William Blake says, “Knowledge is life with wings”. Knowledge gives us power, wealth, wisdom and success. This implies that if one has knowledge then they are free in their thoughts and actions and is not curbed by ignorance. It gives life a perspective and guides us towards success. Here, knowledge does not necessarily signify the educational qualifications and degrees but denotes application of mind in practical situations. There are great business leaders who do not have a proper qualification like Steve Jobs, Dhirubhai Ambani, Bill Gates and many more but still they happen to be the top entrepreneurs in the world.

Knowledge is the most important factor for success because it gives you the ability to make entrepreneurial decisions. As a team leader one should have a strong opinion and the ability to take their own decision in the favour of the company irrespective of what everyone says. It gives you the power to be cognizant of what’s right and what’s wrong. There will be times when you face a crisis as a team leader and you have to take a hard decision for your company then knowledge comes at rescue. Here, knowledge also means to know your job well and if the manager has the correct knowledge then it gives him/her the freedom of taking decision on their own otherwise they will be reliant on others which takes the company on the road to organisational mishap. Sound and in-depth understanding is the trademark of the successful business.

Organisation’s success depends upon the adaptation of cultural change and brings innovation accordingly. This is only possible when there is free flow of ideas among team members and knowledge is taken into consideration. Knowledge enables the mind to expand and embrace the change around them which ultimately results in innovation and growth of the business, so one should never be afraid of the change. Therefore one should always be aware of the new trends and dynamics of the industry you are working otherwise you will miss the boat.

Knowledge has beginnings but no ends, which suggests that knowledge has no limits and one can learn at every stage of life. Even if you are the most successful person, one should never stop learning because the day you think you know everything, it ruins everything. To be successful, a person should never find ways to prove himself right but should always find where he has gone wrong. Always take your mistakes and failures as an opportunity to learn and gain knowledge out of that. Because this knowledge makes you stand out from your competitors. Customers can differentiate you from your competitors on the basis of skills and experience which you got and thus giving you the power to be more valuable. Therefore the value is derived from customer satisfaction when you have the knowledge about their needs and wants and provides solution to the loopholes of the industry, indicating the business to thrive.

An entrepreneur has to be jack of all trades. Mastering every field is not possible for anyone but having know-how about the fields related to your industry is very crucial. Hiring individuals for every petty job would cost you a heaven but having knowledge about key areas can save you lot of money and doing things in your way can also increase the profitability of your business.

Wealth and power are replaceable but knowledge is irreplaceable. Without knowledge wealth is of no use and after some point of time it will slump. So, the fact of the matter is that knowledge learnt through studies or gained through experience is indeed very important in any field. It is a never-ending process and the results are well worth the effort. Therefore, learn as much as you can to create wonders in your business.