Learning from OTHERs' experiences

Hello once again! I know it is a few days late for this post but here I am. Last week was interrupted by general elections activities. Most of you may scold me and say,"There's never a holiday in business". That's so true yet so NOT true at the same time. My business is built on a number of systems so my lack of input does not hinder any progress whatsoever. Just a matter of starting some processes and have them replicated and go on running for themselves so stepping away from the business does not scare me.
Anyway, to move onto this week's topic, let me begin by admitting that experience IS definitely the best teacher. Take for example, a social worker who deals with rape victims. Of course you can study counselling at the university level and become a professional but the true counsellors are those who may have actually experienced the trauma, rape in this case. There is a lot to be said and learnt from such an experience but if you want to become such a consellor, you may be required to look at some existing cases of rape and learn from the subjects' behaviour.
The same applies to business in general. As an entrepreneur, I like to observe businesses that are huge and well established and think about what they do to be so successful. I also make certain I pay attention to failed business ventures and try to pinpoint exactly where they went wrong. It is much better to learn vicariously than it is to learn by making your own mistakes. Of course no one is immune to making their own mistakes but although it may be important to make your own mistakes, in business, it can be very costly and that can ruin a startup company in very little time.
One common mistake I observe is where someone opens a business based solely on the personally intriguing nature of the idea. Intrigue is great but when starting a business, you need to identify and investigate certain things at first. Things such as the need for your service or product in your area or you may wish to ponder about the ongoing maintenance cost of your business. This is common among businesses that are started based on hobbies and it bankcrupts many an entrepreneur.
You have to be wise and link and connect with successful people and learn from them.
More to come during the week.
Thank you for your time and kind attention!