odds are you find it a bit difficult speaking to your non-techy employees. This makes relating with them an exercise you dread. Investing in introductory educational classes, marketing seminars, sales webcasts, public speaking webinars can drastically improve your connection with employees outside your educational and professional background. Interacting with your employees helps you know the challenges they face. And a wide knowledge base helps you devise ways or ideas to handle their challenges.

7. Knowledge is a valid competitive strategy

As an entrepreneur, definitely, you should know everything happening and is about to happen in your industry. In the book, Only the paranoid survive, Andy Grove said this - “The ability to recognize that the winds have shifted and to take appropriate action before you wreck your boat in crucial to the future of an enterprise” The aim isn't to get fixated on your competition, but rather analyze their businesses and find out what is and isn't working. It is a given, other businesses will do at least one thing differently and better than you. Learning will help you to pick a thing or two from them. The more you learn, the more you expose yourself and increase your knowledge. As an entrepreneur, once you have a robust knowledge base, you open countless doors for your business. ___ Are you a Nigerian entrepreneur with a transformative idea? Cranium One is a premium coworking hub that provides space for people to connect, collaborate and bring their ideas to reality. Learn more