You cannot substitute experience for knowledge. An entrepreneur must ACT not only for immediate success but for long term improvement in results through experience.
The resource that most benefits an individual who considers their activities to be entrepreneurial comes in the form of self knowledge. I like to stay away from hazy metaphysical idea's when I write articles however, in this case there is nothing hazy about this concept. Knowledge only sets your foot out the door. Action puts you on the path. But the resource that gives the entrepreneur the most success is the the resource that resides within them AFTER they have experienced some success.
Its difficult to verbalize, but Napolean Hill in “Think and grow rich" identified two distinct types of imagination. One was called creative and the other was called synthetic.
Creative imagination was capable of creation in the biblical sense. The creative type of imagination create visions that have never been seen ever before.
The synthetic imagination is much more common and is actually a composite of different existing concepts that your mind creates that are nevertheless original if only based on existing realities.
The resource that experience gives you as an entrepreneur resides in both places. You may have heard the expression, “nothing succeeds like success" Here's the meaning of that saying.
When you stumble across success, whether its your own or you read about somebody else's, you go through a recording experience not dissimilar to burning a CD. This experience creates a file (so to speak) that is put away and replayed when existing circumstances create a play of that file. Stress is a good initiator of the play button depending on what type of circumstances are causing that stress. The psyche is under pressure to complete a task and it accesses relevant stored information about the possible solution.
This mechanism is a resource that all successful entrepreneurs use often to achieve results based on their successful experiences. To set this mechanism up in your own mind if you still haven't begun your entrepreneurial career is to read about strategies and experiences of others. Immerse your psyche in knowledge and information and experiences in print. Take to it with vigour over a longer period before you finally begin to act. By doing this your store of resources gets exponentially bigger because your synthetic imagination spawns new “experiences" and stories and examples while dreaming and during day dreaming. The resources are mixed with your own real world experiences to give you even more unique resources.
I am not a psychologist but I have read enough about this sort of thing to understand how it happens and am able to observe it in my own inner environment. Once you have enough inner resources you should feel great motivation. Like a motor revving its accelerator, you should find yourself being drawn to certain ideas and preferences. Its theses idea's you will formally begin to test and finally act on. This resource will stay with you for life.
Knowledge + Action = Profits.
Martin Thomas (c)2005
Martin is a professional investor and Entrepreneur. If you would like to discover more about being an entrepreneur, you can read “The Million Dollar Mentor" by Hayden Muller. Martin recommends this work highly and has used the very concepts contained in the work for his own successful entrepreneurial activities. http://www.opportunity-investor.com