The Sixteenth-century philosopher Sir Francis Bacon is credited with coining the phrase “knowledge is power”. I enthusiastically support his viewpoint, as I believe that the pursuit of knowledge is an important ingredient in the pursuit of success in every endeavor in life.
Knowledge in business provides you with guidance for judgments, formulate decisions and to run your business effectively. Business knowledge provides context. It helps us to understand when to act, what should be done, when it should happen, where work should be conducted, why it is important, and how to do it so that we can optimize our 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. Let’s look at several ways to access this knowledge.
Market Research
Researching on your business idea to acquire the required knowledge before you start a business is critical. All the drive and determination in the world isn’t going to help you if you don’t have the knowledge to actually run a successful business and don’t bother to research and plan for your success appropriately. A friend of mine had long dreamed of opening a Garri Processing Factory. So he did. Unfortunately, he hadn’t bothered to study the competition or the demographics of the market in the area. It took less than a year for his Garri Processing Factory to fail. He had the desire and the drive, but didn’t have the knowledge he needed to apply them.
Purpose Driven Reading
One of the major keys to my success in business is reading. I am sure you have heard the word, “Readers are Leaders”. When I say reading, I am not talking about just reading every book that comes your way. The kind of reading that produces result has to do with materials in line with your business venture. My expertise and exploits in E-Publishing today is as a result of the materials I studied.
Learn From The Big Companies
Identify a company who is doing what you want to be doing but on a big scale and copy their best ideas. This is a strategy that every successful company or individual applies. You can subscribe to the company’s services, if they are service providers or become a distributor to learn how they run their business. You many 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’s 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. There is never a day when I don’t come across something I don’t know, that could help improve my business. I guess now I just admit it a lot quicker and work smarter, harder and faster at filling in the gaps in my knowledge.
You Will Succeed!
– Chinedum Azuh
