In the following article, you will learn why, despite their intellect, the people we know as know-it-alls do not always end up being the most successful.
Who would believe it, one of the characteristics that can work against any entrepreneur is being a know-it-all. Yes, just like you just read, the best students are not the most successful, or as we wrote in the title, the bad students end up being more successful. The more you think you know and the more things you know how to do, the harder it will be to run your business. This is how Carol Roth determines it in her book: “The Entrepreneur Equation”.
Here we explain why according to Roth, being a know-it-all, or the best student in your class does not mean that you will be a good entrepreneur:
The challenge of being a know-it-all.
The problem of those who “know everything” begins at an early age, at the time of integrating the famous group work at school. The 80-20 rule, in which 80% of the teamwork is done by 20% of the members, led this group of people to do most of the work. They want to avoid making their results depend more on other people than on themselves; therefore they will do their best to take control and do the whole project if possible.
Thus begins the vicious circle of the Smarties. They dedicate more time and commitment to the activities they carry out compared to others. They write better, plan better, and get good returns. They are the best, until it comes time to run a business, there they can’t do all the work themselves so they start to find themselves in trouble.
These types of people will be absorbed by time, not wanting to delegate tasks, due to their belief in the low results they would obtain if they leave it in the hands of other people. As a result, if they want to run a business, they will become the “all man” instead of delegating functions, allowing process automation and growing their business.
Why “lazy” or “bad students” will reign as businessmen?
It sounds strange, but the facts show that those “lazy” fit more the characteristics of those with an entrepreneurial spirit. Why? If we return to the example of group work, we realize that the “lazy” from the beginning saw the need to surround themselves with people who knew everything to ensure their results, they know how to delegate and persuade people to do more things. to them, without seeming taken advantage of or advantageous.
I failed exams and my partner always had the best grades. Now he is one of the Microsoft engineers and I am the owner. Bill Gates.
The secret to automate and delegate.
Ideally, smarties should be able to pass on all their skills and talents to others. However, by being so used to doing everything themselves, they are missing out on learning key skills to build a successful business.
Automation and delegation play an important role in meeting these objectives. As an entrepreneur, it is necessary to condense our essence in a format that is easy to follow and that anyone can replicate, something that these people cannot comfortably convey, says Roth.
Keep things as simple as you can.
Those know-it-alls are often more charmed by the strange, complicated, or different (qualities we don’t criticize). However, this behavior can lead them to evade the “keep things as simple as possible” rule to make a business successful.
To have a better view of the above, we give you the example of McDonald’s, the famous fast food chain. This revolutionized the market, not because it created fast food, but because within its business it standardized production and service processes in the sale of its food. It might seem a little overwhelming to know that these techniques gave way to this million-dollar franchise, but when you look at it, it was all about keeping processes as simple as possible for their workers.
Arguably, the existing multi-billion dollar industries are run not by smart-ass people, but by those who are most talented at standardizing, automating, and delegating most tasks in such a simple way that any type of employee can successfully perform. .
Therefore, this “know it all” will be of no use if you don’t know how to make other smart people work for you. Your business will be more successful if you hire people with more knowledge than you and allow them to demonstrate it. You do not want to hire an accountant who knows the same or less than you when it comes to keeping accounts, on the contrary, he will have to be the expert in the area, so that he can teach you how to best manage your flow box, for example.
The smarter you are, the more you have to lose.
Another problem that know-it-alls may face is that the more you know about something, the more options and expectations you have. They may be able to make a lot of money in different fields and even have more chances to get promoted at their jobs, so they will also have a better income.
This means that when they want to start a business, they will have much more risk than those who start with less money and less success in their career. By having a greater reputation and success, they will have to risk more, which is why they will need a business opportunity that provides a greater and worthy reward for their reputation.
For example, if these people earn $250,000 per year, their business will have to be 5 times more successful than the business of someone who earns $50,000 to achieve the same profitability. Also, it’s much harder to double $250,000 in annual income compared to making $50,000.
So with more to lose, a wide range of options available, and a penchant for complex tasks, you won’t be surprised to see your average high school student end up being the one who finds success in their own business.
Success is not just about studying.
Studying is important, it is true, but there are certain factors that are even more useful in the life of an entrepreneur. One of them is the ability to do, to act. Entrepreneurs are doers. What is the use of having so much knowledge if it is not used to create, to innovate or, even more importantly, to solve problems?
Another factor of great importance is networking. You have to face it, if you are going to create a company you are going to need contacts, mentors, followers, collaborators, partners, etc. You must not only invest time in knowledge, you must also develop your social skills and put them into practice.
Take advantage of those environments where you can meet people who can possibly support you and contribute to your ideas. For example, don’t let college be just for going to class and doing work. Both teachers and students can be the key to open doors in the future.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
