 Few years ago Mark Cuban was axed in an interview. What do you think is the single most important reasons why businesses fail? His answer was simple, but most people don't get it. In today's video I'm going to be showing 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. If you're new here, consider subscribing so that you won't miss other interesting videos like this. What it means to be a lawyer? When I was a boy, I lived in the same house with a woman whose husband happened to be a lawyer. Whenever this man came to visit, his books were usually some of the biggest loads he carried. I thought it was because he was a lawyer, but as I grew up, I noticed that every single individual who does well in their fields always remain in the classroom in your 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 leave. 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 even study 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 area their business relies on, you're gone. Later in this video, 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 11 years ago when I told my elder brother that I wanted to become an entrepreneur, the first question he asked me was that what everyone will ask you today? Where will you get capital? Over the years, I've met so many people who claim that they wanted to build a business. The 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 video 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 a business, but I understood early in life that with knowledge I could get anything else I wanted out of life. Napoleon Hill said and I quote, 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, learn from them, how they built great companies. What happens is that you will 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 are now so 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 could 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, which you can do here on YouTube, 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 busyness. Whenever you ask people to take time for reading or learning, their usual excuse is I'm busy. If you spend 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 make this video, an average human being waste more than seven 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 a hundred 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 video 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 is because of the lack of knowledge. And why is this important? In that same video, Mark Cuban uses a simple analogy. He said, if anyone who is competing with me knows what I don't know, he can kick me out of the market. It's that simple. 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 your 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 them 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 very much for watching our videos. We'd like to give you another interesting video for you to enjoy next. But before then, our team will be very happy if you can like this video and share it with your friends on social media. 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