#1: The Classics Teach Us Human Nature.
The classics give us a glimpse into each of these basic human instincts. In fact, the thing which makes a classic great is glaring insight into basic human nature. Ultimately, as you study the classics, you learn about your own personal nature.
Learning through experience is good, but it is often better to learn from someone else's experiences and build on them. We hope a baby will learn from his parents not to touch a hot stove, even though the actual experience would certainly have impact.
If we will let them, the classics can teach us lessons without the pain of repeating certain mistakes ourselves. They can show us correct choices which will get us where we want to go.
At a deeper level, knowing how others think, feel and act allows us to predict behavior and lead accordingly. We can develop empathy, compassion, wisdom and self-discipline without subjecting our relationships to a more painful learning curve.
This is invaluable to the entrepreneur, parent, community leader or statesman. People with experience have been through certain patterns many times and know what to anticipate. The classics can provide us with many such experiences.