how to become a successful businessman | News Cover

News Cover: A few years ago, Mar Cuban was asked in an interview, "What do you think is the single most important reason why businesses fail?". His answer was simple, but most people don't get it. 

In today's article, I'm going to be sharing with you, the single most important thing you can ever do as an entrepreneur. If you don't do this, you can't build a successful business. What it means to be a lawyer When I was a boy, I lived in the same house with a woman whose husband happens to be a lawyer. Whenever this man came to visit, his books were usually some of the biggest loads he carried. 

I thought it is because he was a lawyer, but as I grew up, I noticed that every single individual who does well in their field always remains in the classroom in their career. Whether you're an accountant, an engineer or a policeman, if you want to remain relevant for long in your career, you have to continue to study as long as you live. But there's one profession which many never consider requiring a lot of studies, even though this profession requires more studies than all other professions in the world, that profession is entrepreneurship. 

Most people I know who want to be entrepreneurs are not studious. Yes, some of these people may study hard in schools but when it's time to start a business most people simply don't think that they have to study, study and study even more. I don't like to be the carrier of bad news but here is one; you can never become a successful entrepreneur if you don't learn every day. If you don't have a conscious learning habit, there's no way on earth you can be relevant in the ever-evolving world of business because by the time your competitors know more than you do, in any important areas their business relies on, you're gone. 

Later in this article, I'll share with you some important areas I think you should study. For now, let me bust a common myth. The myth about capital About eleven years ago when I told my elder brother that I wanted to become an entrepreneur, the question he asked me was what everyone will ask you today; "Where would you get capital?" Over the years, I've met so many people who claim that they wanted to build a business. Their number one excuse is always; I don't have capital. 

I think these people don't know what capital is and what the most important capital is, in any business. Listen to this: by far, the most important capital you ever need is what I call knowledge capital. With knowledge capital, finance and every other thing you need to build a business will automatically follow. 

Whenever I say something like this, I know someone watching this article is likely to think that I'm a motivational speaker but I'm not. I was born in one of the poorest parts of the world and my parents only could struggle to feed us whichever food, just for us to remain alive. But from such a situation, I decided to build a company and I did it. Yes, nobody in my entire family ever gave me ordinary $200 for business, but I understood early in life that with knowledge, I could get anything else I wanted out of life. Napoleon Hill said, "Capital is too much in the world for those who know how to get it." Knowledge is the key that shows you how to get it. You need to learn every day of your life, study business, negotiation, human psychology, human relationship, and leadership. 

When you read biographies of great entrepreneurs and learn from them, how they built great companies, what happens is that you naturally know about business than most people in the world. When you know about any subject than most people in the world and you're willing to act, you naturally attract the attention of the people who have resources. It's very simple. You cannot become a successful entrepreneur if you don't wake up every day to learn. Scientists do it all the time. Think about yourself as a scientist who works hard to find a cure for HIV, cancer or any deadly disease. You sleep in the libraries and laboratories for two years and one day, you announce to the public that you've discovered the cure for all cancers but you don't have any money to produce the drug. What do you think will happen? Well, you'll get more money than you can ever use because everyone knows that you're about to change the world. 

A similar thing happens to entrepreneurs. I've raised capital again and again. I've got more than what I needed, simply by studying, knowing and acting. If you don't believe me, I recommend that you watch ‘Shark Tank’, a show that entrepreneurs use to get capital from investors. If you watch Shark Tank, you'll notice how some entrepreneurs can get far more than they ask for, even though most people get nothing. Those people who get more than they ask for are those who know what others don't. You cannot become a successful entrepreneur if you don't wake up every day to learn. 

The woe of business Whenever you ask people to take time for reading or learning, their usual excuse is, "I'm busy." If you've spent enough time on this planet as I do, you'll know that "I'm busy" is what people say for things that are not important. Whenever you think you're busy to do anything, it's simply because you don't think such a thing is very important. As we wrote this article, an average human being wastes more than 7 hours every day. Some waste such hours on TV, some waste such hours on social media, gossip or even computer games. These same people who waste so much time on little things will claim that they cannot read or study because they are too busy. 

What if your life depends on knowledge? What if knowledge is the oxygen that fuels your existence? But that's the truth. Knowledge is the oxygen that fuels your existence. You can remain alive for 100 years even if you don't know anything about anything but you cannot live a meaningful life as an entrepreneur if you don't wake up every day to learn Why Cuban thinks that ignorance kills businesses At the beginning of this article, I told you what Mark Cuban said in an interview when he was asked what he thought was the single most important reason why businesses fail. 

Cuban says that it's because of the lack of knowledge and why is this important? In that same article, Mark Cuban uses a simple analogy. The reason why you have to be studious, as an entrepreneur is because, if anyone knows what you don't know about your product, your market, or new technology, such a person can send you away from the market. 

If any of your competitors know more about human psychology than you do, if any of your competitors know more about branding, marketing or negotiation more than you do, if any of your competitors know how to attract quality people to work with him more than you do, you may be kicked out of the market very soon. You cannot become a successful entrepreneur if you don't wake up every day to learn. Thank You...!