If you want your online business to thrive, it’s important that you have a knowledge advantage. I learned about this from Mark Cuban through his book How to Win at the Sport of Business. This is what he said:
Most people won’t put in the time to get a knowledge advantage. Sure, there were folks that worked hard at picking up every bit of information that they could, but we were few and far between.
Of course, my wife hates that I read more than three hours almost every day, but it gives me a level of comfort and confidence in my businesses.
I’m not saying that you must read three hours daily like what Mark Cuban did, but the point is that you need to invest in your knowledge. You need to invest both time and money in it. Here is a quote that I like from Benjamin Franklin:
If a man empties his purse into his head no one can take it away from him. An investment in knowledge always pays the best interest.
Fortunately, we have a lot of options these days. Thanks to the Internet, you can learn as much as you want. You just need to put in the will, the time, and (sometimes) the money.
When it comes to building an online business, here a few things that you should learn:
- Industry trends. What are the latest developments in the field? Is there a new opportunity out there? Or a new threat?
- Business how-to. An online business is still a business, so you need to learn about how to run a business. There are a lot of good business books out there that you can learn from.
- Digital marketing. There always new methods and techniques to market your products online. Keep yourself up-to-date.
- Communication skills. Regardless of the type of business you choose, communication is always important. You need to share your ideas and convince people to use your products.
- Tools. There are always new tools out there that can help you run your business better. Take time to learn about them.
These are just a few ideas. Again, invest in your knowledge, have a knowledge advantage, and let your online business thrive.