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

[Heatman]

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?

I don't it's possible to start any kind of business without the money to use as capital and the knowledge of the business you want to start, so both of them are very important for any business to be established. But if I must choose, I will choose money and pay one with knowledge of the business to start it for me.

 

[Bookwormlux]

I think both of them are really important as the business cannot succeed if one of them is lacking. You may have very good business ideas, knowledge and skills but lack the money needed to start that business. On the other hand, you may have money but lack the skills necessary to run the business. But at least when you have money, you can hire professional people to run the business for you.

I agree with you, Money gives you a better advantage since it would afford you the opportunity to get the best brains to do the work for you while you get to focus on other things that would serve as additional source of income.

 

[Adegbindin Abdullahi]

The both are very important aspects in business but knowledge is more important because when there is concrete knowledge a business man/women would be able to strategize more and also when there is enough capital it helps the business more

 

[Heatman]

I agree with you, Money gives you a better advantage since it would afford you the opportunity to get the best brains to do the work for you while you get to focus on other things that would serve as additional source of income.

Nothing beats money and wealth as far as I'm concerned. It will open doors where knowledge wouldn't be able to get open. You are right about using it to get the best brains to work for you because from on set, we all have our price.

 

[eenya00]

The both are very much important in starting a business, without knowledge your money is almost useless and without money starting a business will be very difficult and frustrating, so I advise you get both or better still you could search for someone that could complement one of your skillset, either someone that has the knowledge or money.

 

[Yanizie]

They have both premises in the system of business. They are both need. Knowledge for updating the system and fixing bugs or faults related to what market the business is in and the money is the fuel to start and keep on moving.

 

[Bookwormlux]

Nothing beats money and wealth as far as I'm concerned. It will open doors where knowledge wouldn't be able to get open. You are right about using it to get the best brains to work for you because from on set, we all have our price.

There could be circumstances where you may be unfortunate to have dishonest people working under you. They could then take advantage of the fact that you are not knowledgeable to cheat you without you knowing.

 

[Chris]

Money is as important as knowledge in starting up a business but we all know it doesn't beat it, however we need knowledge on something to get money, we equally need money to get knowledge in some cases where it's not free.
For a business to successfully stand, you'll be needing both of them, as they're dependent on each other.

 

[Nicklas22]

I don't think one is important than the other, the are both important for a business to be profitable and successful
You can't start a business without capital and starting a business without proper knowledge of the business can lead to loss
So for me, knowledge and money are very important and you can't do without the other for the business to yield profits

 

[EMMANUEL]

What is knowledge in a business?
Using knowledge in your business isn't necessarily about thinking up clever new products and services, or devising ingenious new ways of selling them. It's much more straightforward.

Useful and important knowledge already exists in your business. It can be found in:

the experience of your employees
the designs and processes for your goods and services
your files of documents (whether held digitally, on paper or both)
your plans for future activities, such as ideas for new products or services
The challenge is harnessing this knowledge in a coherent and productive way.

Existing forms of knowledge

You've probably done market research into the need for your business to exist in the first place. If nobody wanted what you're selling, you wouldn't be trading. You can tailor this market knowledge to target particular customers with specific types of product or service.
Your files of documents from and about customers and suppliers hold a wealth of information which can be invaluable both in developing new products or services and improving existing ones.
Your employees are likely to have skills and experience that you can use as an asset. Having staff who are knowledgeable can be invaluable in setting you apart from competitors. You should make sure that your employees' knowledge and skills are passed on to their colleagues and successors wherever possible, e.g. through brainstorming sessions, training courses and documentation. See the page in this guide: create a knowledge strategy for your business.
Your understanding of what customers want, combined with your employees' know-how, can be regarded as your knowledge base.

Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full. This is known as the knowledge advantage.

 

[Eamodu]

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 more important than the money. If you have knowledge about the business,then the risk for failure is reduced. Even if you have money and you decide you want people to run the business for you, it's advicable you be very knowledgeable about the business so that you won't be cheated at the end of the day.

 

[Ehizzy1]

Well i think money is more important because without money the knowledge the person have might not be put into effect , so the most important is money because when you have enough money you could easily implement those decision you have and it would really benefit you i think , so the most important to me is money

 

[Felixko]

Knowledge and money are all important when starting a business but first and famous one ought to have the knowledge about business before he or she can raise the money to start it.

 

[Abbas007]

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?

I think both things are necessary to start a business but the most important thing is knowledge because without good knowledge even a good business cannot be started. Only a good mind can start a good business and it is very important to be well educated.

 

[Heatman]

There could be circumstances where you may be unfortunate to have dishonest people working under you. They could then take advantage of the fact that you are not knowledgeable to cheat you without you knowing.

There is no doubt that isn't possible in the world today especially when business and money is involved. It's a fact that most people are never contented with what they are paid, so they will be looking for any possible means to take more than what they should. Everything is all about risk.

 

[Virgo25]

One might be 'born rich', but if he/she doesn't posses the right knowledge of how to maintain or double the riches, the person can become penniless. On the other hand, a poor person can gain riches via the application of his/her knowledge. Money can buy an object, but not the thought process (knowledge) that went into creating that object. Hence, knowledge is superior.

 

[Bookwormlux]

Knowledge is more important than the money. If you have knowledge about the business,then the risk for failure is reduced. Even if you have money and you decide you want people to run the business for you, it's advicable you be very knowledgeable about the business so that you won't be cheated at the end of the day.

That was exactly the emphasis I was laying on, if you ain't knowledgeable about the basics of any business venture, you are highly likely to be cheated, even when you think that your employees are honest people, you never can tell what will happen.

 

[Heatman]

That was exactly the emphasis I was laying on, if you ain't knowledgeable about the basics of any business venture, you are highly likely to be cheated, even when you think that your employees are honest people, you never can tell what will happen.

This is absolutely true. In as much as you have the money to hire someone to work for you, it's very important to still try as much as you can to learn even if it's just the basis of your business where you invested your money into. This will help you to actually understand how the business is being executed.

 

[Bookwormlux]

This is absolutely true. In as much as you have the money to hire someone to work for you, it's very important to still try as much as you can to learn even if it's just the basis of your business where you invested your money into. This will help you to actually understand how the business is being executed.

if for instance the business is selling of agricultural products, the business owner must get to know about basic things like cost of transportation, current value of the products he is selling and similar things. This would help to avoid being cheated.

 

[Enzymada]

Knowledge is definitely the most important key in starting a business. It will also give you money if you have certain knowledge about the entrepreneurial world. Also, if you don't have knowledge but only money, you will never succeed because you don't know what you're doing.