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What knowledge do I need to be a successful businessman and entrepreneur owning a business (excluding main subjects such as tech and real estate)? Please leave comprehensive learning sources.


In my humble opinion, it is impossible to learn how to be an entrepreneur solely from books or even with a college degree. Also, it will be a bad idea to try to imitate someone’s business model. You have to have some practical managerial experience besides that.

First, you need to have an original business idea. Otherwise, your business will compete on price only. Which is bad profit-wise. Then you need to write a business plan based on your business idea with a deep explanation of your business strategy, marketing, and P&L forecast for your future business. Besides business and marketing strategy, it will give you an idea about financing for your business.

Then you need to hire a team of employees for your business, train them, and supervise them. So if you don’t have management experience, it is going to be difficult for you. Even if you hire someone to run your business on your behalf. If something happens with your manager, it will be impossible to replace this person and run daily operations.

Finally, you need a hands-on experience manufacturing your business products or providing services, in case you lose an employee and you don’t have anyone to cover for that person temporarily.

What would I do? I would find a similar business and try to work there as a manager for a short period. You will learn valuable experience running a similar business, also managing daily operations might give you new ideas about what your business might be. What works and what doesn’t work for you in running a business.


 

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