Skip to main content

Knoweledge as a Base for Starting a Business

Sir Francis Bacon once said "knowledge is power". I support his viewpoint completely. Because the pursuit of knowledge is an important ingredient for success in every endeavour in our lives.

Knowledge in business provides you with guidance to make sound judgments, to formulate decisions and to run your business effectively. Business knowledge provides context. It helps us to understand when to act, when not to act, what should be done, what ought not to be done, when it should be done, where it should be done and how to do it so as to optimize effectiveness.
From this perspective, knowledge is not simply a higher level of information, it is the guide which helps us use or process data and information to deliver optimum results. Lets look at ways to access knowledge:

Research
By researching on your business idea, you acquire the required knowledge before you start a business.  All the drive and determination in the world are not going to help you if you don't have the knowledge to actually run a successful business and you don't bother to research and plan for the success of your business.
A friend of mine had long dreamed of running a fruit juice processing factory. Eventually he did. Unfortunately though, he didn't bothered to study the competition or the demographics of the market in the area. It took less than a year for his fruit juice factory to fail. He had the desire and the drive, but he didn't have the knowledge he needed to run the business.

Observation
When you really want to achieve success in anything especially business, you have to observe the trend of the market and demand situation. What did customers want? How do they want their services delivered? How do they want their product packaged? Observed what other businesses especially in your niche area are doing. Look at successful companies and see what they are doing differently from the pack of others that is giving them good reputation amongst customers. By so doing, you will gain first hand knowledge of what you should also do to be success.

Purpose Driven Reading
I am sure you have heard the statement "readers are leaders!". I am not talking about just reading any kind of book that you lay your hands on. The kind of reading that produce result has to do with materials in line with your business venture. My expertise and exploits in business today is as a result of the books I read and the trends of things I observed.

Learn from the Big Bosses.
What I mean by this is identify a companies that are doing what you want to be doing, but on a larger scale and copy their best ideas. If you can, modify the ones you see lapses in them. This is a strategy that every successful company or individual applies. You can subscribes to the company's services or products. Or become a distributor of their products to learn how they run their business.  You may also become a vendor in the company, so as to be close to them and learn whatever you can.

Find a Mentor
Get a mentor who can provide you with long-term support. But choose someone who has been there, with actual relevant experience as opposed to someone simply being paid to offer advice they once read in a book.  You need a relevant practitioner, not a generic advisor.

Most importantly, your lack of knowledge should never stop you from starting. You can hire the best brain in the field to work for you - to run your business for you. There is never a day when I don't come across something I don't know, that could help improve my business. 
Secondly, concentrate and build on your strength, let others handle what you are not good at.

Comments

Unknown said…
Such a nice article, Very informative and Its a great thing that you have shared this kind of info.

Popular posts from this blog

Performance Measurement and Reward System

As the global war for talent grows increasingly fierce, management of people is a key concern among organisations.  Once thought primarily in terms of cost, people in successful companies are being valued as rich sources of talent, skill and diversity, which are critical to the success of the organisation. Managers have identified the shortage of skills as one of the main threat to prospect of growth; they are devoting a greater share of resources to protecting themselves.  For this reason, the role of human resource in an organisation has been and continues to be scrutinized in terms of how it can add most value with the rest of the organisation, helping to overcome the challenges adherent in the people agenda. In defining performance measurement, Dessler states that it “means evaluating an employee’s current or past performance relative to the person’s performance standards”.  This entails evaluation or assessment of the actual p...

INTERNAL PROMOTION AND SUCCESSION PLANNING

Promotion comes as a result of ones performance on the job over a period of time, or it could be said to be an advancement in ones profession. Succession on the other hand is a shift in position as a result of promotion, transfer, retirement or death of others. It could be as well a change in policy of an organisation leading to reorganisation of operations and human resources. Getting succession right is vital. There are two approaches that can be used at different times to ensure success. The internal selection approach advocates choosing successors from within, to ensure a smooth transition, preserve company values, and encourage employees by showing a potential career path. Most organisations struggle with how to turn succession into success. It is necessary to use either internal selection or the Darwinian approach at different levels or at different times. For example, a high percentage (80%) of senior roles may be internally appointed, while junior roles are sel...

Future Trends and Techniques in Segmentation

Segmentation consists of group of buyers or a process of identifying groups of buyers who share similar set of need and wants.  It is the breakdown of the market for a particular product or service into segments of customers, which differs in terms of needs, wants, lifestyle, religion, income level, gender, buying process etc, and their response to marketing strategies. Today’s organisations need fresh thinking on how to operate and compete in the new economy characterised by hypercompetition, customization and digitalisation. An organisation cannot serve all the consumers in the entire market, the consumers are too many and are too diverse in their buying process.  An organisation therefore, needs to identify the market segment(s) it can best serve. Organisations been aware of these facts has been segmenting their products offerings to target a particular segment(s) of the market rather than using the old method of mass-marketing.  ...