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Knowledge of the Industry

 

                    “Character is determined by the extent to which we can 

                                    master ourselves toward good ends.”

    (Elder N. Eldon Tanner, Success is Gauged by Self Mastery, April 1975 General Conference)

2/5/2021

    Elder Tanner states that there are two important elements to self-mastery, the first moral standards and the second willpower. When we exercise our willpower to always choose the right, we will be set on the path back to our Heaven Father. Mastery over ourselves is the only way to success.

    Part of gaining self-mastery is striving to gain knowledge. Acton’s School of Business’ booklet “So You Want to be an Entrepreneur” declares that there are three areas of knowledge needed in order to start a successful business. First, industry knowledge. For this you need an understanding of the trends, history, and current status of the industry. You need to understand your product and who buys it. It is also vital to build a network within the industry. A good network will help you to gather information and build your reputation. Having a firm grasp on the knowledge of your industry will give you the ability to recognize and seize opportunities when the come. Second, is day to day operations. This includes things such as “accounting, production, organizational and administrative dilemmas to general business philosophy.” These are the more transferable skills. The third area of knowledge needed is how to raise money. “Money is the fuel for a start-up business. Fail to raise it or run out before the venture turns cash-flow positive, and your business will die.” It takes willpower to gain the knowledge needed to start a successful business. By exercising this willpower you will be able to stay on the path to entrepreneurship.

    In Amar Bhide’s article “How Entrepreneurs Craft” in the Harvard Business Review he states “Screening out unpromising ventures requires judgment and reflection, not new data. The entrepreneur should already be familiar with the facts needed to determine whether an idea has prima facie merit… Entrepreneurs must reflect on the adequacy of their ideas and their capacities to execute them.” Further bringing home the importance of industry knowledge. He goes onto say that there are three interacting factors an entrepreneur needs to assess a potential venture. First is the objective of the venture. What are your goals? What is it you need to do in order to achieve them? Does the presented venture fit into them? Second is leverage provided by external change. A willingness to act quickly and be innovative can take you a long way when using the leverage external change can create. Third is the basis of competition. Certain industries depend on their assets and creative new product, technology or strategy. Others depend on selling skills, contacts, and their reputations for expertise. Where does you potential venture fit?


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