What is your answer to the age old question, “Would you rather have book smarts or street smarts?” As an entrepreneur, both are vital to success!

In order to simplify the concept, I think of “street smarts” as experience. Therefore, the question now becomes, “Would you rather know all the aspects of an investment or have actually invested in a venture?”

Book smarts are necessary in order to know how to protect yourself and avoid mistakes. Having an education in a particular field will definitely give you an advantage when it comes times to pursue a venture, however, much can be said for experience. Think about the situation in the following way:

Person A has just obtained her law degree but has not yet practiced for a firm. Person B has no formal legal education, but has worked as a law clerk for the last five years. From whom would you rather have legal advice? Common sense tells you to use Person A because of her formal education, but should you disregard Person B solely because she posses no “formal education?” If this is the case, who should you choose? In my opinion, I would choose neither separately, and instead would choose both, working together.

Book smarts are just half the battle. There is an absolute advantage of having a formal education as a foundation upon which you build your entrepreneurial empire, however, knowing the path and walking the path are two separate circumstances.

So what is the right answer? Should you value book smarts or street smarts (experience) more? The answer is that a combination of both is ideal. However, if that situation does not arise, I would look to a potential partnership with another. If you do not want a partnership, the best decision you can make is to look at your strengths. Are you book smart or street smart? Use your strengths in conjunction with others whose strengths shine elsewhere. This should create a winning combination that could be very profitable in future ventures.