School does not prepare you to become an entrepreneur. Actual experience in the trenches does. These nine highly successful business people and members of the Oracles share the #1 skill you need to succeed in the world of entrepreneurship that traditional schooling never taught you.
Related : 11 leadership lessons you didn't learn in school
1. The indomitable will to succeed.
The most important trait you won't learn in school is to go out and try 100 things to build a business and overcome the fact that 98 of them won't work. And then go back there and try another 100.
—Barbara Corcoran, Founder of The Corcoran Group and Shark on Shark tank
2. Failing is OK when you aim big.
School punishes those who fail, so kids don't push their comfort zone to the next level. In the real world, there are no participation bonuses or grade bloat. From my experience at Draper University, I learned that team teaching is extraordinarily effective. People work harder to make sure they don't let their team down. And we teach these teams that failure is okay if they try something big.
—Tim Draper, founding partner of DFJ
3. Question everything.
I wish school had taught me to question everything. As an entrepreneur, you are always looking to find a basic assumption about the business that other people follow, but that you can query and use to gain insight into your business. For me, it was the idea that once you're a dovecote as a TV writer, you can't get into film. So I wondered Why . To write is to write. When I realized there was a basic assumption about how a TV screenwriter is supposed to behave versus a feature film writer, I was able to erase the distinction in my mind and in the mind Of the industry. Today, it is commonly accepted that the best material is on television. Challenge all assumptions.
– Roberto Orci , Hollywood producer and screenwriter whose films and TV shows have grossed over $5 billion worldwide
4. Creativity and people management.
#1, school should teach creativity as much as times tables. Entrepreneurs must be innovative. Maybe your new business is making $10,000 a month. What will you do when she makes $10 million a month? The thought process ahead of time will help you prepare properly.
#2, school should learn how to deal with people. No one is born with this skill, but you need a team to scale your business. You need persuasive skills to get great people to work with you. And you need reading skills to spot those who aren't high-quality or have big personality flaws that will derail your team.
—Tai Lopez, investor and advisor to numerous tech companies multi-million dollar who built an eight-figure online empire; connect with Lopez on Facebook or Snapchat
5. How money and cash flow work.
Learning about money and cash flow, and how to manage it, should be a required course in elementary school. No one teaches us how to manage debt and why we should or shouldn't have debt. Nor do we learn how to manage investments and create wealth for ourselves. As a result, most people today die broke.
—Jay Georgi, Founder of Nadvia and coach operations / management / profit retention
6. How to be your own boss.
No teacher at school ever taught me to be my own boss.
1. Learn time management skills.
2. Focus on your strengths and hire for your weaknesses.
3. Find a mentor who has already been to the top of the mountain you want to reach and who has made many of the mistakes you will inevitably make.
– Gary Nealon , president of Nealon Solutions and The Rox Group; five consecutive years on the Inc. 5000
7. Never give up.
The number one thing I wish schools would teach is to never give up. No matter what. Have so much confidence that you cannot fail; just learn the wisdom to make adjustments and hold your head up high. I learned this in the school of hard knocks, not in the formal education system.
—Steve Griggs, Founder and CEO of Steve Griggs Design ; designs and builds custom residential backyards for affluent clients who want quick results
8. Success without happiness, love and service leads to emptiness.
While information, competition, and achievement are essential to success, they are not enough to create a fulfilling life. Success is sweetest when it's built with heart, purpose, and passion, but you'll never learn that in school. Money, power and fame will never bring you true happiness.
—Nafisé Nina Hodjat, Founder and CEO of The SLS Company
9. WHO you know for me is more important than which you know.
Learn to network and meet other people. As an employer myself, I would not only allow a young person to be mentored, but I would also pay them something. So do many companies who admire the courage to network and ask for the opportunity. WHO you know for me is more important than which you know.
—Craig Handley, co-founder and CEO of ListenTrust
Related: 11 Epic Life Hacks from Crazy Successful Entrepreneurs
