Chances are if you own your veterinary practice you're used to making quick decisions and thinking on your feet. It may even come naturally to you. New research points to a specific kind of intelligence that may be behind entrepreneurial success. The research, to be published in a forthcoming issue of the journal Personnel Psychology took a closer look at practical intelligence—better known as common sense, know-how, or street sense. This is perhaps best described in layman's terms as "learning by doing." You learn from your experiences.
According to the study, some people don't learn much from their experiences, so they don't accumulate much practical intelligence. Such individuals may still be extremely intelligent, but they've attained their knowledge through other (time-consuming) means—such as reading or observing. These means are less likely to produce ready-to-use, applicable, and situation-specific responses to real-life situations.
Because entrepreneurs—especially during the early stages of their businesses—have to think on their feet, researchers say they have to make the best decisions possible in the least amount of time and usually with few resources. They don't have time for in-depth analysis and usually do not have the luxury of consulting with others. Practical intelligence empowers them to act quickly and confidently.