The number one reason businesses fail is the owner lacks business intelligence. So what’s the difference between business education and business intelligence?
In my opinion, business education is knowledge acquired in recognized learning environments, such as schools, universities, web-based training, e-learning courses, workshops, seminars, webinars, etc. Many individuals feel just because they read up on it, or studied it, they understand it, and know it. That’s where things can become misleading.
For example, let’s take business students that have just graduated from Harvard. They have one of the highest educations in business. So why don’t these individuals walk out of university after graduation and get snapped up immediately by big companies? The reason? They have theoretical business knowledge, but they don’t have business intelligence.
Take a heart surgeon, for example. He’s gone through school, has his credentials nicely framed on the wall and has all the formal education and training completed. The only problem is he’s completed a minimum number of actual heart surgeries.
Would you want him operating on your heart? Would you opt for the surgeon that just came out of school for the surgeon that has been doing it successfully for 20 years? The answer is simple. The experienced surgeon has intelligence gained from real-time experience performing heart surgery, not just the education.
Intelligence is the actual ability to learn, acquire, assimilate, and consistently and I repeat, consistently apply that new knowledge habitually. That is why over 80% of businesses fail. The owner may be competent in business knowledge, but they lack competence in business intelligence.
Business owners need to apply intelligence to what they have learned about business.
When clients come to me, they will say things like “I understand business” or “I know what I’m doing in business.” They feel they already know about business, and understand how business works. That’s just another lie that owners tell themselves. In fact, most business owners do understand the basics of business, but they don’t realize they lack business intelligence. They can’t get from point A to point B. They can’t scale and acquire new clients, and they have a hard time keeping staff, or maintaining a consistent cash flow. The bottom line is they lack the intelligence they need to get their business to the next level.
The next question you probably have is, “well, how do I become intelligent in my business?”
The first step is taking time to work ON your business instead of IN your business.
The second step is for you to acquire the knowledge needed.
The third step is to discipline yourself to consistently and continuously apply that knowledge to your company.
The fourth step is to systemize your knowledge so that you don’t have to keep going back and rebuilding every time. You will do this with every area and every aspect of your company.
The bottom line is successful business owners know that they don’t have the time or money to make tons of mistakes, so they work with somebody that will help them gain the business intelligence they need.
What can you do?
Every successful business owner in the world today understands that working with a consultant, a coach, or a mentor will help them obtain the business intelligence that they need at a much faster pace. When considering a consultant, coach, or mentor, make sure they have real-world business intelligence, have built successful businesses and aren’t just basing their skills on having a formal education.