ADVANTAGE OF HAVING KNOWLEDGE ABOUT BUSINESS

INTRODUCTION

In this academic text the readers may know the advantage of having knowledge about business

Business is the activity of making one's living or making money by producing or buying and selling products such as goods
and services.Having a business name does not separate the business entity from the owner, which means that the owner is
responsible and liable for debts incurred by the business. If it acquires debts, the creditors can go after the owner's personal
possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income
from the business. Businesses can be privately owned, not-for-profit or state-owned.It requires some form of investment
and enough customers to whom its output can be sold on a consistent basis in order to make a profit. In short, it is an
organization or economic system where goods and services are exchanged for one another or for money.

Having knowledge about business is an important strategic asset. It is a sum of skills, experiences, capabilities and expert
insight, which you collectively create and rely on in your business. As a shared resource, knowledge shapes and affects all
the activities in and around your business.Using knowledge in your business isn't necessarily about thinking up clever new
products and services, or devising ingenious new ways of selling them. It's much more straightforward. Also business
knowledge is a business owner's extensive reservoir of understanding on customers' needs and preferences, business
environments and their dynamics, staff skills, experiences and potentials, and the business' overall foreseeable direction

The researcher believes that having knowledge about business helps a lot especially to the company’s profit or income, it
also help make decision carefully and improve business management in an organization or company and the company can
produce competence employees by teaching them more about managing a business