When you look at successful entrepreneurs like Jeff Bezos and Bill Gates, it’s easy to assume that they were successful because they had natural talent or a high I.Q.
Do you need to be born with entrepreneurial genius, or can anyone achieve great success?
A university professor decided to answer this question, and after much research, he found that entrepreneurial genius comprised 90% experience and just 10% success.
In this video, filmed at the Platinum Mastermind in Kota Kinabalu, Ted Thomas interprets this lesson.
A LESSON FROM GENE LANDRUM
Gene Landrum was the founder of the Chuck E. Cheese restaurant chain before he became a professor at Hodges University in Florida.
Since then, he’s written 13 books about entrepreneurs. He wrote a whole book about Michael Dell, the founder of the Dell computer company, and Jeff Bezos, the founder of Amazon.
He did years of research to prove the following point:
“Entrepreneurial genius is skewed towards behavior with as much as 90% of success is derived from experience and only 10% from I.Q. and talent.”
This brings good news and bad news. The good news is that your natural talent and intelligence means very little in determining your success as an entrepreneur. Never think that you can’t do great things because you’re not smart enough.
SUCCESS DOESN’T HAPPEN OVERNIGHT
The “bad” news is that while you don’t need I.Q., you do need a lot of experience.
When he wrote his books about Michael Dell and Jeff Bezos, he remarked that both of these entrepreneurs took 10 years to learn their profession before they made significant money.
Even a company as big and prominent as Amazon was losing money for many years. Over those years, Jeff Bezos had his work cut out for him to figure out how to become profitable.
You won’t hit it out of the park on your first try, or be an overnight success. With years of experience under your belt, you will be wiser and you will make better decisions. The only way to get that experience is to stop daydreaming and get to work.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.