Lamarckism
Lamarckism, also known as Lamarckian inheritance, is an evolutionary hypothesis proposed by the French biologist Jean-Baptiste Lamarck (1744–1829).
It is the idea that an organism can pass on characteristics that it has acquired during its lifetime to its offspring. This means individuals can inherit traits or characteristics acquired by their ancestors through use or disuse. Lamarck proposed that these acquired characteristics could be inherited and that they could accumulate over generations, leading to the emergence of new species.
Lamarck's idea was widely accepted in the 19th century, but it was later rejected as a result of advances in genetics.
So what does this have to do with you?
Although Lamarckism has been largely discredited in the biological sense it still reigns true in the business world.
Let me explain.
The skills or traits you learn in your first business will transfer to your next business. For example, pretend your first business is running a Hot Dog Cart in San Francisco’s beautiful Marina District (colloquially called a “Street Meat Vendor”), in the business you will learn all about sourcing high-quality ingredients, creating a competitive pricing strategy, and working with your less-than-sober clientele. These are all valuable skills.
Let’s say you run your cart for 5 years, sell your business, and move into the coffee industry. You are able to take the skills and traits you developed in your first business into this new business. You will be able to see the industry through the lens of an experienced outsider.
Over the years, your experience will begin to compound. Having a wide range of exposure to different industries will put you in a very unique spot where you are able to spot opportunities that others would overlook. Maybe during your years as a hot dog vendor, you took away an extremely valuable lesson for how to work best with intoxicated customers which could then be applied to running a concert hall or venue. Your journey and experience is your most valuable asset.
Aim to have your past experience cross-pollinate with your future endeavors.