Let me get straight to the answer, here. In the end, successful entrepreneurship requires intellect and will. By very nature, an entrepreneur is a risk taker with a will to make things happen. But what if you’ve got doubts about the intellectual part?

I was talking to a friend recently about high school, explaining that I was a really bad student. And I was. It’s a little embarrassing to admit, but the truth is, I spent so much time surfing and goofing off with friends that I barely maintained eligibility for school sports!

Let’s just say I didn’t run with the intellectually gifted in those days, and I’ve got the SAT to prove it.

Lucky for me, I chose to become an entrepreneur.

Frankly, entrepreneurship is a profession with a very low barrier to entry. Anyone can jump in. There’s no degree required. No special testing, and no need for an impressive pedigree. All that’s required is an individual with an idea, passion, and an iron-will.

I recently read an article by Thomas McCraw about Joseph Schumpter, a famed economist and highly successful entrepreneur. Schumpter was a bright and interesting man who liked to say that he aspired to be the greatest economist, lover, and horseman in the world. Then he’d pause before delivering his punchline: Things weren’t going so well with the horses.

He also had a lot to say about the entrepreneurial psyche. He carefully explained how innovation and creativity were at the very root of successful entrepreneurship. Schumpter had a keen appreciation for the tremendous obstacles that business operators must overcome.

Schumpter held that successful innovation, and therefore, successful entrepreneurship is “a feat not of intellect but of will.”

I like that. While I believe that both will and intellect contribute to success, basically what Schumpter says here is true. The profession of entrepreneurship requires will, heart, and tenacity more than it requires intellect and book smarts.

The irony is that through the obstacles of entrepreneurship, the obstacles that require an iron-will to push through, one is forced to think through every detail and find smart solutions. They’re forced to develop some intellectual capacity.

So, successful entrepreneurship definitely requires will. No doubt, intellectual capacity goes a long way in entrepreneurship, too. The good news for late bloomers like me is that even if all you’ve got to start with is the will to succeed, then go ahead and move forward because the very process of entrepreneurship will eventually develop your intellect, too.

For more information on this topic, check out these great blogs posts:
Success Principles: 11 Keys
The Attitude of Success
Survey: Few believe a good education is necessary
Do you think a degree is still necessary?

About 8 years ago I received some of the best business advice I’ve ever been given.

I had just raised $10 million from Venture Capitalists. My attorney and I were preparing for my first board meeting as Chairman and CEO. I had 4 demanding VC’s on the board, and we didn’t have much margin for error. (By the way, one of the best ways to avoid getting slammed by investors is to make sure you’ve set yourself up to Beat Projections–go read that link!)

As we finished our preparation, she said to me, “I have one piece of advice for you as you manage this Board. No surprises, Jeff.”

She went on to explain that most entrepreneurs, and almost every human being for that matter, have a terrible tendency to delay the delivery of bad news. Until it’s too late. Until everyone is shocked, surprised, and sour.

She said, “Jeff, if things aren’t going well, if you see problems on the horizon, then you must let your investors know about it as soon as possible. I promise that you’ll earn their support and gain credibility with them. And you’ll uncover solutions from them….before the problems are too large to fix.”

I’ve taken that advice and it’s served me well on many levels. In every possible area I try to uncover the truth about what’s not working (or what really is working) and expose it immediately. That goes for key personnel, with marketing projects, business plans, financial processes, and on and on.

Successful entrepreneurs see the wisdom in acknowledging what’s not working and doing so as quickly as possible. Then, disclosing it to those who are involved. Even at the expense of discomfort, disappointment or embarrassment.

This approach puts the pain front-and-center and gets everyone in the “real world”. Knowing the hard truth about where your business really stands at any given moment is crucial.

Most failed companies or programs can trace their failure back to a critical point where some painful reality about their business departed from view. Bad news was muzzled and instead, positive reports, feel-good optimism, and all-comforting hope carried the day.

They say “hind-sight’s 20/20″. That’s true, but it’s also a cop-out. An honest evaluation of real time results is close to 20/20 also. And operating effectively in the here and now is where great entrepreneurs rise to the top. The problem is, most entrepreneurs don’t have the stomach to face the hard truth at the very moment it comes to light.

The sooner you can learn to embrace and communicate the truth about your business…and that means the good, the bad, and the ugly, the sooner you’ll ensure a higher likelihood that your business will become a success.

Remember, “No Surprises.”

Check out these great posts to find out more about this topic:

Honesty in Business - Does It Pay?

Honesty and Business - The Way I Like To Do It

Truth: How Great a Virtue Is It In Business?