Just what is business IQ (intelligence quotient)? It is the measure of your reasoning ability; of how you process and use information and logic to creatively solve business challenges. It is the fundamental aspect of creativity, innovation and business strategy. So, as an entrepreneur, it is mandatory that you develop or improve your business IQ as it determines the failure or success of your business. How then do you develop your business intelligent quotient?

The first step to improving your business IQ, as an entrepreneur, is to expose yourself to reading. Not just reading books, but books that will expose you to the entrepreneurial knowledge that you need to grow your business, whether it is a small business, home based business, online business or side business. Some of these business books are written by successful entrepreneurs who are writing based on their years of experience in the business world. Some are writing by top consultants, scholars and business intelligence analysts who have spent almost half of their lives studies business processes and strategies.

The second step to improving your business IQ is to have at least a mentor. Mentors are those are successful at what they do and are willing to help you navigate the tough and challenging business environment. You can’t be in business and not have at least a business mentor. An hour or more discussion with a mentor can save you many years of business setback or failure. It can yield you many more productive years.

The third step is to plunge into the business world. Like they said, it is better experienced than to be told. Most entrepreneurs who are successful today, they learn on the game. So, don’t be afraid to start small. Don’t be afraid to make mistakes—terrible mistakes. Don’t be afraid to fail. It is part of the game. With each mistake and failure, you will get better. Most successful entrepreneurs in the world today has failed several times. They have made terrible mistakes. They failed and went bankrupt. However, they leverage on all these setbacks to improve their business intelligence quotient.

The fourth step to improving your business IQ is to have a good understanding of your industry. Every business belongs to an industry. It won’t be a bad idea if you research the history of the industry, how it started, policies that controls the industry, the challenges and the opportunities that are available in the industry. In taking your time to research all these, you will have an excellent understand of how to navigate through your industry.

Lastly, master the use of business intelligence tools. Business intelligence tools are designed to help you increase your productivity in your business. Don’t be like those who saw the computer as a tool of the devil in its early days, and then ignored learning how to use only to lose their jobs to young professionals who mastered how to use it. Whatever business intelligence tool that can help you optimize your workplace productivity, leverage on it. In fact, take the effort to find these tools. Go through the pain of learning how to use them and then introduce them to your team. Work with them and someday, you will be happy you did.