Any business needs some amount of basic knowledge and experience. It is very essential that the owner is aware about the business he plans to start. Knowledge and expertise about the product or service are keys to a successful business. Moreover, if a person has limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors. Expert knowledge is especially required if the field of business is a niche field. For instance, the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes.
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