From the course: 20 Questions to Help You Start a Business

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What is your skill?

What is your skill?

From the course: 20 Questions to Help You Start a Business

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What is your skill?

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- Here's a question for you. How well do you know the business that you're about to go into? More crucially, what is your skill? I raise these questions because many people make the mistake of starting or buying a business that has no correlation to their existing skills, knowledge, or training. The biggest failures in business often come from not knowing what you don't know. This stems from the fact that your biggest asset is your existing knowledge. If you go into a business that's outside your skillset, then you're taking on more risk. Certainly, you can learn and work hard to overcome the shortcoming, but be sure to properly step back from your business idea and ask how well you really know this business. If you really don't, then either don't do it or take major steps to prepare yourself for these unknowns. Here's the secret that not many people talk about. Going into business in a field you know well is like a…

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