Knowledge or Money: which is more important in starting a business?

[Smiles20]

Very interesting question. Money is important in starting up a business. Infact without money you cannot start up a business. But with all the money and no knowledge, the business is a total failure. One have to be knowledgeable of the business he is going into so he can make plans and take the appropriate steps to make the business profitable.

 

[Ojonuyo]

Knowledge is said to be power. He who has knowledge can also use his knowledge to acquire money. But he with money without knowledge might end up squandering his money on useless things due to lack of knowledge to manage the money.

 

[GoldenLady]

Both money and knowledge (experience) are important, but in business, none is ahead of the other.

You need to combine both to start and scale a business fast, even though there are some business models you can start with one of the two only.

Like in affiliate marketing, you can start with just knowledge and then bring in money later.

 

[Sincerem]

Knowledge is wealth, without knowledge you can't manage your wealth well. You might even lose some benefits of increasing your wealth. Because those knowledgeable ones will take fair share from the assignments they completed for the wealthy person. A knowledgeable man is a successful person in life. An illiterate man with riches is not recognized and hold on a high esteem.

 

[Claraviolet]

I believe knowledge is important when it comes to starting a business.
Of course you need money as well but usually if you don't know what to do with it, then I don't think it can be on any help. If you have knowledge however, you can try to think of ways in getting the required investment.

This is just a personal opinion of mine and I am sure it's different for others. Sometimes, it can be all about experience as well.

 

[Seun4luv]

Knowledge and money which is most important in starting a business? To my understanding knowledge is more important in business why you must to have the knowledge of the business you want to do or invest into, investing because you have money is a waste without knowledge. Knowledge is power .

 

[joy101]

Both of them are very important in starting of business, because without knowledge how will you plan the business well. So when you have money without knowledge the business cannot move.

 

[Sariana23]

The level of importance in many cases goes hand in hand. Capital opens the doors to business, but what can be done without knowledge? You must have at least the idea of what you want to do or look for and pay someone with the necessary knowledge to undertake. Then you will put into practice what you learn.

 

[Mary]

Money can be a huge benefit to your business, however, it is knowledge that directs it.you can be an expert on your field and start with a $1000 . If you're knowledgeable you will find out to come up with the money

 

[Naz Noshin]

In starting a business one has to be very careful and make sure all is in place before starting in order to avoid making avoidable mistakes.
Between money and knowledge about a business, which is more important to the business owner who is just starting?

Knowledge is most important thing to start a new business and specially for those people who are new to this field. They must have enough knowledge to start a business from scratch and to get success.
There are many people who have money but they can't get success if they have no knowledge in the business which they want to start

 

[Eyiteepraise]

Both are very important. Firstly, asides from having the capital needed to start a business one must take Into consideration the factors or materials needed to run the business, the location of the business, it's closeness to the market, and also quality of the products too which involves constant use of knowledge.

 

[Oscar]

I wouldn't want to choose between any because both are necessary and important for any business startup. You'll definitely need the entrepreneur know-how and sufficient capital for any business to succeed.

 

[Presido]

Money is a very important gadget to start a business, but knowledge is also required to spend the money wisely and make good plans for business growth

 

[Adexgrace]

In all business field understanding and knowledge about the business is very necessary ingredients in doing whatever they can.

 

[westmania]

I guess knowledge is far more important than money to run daily business process. Capital may be nice for a launch but management skill is essential for every business. Additionally i will highly mention "the interest" to the niche you are in specific business cause loving that work may help your daily life to be more enjoyable and make a feel like you are not passing everyday boring way just to get big money. we need entertainment too.

 

[Adeyoola7]

Money can buy an object, but not the thought process (knowledge) that went into creating that object. Hence, knowledge is superior. It is better to be looked up to as a "knowledgeable person" rather than a "rich person". ... With knowledge one can acquire money, but money alone will not help in acquiring knowledge.

 

[Bookwormlux]

Knowledge is an embodiment of understanding what is to be done, without it there would be nothing called starting of business. An ideal individual would agree with me that the need to have full idea of what, where and how of business comes first before execution called starting takes place. If you are knowledgeable it would be easier to make appropriate budgetary plan on the business properly, then proceed to the stage of sourcing for the money to kick start the business. Although, both knowledge and money are important factor to be consider for starting a business, but knowledge comes first in the order of hierarchy.

Absolutely, when you ain't knowledgeable enough about a business, you end up in losses even when you may have the money readily available. One example of this scenario is domain flipping business. Without knowledge, one would just waste his money.

 

[maventiger]

In starting up a business in any industry, the first thing needed is knowledge. With knowledge you can source Capital needed and other necessary plans to ensure the success of the business. An entrepreneur who lacks knowledge of the business he/she is about to start is at the risk of early closure.

 

[btaliat]

I am going for knowledge. Doing business which you know nothing about is like casting your money in the water. That's why it is a better idea to look for mentor or doing internship before embarking on any business.

 

[Holluwaphemmy]

Both are very vital instruments but I think knowledge is power. I'll rather go for knowledge because you can still take loans to settle the monetary issues but concerning knowledge, even if you ask from trained experts, it won't be like your own IQ