Business required a basic set of knowledge. These knowledge set is more of an essential for entrepreneurs and startup founders. These set of knowledge is easy and quick to acquire.
Five basic knowledge set I am mentioning here
1. Accounting: This knowledge must be acquired before start of business. Your book of accounts must be clear and proper. Improper accounts book calls for penalties and other punishment lines. At the same time, it can lead to monetary pilferages. Right accounting knowledge is also required to keep a watch on the financial health of the company.
2. Laws of land: A company operates as per laws of land. So, you must know basic laws under which you are operating. Too deep knowledge of law might not be required. But you must know the laws pertaining to your industry.
3. Compliances: Your company need to follow the compliances as laid down by the government. An entrepreneur or startup founder must have proper knowledge of compliances. Missing compliances can cost dearer for a business owner as it calls for penalties.
4. Tech know-how: You have to know the technical aspects of business. If you do not have this knowledge, you have to call external consultants on regular basis. Basic tech know-how is one of the important criteria for business.
5. Business processes: Every process of your business must be on your fingertips. This makes the chances of errors less. Proper standard operating procedures should be formulated.
Grab knowledge about the above mentioned five points and then proceed for business.