Question

What do you think is more important, knowing business (know general business elements to manage any business) or knowing the business (knowing all the ins and outs of just the specific business you manage), and why?

Answer 1

I think knowing both of them is important for a smooth function of a business. Each has its own pros and cons. But, I think it is more important to know the specific business I manage. I think the specific information of my business will give me a comparative edge over other firms in that industry. Thus, it should be the more important. Whereas if one wants to understand business as a whole, then the first one is worth knowing. For my own business also, such supplementary knowledge can be of help.