The number one reason businesses fail is because 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 school, university, web-based training, e-learning courses, workshops, seminars, webinars, etc.
People feel just because they read up on it, or studied it, they understand it, and know it. That’s where I think we’re misleading ourselves.
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 with their business degree and big companies snap them up and place them on the top rung of the corporate ladder? The reason? They have business knowledge for sure, what they don’t have is business intelligence.
Take a heart surgeon, for example, he’s gone through school ……. he has his credentials nicely framed on the wall …….. he has all of the formal education and the training, but 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 or the surgeon that has been doing it successfully for 20 years? The surgeon that’s been doing it for 20 years, right? That’s because he has intelligence gained from his experience in 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 they understand how business works. That’s just another lie that business owners tell themselves. In fact, most business owners do understand the basics of business, but what they don’t realize is that they lack business intelligence. They can’t get from point A to point B …… they can’t scale and acquire new clients …… 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.
So the next question you probably have is, “well, how do I become intelligent in my business?”
The first step is taking the 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, once you have acquired the knowledge, 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 it every time. You will do this with every area and every aspect of your company.
The bottom line is that successful business owners know that they don’t have all the time or money to make all the mistakes, so they work with somebody that will help them gain the business intelligence they need.
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, a coach, or a mentor, first make sure that they have business intelligence …….. they have built successful businesses …. they haven’t just taken a course and passing on education.