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

[afolabitope]

Both knowledge and money are very important in business but knowledge is more important in business because if you have money and you didn't have knowledge that business would collapse suddenly.

 

[Hamza1]

You need both in order to start a business unless you have so much money that you can hire as many expert you need to start your business or you have so much knowledge that you can start a business from a dirt. If not then probably you need both little knowledge and little money .

 

[Adetayo100]

I will say knowledge , you can have money today and tomorrow it all gone , having a capital to run a business without having ang knowledge of the business is also zero..so seek knowledge at all cost

You are very right, that is why most businesses failed at start up since the person starting the business doesn't have any knowledge about what he is doing, most people thinks it is all about money alone that is needed for business.

 

[Judee201]

Information is better than money but to execute those information, you need money.
I came across a naija guy making $80,000 - $100,000 a month online. Without in depth information about what needs to be done and how, you will lose money.
So, information is power.

Money will make you rich, but information will keep you there.

 

[Waseem74]

All businesses have access to an extensive pool of knowledge - whether this is their understanding of customers' needs and the business environment or the skills and experience of staff.

The way a business gathers, shares and exploits this knowledge can be central to its ability to develop successfully. This doesn't just apply to huge multinational companies. Knowledge management can benefit everyone from a local newsstand to a manufacturing firm.

This guide explains the basic sources of knowledge available to your business, how you can best harness and exploit this information and how to create a knowledge strategy for your business.

 

[Pauljonnes1000]

Knowledge is very germain in any business, it is the body of the business. When you don't have the knowledge of a particular business, there is high tendency of foldingup. Although capital is important too, because this is the like the blood in the body. Without it the business won't flow. Seek knowledge first.

 

[katkat]

The most important to do a business is knowledge. when you are equip with the right knowledge of the business that you are going to start you are good to go. With the knowledge that you have you can also find a way to look for money that will help you start the business.

 

[Akinwale701]

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?

Before starting a business, seek for knowledge from those who have been in the business for a very long time, once you have gained substantial knowledge in the business, then look for money to kick start the business. That is the best way to go about it, according to my own opinion.

 

[Bethel Victor]

I think knowledge is more important, because if you have money without the knowledge of the business you want to do, you might end up putting your money into something that maybe unprofitable to you, but if you have the knowledge you can attract investors that will fund you growing business.

 

[Blessings um]

Knowledge is the first thing u look

 

[Taimoor Jutt]

Both are important and very necessary things in starting a business. If you have knowledge about any business and having lack of money then you can not run or start any business, similarly if you have money but not proper knowledge then it will be risk to start.

 

[Atiqurrehman]

Money can buy something, but not the process of thinking (knowledge) that went into creating that thing. Therefore, knowledge is superior. It is better to be seen as a "knower" than a "rich man". ... One can get money from knowledge, but money alone will not help in gaining knowledge

 

[Blessings um]

The both are very important in starting a business,but above all knowledge is the must important because u can't manage a business you don't have knowledge about.

 

[Muhammad hussain]

Yes, they are right yesterday or money is very important to start any business. The more money you have, the bigger the business you can start.And if there is a problem in the business, if you have extra money, then you can handle it by investing in the business, so money is very important to start any business. Business is impossible without money

 

[Oladeji]

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 first. When you have money and no knowledge how do even start? Knowledge for me is the number one thing then follow by money. Some business teachers will ask to put money last on your list. Knowledge will put up a zeal in you even when there’s no hope of getting money to start, you still have the believe.

 

[Praaizz]

I will say both are very crucial they even both fall under the factors of production, in which money is seen as capital while experience facilitates the entrepreneur. both depend on each other to be effective in setting up a business. a low amount of money with a vast amount of experience can still effectively integrated to achieve its business aim and vice versa.

 

[DareIsrael]

They are both very important as far as business is concern. But I believe money has an edge. With just knowledge, you might never start the business and you will end up using the same knowledge to work for another person who does not have the knowledge but has the resources to establish the business.

 

[Adesuwa]

The two is necessary because if you have money and no knowledge doing business, the business will eventually flop and that's not after you have been fruauded. But if you have knowledge without money the knowledge is dead it needs money to come back to life . So knowledge plus money produce a superb , awesome, profit making and fabulous business

 

[Mawome]

Knowledge is a sign qua non in any business your doing, money can only buy you some goods or equipments that you can sell in your shop or warehouse, but the can no preserve your life, it can not teach you or guide you on how to protect your business, you need knowledge to be able to do all this.

 

[akinlolu99]

Money can be an epic preferred position to your business. In any case the information guides it. You can be an expert in your field and start with a 100K, if you are capable you will find how to think about the money. If you essentially blow money on all that you won't ever really learn and will keep endeavoring by setting in more money until your monetary arrangement is no more. In the event that you have cash you can possibly begin business however in the event that you have information you can run it well and all the more well in future too on the grounds that these two things assume an imperative part in your business .cash encourages you to purchase and sell your items yet information causes you to show your talent and co-orporation with solidarity so these the two things are significant