Many individuals perceive entrepreneurs to have a certain knowledge that helps them bolster their business endeavors, and a new study is suggesting that this notion could be correct.

According to a study from the University of Maryland, to become successful at entrepreneurship, having general intelligence is not enough. Those with dreams of success should also have practical intelligence, as researchers believe that this is an indicator for success in the business world.

The study indicates that practical intelligence comes from experiencing lessons from hands-on operations, or common sense. The research reported that those who experience lessons through hands-on experiences were able to learn more than those who watched or read.

"A person with high practical intelligence who starts and grows a company in a specific industry and who has specific experience and has learned specific things from that experience and who has specific venture growth goals will grow their company faster and more successfully that someone who does not have the same level of practical intelligence," said J. Robert Baum, director of entrepreneurial research at University of Maryland.