why is necessary for a businessman to be knowledgeable about the business he is going to engage
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Answer:
Your understanding of what customers want, combined with your employees' know-how, can be regarded as your knowledge base. Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full.
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Answer:
businesses have access to an extensive pool of knowledge - whether this is their understanding of customers' needs and the business environment or the skills and experience of staff. The way a business gathers, shares and exploits this knowledge can be central to its ability to develop successfully.
Your understanding of what customers want, combined with your employees' know-how, can be regarded as your knowledge base. Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full. This is known as the knowledge advantage.