Human Capital #7--Knowledge

Dictionary.com, the free, on-line dictionary give 10 meanings of the word knowledge, the following of which are relevant here:

Acquaintance with facts, truths, or principles, as from study or investigation, or familiarity or conversance with a particular subject or branch of learning, as in a knowledge of accounting or Knowledge of human nature, the body of truths or facts accumulated in the course of time, the sum of what is known.

The entrepreneur must have knowledge of his or her industry, of the story of that industry, of all the particular threads that are interwoven into that story, of how they are changing, unraveling, becoming more tightly woven together, or finding new threads becoming woven into the tapestry. Knowledge the entrepreneur does not have has to be sought from outside. And knowledge the entrepreneur does have must be constantly and consistently updated. For a fuller treatment of "knowledge" read the entire dictionary entry.

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