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The Importance Of Knowledge In Business

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Knowledge is power. It is the state of knowing about a particular fact or situation. One must have knowledge in order to survive longer in this complex, competitive and challenging world. It also allows us to move forward to a better life. The importance of knowledge is crucial for every manager to plan more proficiently in order to achieve success in business organization because knowledge is the most vital skill needed by the society. Environmental knowledge can give a lot of benefits and advantages to managers, especially during critical times.
All businesses need to have a widespread amount of knowledge, whether it is the understanding of consumers’ need or the business environment or the skills, experience and backgrounds of the employees or the plans for upcoming activity. Managers must know how to create a strategy based on the knowledge they possessed. They must make a good use of the knowledge they have and share it to others. Using this knowledge in a rightful way helps managers to manage their business more successfully, thus reducing business threats and to take advantage of opportunities to the fullest so that they could improve their organizations to be better.
Manager is an individual who is in control of a particular group of tasks, or a particular division of an organization. It takes a lot of specific skills such as technical skills, human skills, conceptual skills, motivation to manage, as well as experience, competencies and desire to be a manager. Being

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