5 ways peer learning can accelerate your small business’s success

Peer learning can help you make better decisions, expand your network, and seize new opportunities as an entrepreneur. Check out our 5 tips to make the most of it and see how the Enterprise Europe Network has helped dozens of businesses grow together over the years.

What is peer learning?

Peer learning encourages entrepreneurs to share knowledge, skills, and resources with others who have been through similar experiences. Unlike formal education, which follows strict schedules and curriculums, peer interactions allow business owners to tackle specific problems and get quick, practical advice from those who’ve faced the same challenges. 

This kind of learning also builds a strong support network. Business owners stay motivated and engaged when they connect with people who understand their struggles and successes. Peer learning is more affordable and flexible than traditional mentoring or professional services, too – entrepreneurs get support without breaking the bank or being tied down by formalities.

Here are 5 ways to make the most of peer learning: 

1. Borrow ideas and turn them into your own ‘aha!’ moment

Peer learning connects you with entrepreneurs from diverse industries and career stages. This mix of perspectives can spark ideas you might not have considered on your own. 

In his book Borrowing Brilliance, David Murray explains that new ideas aren’t created from scratch but are often a combination of existing concepts reassembled in innovative ways: “Borrowing brilliance means building on the ideas of others, and so your creative ability is based on your ability to define a problem and then use that problem as a map to find the ideas of others. It’s from this material that you’ll find a metaphor, a way to structure your new idea in terms of an existing idea.” 

Many innovative products and services came from adapting ideas from different fields. Dyson’s bagless vacuum cleaner was inspired by a sawmill’s dust separation system. Nike Air technology was born when former NASA engineer Frank Rudy applied space suit innovations to design cushioned shoe soles. A London children hospital improved its patient handoff process by learning from Ferrari’s Formula One pit crew, which helped the intensive care team slash medical errors. 

In the same way, entrepreneurs can upgrade their products or services by borrowing successful ideas from other industries. For example, a restaurant might grow its customer base by embracing digital marketing tactics from e-commerce, while a tech entrepreneur could revamp a fitness app by weaving in game design elements. 

2. Tap into collective wisdom for smarter decisions

Peer learning helps entrepreneurs make better decisions by offering fresh perspectives and practical advice. According to a Deloitte report, diverse thinking can improve decision-making quality by 20% and cut risk by 30%. Connecting with people from different industries often uncovers new ideas and helps you avoid common pitfalls.

Real-time feedback is another big advantage of peer learning. In peer support groups or start-up communities, you can ask questions to get quick, hands-on answers. This input helps you make confident decisions and fix issues early. Peers also share valuable resources, tools, and connections, that can speed up your business growth.

Emotional support is essential as well. Talking with others who understand your ups and downs boosts your confidence and gives you encouragement. Industry groups offer a safe space where founders can openly share their challenges and get actionable advice from fellow entrepreneurs. 

3. Find a mentor 

Mentors are essential for entrepreneurs at any stage, whether they’re just starting out or scaling up. With a mentor, you’re five times more likely to succeed and see higher revenues, and three times more likely to stay in business.

Mentors in your industry share their professional wisdom and experience on specific challenges. For example, a healthcare mentor can help a medical startup navigate patient privacy laws and clinical requirements. Mentors from other fields offer new perspectives and useful connections. A finance expert might help you manage your startup’s budget effectively, while a marketing professional could advise on strategies to increase your brand’s online presence.

Beyond practical tips, mentors can amplify your brand by championing your products within their network and connecting you with key contacts. They might link you up with major retailers, help you score a feature in industry publications, or land you a spot on a popular podcast. This support not only boosts your company’s visibility but also builds trust with new audiences.

4. Get an accountability partner 

Peer learning can help you find an accountability partner by connecting you with like-minded entrepreneurs who share similar goals and challenges. In collaborative learning environments, such as mastermind groups or startup communities, these relationships often form naturally. Knowing that someone else is aware of your goals and progress makes you more likely to follow through on your commitments. For instance, a study by the American Society of Training and Development found you’re 65% more likely to succeed when you make a commitment to someone and your chances jump to 95% with regular check-ins. 

External support is especially important when facing challenges that might lead to procrastination or loss of focus. For example, if you’re having trouble finishing a critical business plan, an accountability partner can keep you on track with regular feedback. Likewise, if you’re overwhelmed by launching a new product, joining an industry group can offer the encouragement and motivation you need to stay focused.

5. Expand your network for new opportunities 

Peer learning is a great way to expand your network and connect with people who share your interests. By joining workshops or group chats, you meet others who are also excited to learn and grow. These shared experiences create real, deeper relationships than go beyond just swapping business cards. 

Peer learning broadens your network beyond your usual circle by connecting you with a diverse group of professionals, including potential collaborators, mentors, and industry leaders who can advance your career. 

Peer learning also boosts your reputation and visibility. By sharing your knowledge and supporting others, you position yourself as a thought leader. Engaging in forums or hosting events on LinkedIn, for example, can make you stand out and attract valuable collaboration opportunities. 

How Enterprise Europe Network encourages peer learning: Peers4Growth

Peers4Growth is changing the way start-ups and scale-ups connect and grow. Since 2019, this Enterprise Europe Network project has helped dozens of businesses learn from each other, share successful strategies, and tackle challenges together. The goal? To boost the global competitiveness of European small companies and accelerate their growth.

The initiative is led by four Network partners: VLAIO in Belgium, IVACE in Spain, Zenit in Germany, and the  Netherlands Enterprise Agency. These organisations collaborate to host events such as workshops and webinars, giving entrepreneurs opportunities to exchange ideas and experiences. Over six editions, Peers4Growth has covered important business topics like resilience, innovation, sustainability, and market growth.

In 2024, Peers4Growth took place during the World Circular Economy Forum in Brussels. The event featured a full day of workshops on circularity, bringing together nine start-ups from different sectors including logistics, pharma, and textiles. Participants joined over 150 matchmaking meetings, both online and in-person, and connected with peers and potential investors. 

Aaron Thierens, founder of Re-Sound, a Belgian company specialising in acoustic office furniture, shared: "Exchanging with fellow entrepreneurs in this setting has been incredibly enriching. I’m excited to see where these new connections will take us."

José Raúl Martínez Vázquez, CEO of Hydronik, which creates energy-saving systems using big data and AI, added: "The learning experience here has been exceptional. I’m proud to be part of this community and engage with such a diverse group of founders."

"The Peers4Growth workshop is accelerating SymbioMatter’s progress," said Lisanne Peters, founder of SymbioMatter in the Netherlands. "It helped us not only better understand our milestones but also focus on executing them."

Peers4Growth is planning to expand its support for start-ups across Europe, focusing on peer learning and networking to create a strong community of entrepreneurs. Want to learn more and join us? Reach out to your local contact point and get started today!