Doing Only What You Know?

Discussion in 'Growing and Managing a Business' started by Redd, Jul 28, 2015.

  1. Redd

    Redd
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    I've heard this given as advice to anyone who wishes to start a business. Heeding the advice would probably help you minimize your losses but the [attached] constraints aren't worth it IMHO. Can't someone with an entrepreneurial spirit do different things, take some huge risks, learn new things as they go and maybe succeed at the end of it all?

    Your thoughts? Is it wiser to do only what you know?
     
  2. kaian

    kaian
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    If you do only what you know then chances are you are left with little options. Sometimes what you know is not enough or not desirable enough to get you started. You do not have to know everything that is the reason why if you have the budget you hire people with the know-how. As an entrepreneur you do not have to know or learn everything otherwise you will spend all your life in school trying to learn them all. If you want to have some partners enlist those who you think have something to contribute not only capital but skills and knowledge.
     
  3. P.Skinner

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    Well, let's put it this way, doing something you know jack about is hardly a recipe for success is it?

    Small businesses fail at a very high rate, knowing what you are doing is kind of a sensible starting point when it comes to planning for success. If you see a niche outside your current expertise, get educated about that area as a first step.
     
  4. missbishi

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    It's definitely more sensible to stick to areas which you either already know about or have an interest in. Starting a new business is hard enough as it is, why complicate things by choosing a field which you know nothing about?
     
  5. m0n2k

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    If what you know is working you should stick to it. If you do something your good at it won't be hard to excel in it. Learning new things are important but don't throw away successful experiences, just add on to them. Unless you have the money and the time to waist huge risk aren't wise. Doing what you know is wise, but growing your knowledge base won't hurt.
     
  6. Damien Lee

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    It's a balancing acting, like most things in life. You just can't go through life only relying on the things you already know. Certainly, you should play to your strengths and apply the knowledge and skills you already possess. But you must also be prepared to expand your horizons and learn new skills and methods if you're going to be a successful entrepreneur.
     
  7. Winterybella

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    I don't know that doing what you know is a recipe for business success. I have seen too often people do what they know or think they know and it just doesn't work for business. There are success stories that speak of people going outside of their comfort zones and taking on new things they were completely ignorant of. Naturally they got to know about the product or service and ran with the idea and succeeded. I think it is more about knowing what you can do with what you know.
     
  8. spyindiaanu

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    Doing what you know? it is good that while you start your business have idea and full knowledge to maintain. As you know person invest more money on business but not get that much success because they not think what they want to do and what they start here. Firstly you decide what work you able to do and not follow other, your business is grow when you work hard and go right.
     
  9. Nox

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    I think there is a big difference between doing what you know, and using your knowledge. I think the former leads to insanity (repeating something expecting a different outcome). While the latter helps lay the ground work for what could be a very exciting venture for you. If you have knowledge about construction, then telling yourself you want to become a florist, may prove to be rather challenging. Whereas your knowledge in the field of construction can be helpful if you opened up your own construction company. However, there are many new, exciting and at many times daunting challenges that you may face by choosing to be your own boss.

    But that is not to say you shouldn't follow your dreams and take risks to make them come true. When taking risks ensure that you are well researched and that the risk is well calculated.
     
  10. Master

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    IMO it's always good to be open to new ideas & thoughts. Limiting yourself to only what you know & think would surely hamper your growth & ability.
     
  11. dyanmarie25

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    I really believe that you are going to be more successful in a certain field if you are already an expert in it and if you have a huge passion for it. Sometimes, venturing into a different area would not be ideal for you, so yeah, just stick to the one thing that you are knowledgeable about for now.
     
  12. Jade80

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    I think its important to not only do what you know, but to know what you're doing, as well. That being said, I don't think you should limit yourself to doing ONLY what you know, and nothing more. I think an important part of success is a capacity for adapting to the needs of your business. If you are doing only one thing, and customers are repeatedly asking for another thing as well, I think it is wise to do what you need to do to make that happen. Whether you jump on board and learn as you go, or hire people who are already proficient in that area, as long as you know what you're doing, and your assets are covered, so to speak, I say go for it.
     

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