What’s the key ingredient of a successful entrepreneur?

So, You want to be an entrepreneur! 

Welcome to “Club Fear!”

It’s all about being a lifelong learner 

No university can prepare you for the life of an Entrepreneur! 

The Ingredient is Knowledge - how to get that knowledge - how to use that knowledge 

Part of the entrepreneurs DNA 🧬 is to be a lifelong learner - and eventually he/she becomes a professor of the school of hard knocks !!

Knowledge is power - and you build knowledge through lifelong learning! 

As Albert Einstein said – perhaps the most famed of all Nobel Prize winners – put it, "Once you stop learning, you start dying."

Henry Ford once said, "Anyone who stops learning is old, whether at 20 or 80. Anyone who keeps learning stays young."

Staying mentally sharp and focused on identifying new opportunities involves more than just dumb luck – it is a continual absorption of new information and knowledge! 

Even an entrepreneurs failed venture is merely a learning experience for the next successful venture .  (and let me tell you - there will be many failed ventures)

A Successful entrepreneur never stop learning, from as many sources as possible. And, of course, use those learnings to their advantage.

So what is an entrepreneur ?

 "An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures".

Generating new ideas means learning about what already exists, where there are gaps in the market and what could be done to fill those gaps.

What do the need to learn

Think about the various areas of knowledge demanded of any founder to get a startup to market:

• The actual product or service
• Negotiations
• Sales 
• Marketing
• Systems
• Branding
• Finance 
• Project management
• People management
• Time management
• Customer service
• Technology
• And the list goes on 

So - how do you learn?

Learn by reading 

What do all successful entrepreneurs have in common? They read. Lots. 

• Warren Buffett reportedly devotes around 80 per cent of each day to reading. 
• Bill Gates strives to read one book a week. 
• Mark Zuckerberg needs two weeks to read one book and share it in his online book club. 
• Oprah Winfrey selects one of her favourite books every month for her book club. 
• Sir Richard Branson might wow you with his impressive bookshelf – particularly given his well-known dyslexia.

Of the five entrepreneurs above, only Buffett and Winfrey have a college degree. The rest are dropouts.

Learning by doing

While knowledge is indeed power, it takes action to build profit. After all, actions create experience. And as Einstein famously said, "The only source of knowledge is experience."

Put simply, entrepreneurs keep learning by what they do. They put new-found knowledge into action. They use the experiences of others to trial and test their own new ideas before pursing the most favourable course.

Whether knowingly or not, entrepreneurs will keep reading, keep creating new experiences. And all the while learning.

Learning by collaborating 

Sharing ideas

Collaborating 

Leveraging off others 

Knowing where the levers are

Join a BBG Forum 

You Cannot do everything yourself - find people who can join you on the journey. Be a great leader

Because “ leadership is the ability to influence others - no more - no less” John Maxwell 

Inspired by 

Alan Manly - the CEO of Universal Business School Sydney and author of The Unlikely Entrepreneur.