Michael R. H. Stewart: 5 Secrets in Business & Life from Aristotle

“The more you know, the more you know you don’t know.”

1. NEVER THINK YOU KNOW IT ALL

A few days ago, a very successful and massively intelligent young man reminded me of this important line from Aristotle: “The more you know, the more you know you don’t know.” In many respects, this is one of the most important lessons to be learned; both in business and in life.

Aristotle’s brief but profound statement is of particular urgency in today’s rapidly changing, intensely competitive business world. In just the last decade, there has been an unprecedented explosion of innovation and the availability of information. During this exciting time, the entrepreneurial ranks have also exploded. On average, according to Forbes, 543,000 new businesses have started operations every month. Sadly, most of these new businesses fail.

What has contributed to this failure?

Despite the availability of knowledge, many of these entrepreneurs have failed to heed Aristotle’s simple suggestion. Never think you know it all. Because that simple error can be the beginning of a downward spiral that can rob you of everything you have accomplished.

When things are going well, never stop learning. When things are going poorly, remember to continue advancing your knowledge. Never think your intellectual advancement is a luxury — it is the secret to success. You will never do anything in this world without courage. It is the greatest quality of the mind next to honor.

2. BE COURAGEOUS

Never be unwilling to take a risk. Certainly be cautious, but never be fearful. True success never comes to the faint of heart. To excel, you must always exceed not only your own expectations but also the expectations of those who follow you. To be a leader, you must lead. Even 2,500 years ago, Aristotle understood this important secret. Fear and comfort are the beginnings of failure. We are what we repeatedly do. Excellence, then, is not an act, but a habit.

3. MAKE EXCELLENCE A DAILY ACTIVITY

Steve Jobs was one of the most amazing and persistently successful businessmen in modern history. An important secret to his success was the habit of creating and requiring excellence — every day and in everything he did. No one ever bought an Apple computer or an iPhone because they were cheap. Even today, they are purchased in record numbers because they are excellent.

The beginning of success requires excellence — in everything you do and say. Ultimate success, however, requires that same excellence; not as an isolated act but as a consistent habit. The whole is more than the sum of its parts.

4. SUCCESS BEGINS WITH ONE TALENTED PERSON BUT EXPANDS WITH MANY

This Aristotle theme has been an important part of every business model as long as anyone can remember. It was true then and remains true today. When you surround yourself with dedicated, intelligent and determined people, your business value to your customers will be much greater than could be achieved with any number of single individuals.

Successful businesses all share one thing in common: Professionals call it human capital. It is a crucial component. But to the extent you magnify yourself with others, success will be both predictable and consistent.