Fact 7: You don’t just have to know the business you’re in; you have to know business. Yes, of course you need to know the inner workings and nuances of your particular industry if you want to be successful. But you also need to understand the various aspects of business as it is more broadly defined, such as accounting, finance, business law, personnel issues, and more, and how all of these impact each other and the decisions you make.
“Having tunnel or limited vision as far as business knowledge is concerned is akin to dropping out of high school,” says McBean. “In doing so, you limit your possibilities for success and how great your success could be. But at the end of the day, what is most important is not how much you know, but what you know and what you do with that knowledge.”
“Ultimately, I don’t believe that any entrepreneur can succeed—or at least reach his or her full potential—without knowing, understanding, and applying these seven Facts of Business Life,” concludes McBean. “It’s equally important to understand how these facts are interrelated.
Bill McBean is the author of The Facts of Business Life: What Every Successful Business Owner Knows That You Don’t.
For more information, visit www.FactsOfBusinessLife.com.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com