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			Building Know How. Entrepreneurs and firms use most of their time, effort, skills, money, and people devising plans and making them happen. Profits are therefore directly dependant on the requisite knowledge, experiences, skills, strategies and decisions of all involved in the process; how expertly and effectively they create and execute strategies, how efficiently they deploy and transform resources, how well employees do their jobs, how well they satisfy their customer, how well they ... And how well they perform is limited by their own internally available “how to”, “know how”, or “requisite knowledge”. Typically, to obtain this capability where it internally unavailable, entrepreneurs buy, hire or train expertise. For their own personal knowledge, know how, and information growth entrepreneurs typically:      Read relevant, informative books and publications.      Build information, technical, and support networks from among suppliers, customers, bankers, capable      advisors, and business associates;      Join trade association, go to trade shows, and attend seminars.      Build a library of useful information consisting of hand written notes, clippings of articles, specifications for      products, good books. Business capitalizes on what it knows and knows how to do, with more gain to those who know how to do these things better. And what it knows cannot remain static. Businessmen must continually search for new, relevant information to incorporate into their strategies as they go about their role as coordinators, problem solvers and doers. Perhaps no one has put the necessity for knowledge as a foundation for success, and the lack of it as the foundation for failure, as eloquently as Omar Khayyam, a Persian Philosopher, Scholar and Poet. He said in the Ruba'iyat           the uninformed who'd pierce the pearl of meaning,        speak concerning the wheel with a variety of opinions;      not having learned the secrets of the world they first brag,                                   and then lie silent. I suppose the moral is, if you want to go into business, learn all you can. If you already are, keep learning. © 2007 John B Voorpostel CA www.iaccountant.ca
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