business grand prix — broad knowledge

Aerodynamics, thermodynamics, physics… Just a few of the skills racers have to master. The better they understand them, the easier it is to tweak their vehicles, together with the engineers, all in an attempt to be the first to cross the checkered flag.

Business leaders have to understand a wide variety of skills as well. Product, marketing, sales, accounting… The list goes on.

The goal isn’t to become an expert in all of these fields individually. The goal is to have an understanding that allows other experts to do their job as well as they can.

Suppose the entrepreneur doesn’t know anything at all about accounting. The entrepreneur then has to rely entirely on other people’s advice. Given that the entrepreneur has no mechanism to judge the authenticity of the advice, there is a substantial risk involved.

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