Business experience matters for a start-up: A review.

Abstract

This study explores how work experience affects entrepreneurial development and growth, as well as the resolution of business issues. The study is based on the "Learning-by-Doing Theory," which provides the theoretical framework for investigating experiential learning and illustrates how experience impacts entrepreneurial success. The success stories of Walmart, BMW, Ford Motor Company, Dell, and Aldi are enough to inspire others regarding the significance of work experience. The literature was obtained from Science Direct, Google Scholar, and Google Websites for review. The findings show that business experience promotes creative thinking, calculated choices, and general economic advancement. The suggestions include creating a curriculum for skill transfer, incorporating experiential learning into entrepreneurship education, and leveraging business experience to influence decision-making. Prospective study directions include exploring past perspectives on business experience, examining diverse entrepreneurial environments, and examining the link between knowledge management and entrepreneurial advancement. The results encourage a more beneficial and sustainable entrepreneurial ecosystem and affect scholars, educators, entrepreneurs, and legislators. This study has improved our understanding of the complicated relationship between the depth of business skills and entrepreneurial success.

Although prior experience increases the likelihood of a venture's survival, there remains a lack of cohesive literature by approach and/or industry. To fill this gap, this study aims to link empirical data to Arrow's "Learning-by-Doing" paradigm to explain the direct relationship between experiential learning, problem-solving, and the growth of sustainable ventures. This review goes beyond a summary of literature, identifying niche aspects of business experience, such as industry knowledge, connections, and crisis management, and linking them to the benchmarks of business success in the real world.