What Do You Really Need to be Successful as a Small Business Owner?

Recently, I was told a story about two entrepreneurs--both with MBAs--who went into business for themselves. Before long, they found themselves struggling. From the story, it was apparent that these entrepreneurs lacked the practical experience to run a small business.

This made me ponder…what do you really need to be successful as a small business owner? I often tell people that I have an MPB degree, A Master of Practical Business. An MPB is not an academic program, and nobody hands you a diploma. You earn your MPB from working in the trenches, getting burned from failures, and achieving "highs" from successes. The only way to earn an MPB is to dive in, get your hands dirty, and take real risks. In doing so, you learn many things, including how to measure reward and satisfaction.

Sound overwhelming? It shouldn’t be. I believe you can accelerate the time it takes to earn your MPB by learning from others who’ve graduated from the proverbial School of Hard Knocks. Rub shoulders with them, absorb their lessons, and use them as your sounding board, your personal think tank. Being successful in small business doesn’t happen because you know business theory (although it certainly doesn’t hurt), but because you make an effort to learn the practical aspects of what makes business, and people, tick. It isn't necessarily sophisticated; some of it is just good ol' common sense.

So the question is: what can these two entrepreneurs—who don’t have much practical experience—do to become successful? The answer: find a mentor who has an MPB. They should open their minds and be willing to think differently. And they need to take action. Even the wrong action, executed effectively, is better than standing in place.

Entrepreneurs with MPBs don't wait for the world to come to them. They go out into the world, ready to observe, learn, and conquer.