The Facts of Business Life: What Every Successful Business Owner Knows that You Don't

Chapter 9

Fact 7: You Don’t Just Have to Know the Business You’re In, You Have to Know Business

Being an entrepreneur is about making choices. Even this book is a result of choices made. For example, I have chosen the seven most important and relevant business concepts owners need to understand in order to be successful. They don’t cover every aspect of business, but that doesn’t mean the business disciplines I didn’t choose to discuss aren’t important. It simply means that some concepts are more important to business owners and their success than others. In fact, the more you know about business in general, the wider your overall understanding of business becomes, and the more likely you will be to attain the kind of success you’re looking for.

This hasn’t always been true. In the past, if you were an expert in your field, even if you had only a limited knowledge of business outside that field, it was possible for you to be business success. For example, in the 1950s, 1960s, or even 1970s, if you were a good car salesman, you could be a candidate for owning an automotive franchise. Today, though, car manufacturers judge candidates much differently, using criteria such as overall experience in business, strong capitalization, understanding of the importance of customer satisfaction, personal background, experience in leadership, and skills in accounting and finance, among other business abilities. That is, they look for well-rounded individuals with track records of business success. ...