Empty Your Purse Into Your Head

Most entrepreneurs pay lip service to education! OK, maybe not you . . . you’re actually taking the time to read an article on business. I’m talking about the average entrepreneur.

Ask a number of businesspeople if they’d be willing to attend a seminar on building their business, and three-quarters of those in the room will raise their hand and say yes! Tell them that it is four weeks from tomorrow at 7 p.m., and only a handful will actually sign up!

It used to surprise me when I heard that 50 percent of all businesses fail in their first three years. Now that I’ve been in business for several decades and have seen many entrepreneurs come and go, I’m somewhat surprised that 50 percent actually make it past three years!

Maybe I’m being a little harsh . . . but not much. One thing I’ve learned is that most successful entrepreneurs embrace a “culture of learning” in order to excel. Personal and professional self-development is a journey–not a destination. It’s always a work in progress. Often, businesspeople get so caught up working “in” their business that they forget to spend time working “on” their business. Part of working “on” a business is one’s professional development.

Benjamin Franklin once said; “If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the highest return.”

With that in mind, here’s an action item for you this week. Look at your financials (or checkbook, or credit-card statements) for the past year. What have you spent for any type of ongoing business education? If you aren’t “emptying some of your purse into your head,” take a few minutes to think about what you want to learn to help you build your business–and sign up for something this week! Don’t put it off any longer.

If you want to earn more, you need to learn more! Oh, and reading this blog from time to time won’t hurt, either.

7 thoughts on “Empty Your Purse Into Your Head

  1. Hie Mr.Misner

    You are 110% absolutely right. I have for myself a personal developement program and i am an avid reader. There is so much to learn and improve. I am a salesperson on the internet. The internet moves at lightning speed so i have to keep learning and innovating to keep up the pace.

    “Learn Before You Earn” – It is not a coincidence that there is the word Earn in L-earn 🙂

    Success comes from being excellent at what you do.

    Thanks a lot.

  2. The “in” the business vs. “on” the business is something all business people need to take to heart. And personal growth is definately part of that! Thank you Ivan for a great blog-keep em coming!
    Shawn McCarthy BNI ED Ventura County Ca.

  3. Thank you Ivan for reminding us that when we take the time & resources to improve our skills our success is inevitably greater than anticipated.

  4. Mr. Misner, although I agree 1000% about educating our minds and working on our business; I don’t think we need to empty the pockets, purses or bank accounts. There is so much information available for free – these blogs for instance, yet what amazes me is that people don’t even take advantage of what is put on the plate in front of them at no cost! I believe education is added value, thanks for the great tips!

  5. OK, Matt, you realize that Ben Franklin meant this as a metaphor – he didn’t mean to literally “empty” your purse or wallet. He simply meant that money spent on education was money well-spent. I agree.

    That said, I also believe that there is a lot of free material available that is of value to readers.

  6. Thank you, Ivan! I’d like to underscore this: “think about what you want to learn to help you build your business” for all the blog readers. It is vitally important that you sign up to learn something that will help you build your business or help you accomplish another goal that you might have this year.

    Signing up for something because your friend did or your spouse thought it might be fun is not necessarily the best learning opportunity to cause you to “empty your purse.:

  7. How true this is! I have always been a big supporter of more education because knowledge is everything. The more you learn, the more you realize there is to learn.
    I like learning from those who have gone before me, so that I don’t make the same mistakes in my business. Have a mentor show the ropes doesn’t hurt either.

    I just read a blog the other day that stresses this train of thought. Please click here to read it:

    Thanks for the encouragement:)
    Sarah Smith

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