Know What You Don’t Know: Filling Information Gaps For Entrepreneurs

If you are considering starting your own business, then it’s very easy to find yourself tempted to think you have everything under control. You’ve got your idea, a plan for now, a plan for the future– so it can feel like there’s nothing that can hold you back.

However, thousands of entrepreneurs embark on their business endeavors every year. Every single entrepreneur who has registered a company or dreamt of their business future has thought they had a grip on the situation. Entrepreneurs tend to be confident people with plenty of self-belief, so they don’t leave space to doubt themselves.

Of course, there is one downside to this: overconfidence. Overconfidence is particularly pernicious in entrepreneurs, and it tends to lead to mistakes that are caused by an entrepreneur thinking they know more than they actually do. If you are serious about your business plan, then you have to be strong enough to be willing to know what you don’t know.

The next step

When you admit you have a few areas of weakness, you first have to give yourself a break. There’s nothing wrong with not knowing the ins and outs of how a business should run! You’re new at this; you’ve got a great idea for a company, but that doesn’t mean you’re going to automatically know how to deal with tax codes, building regulations, forming ad campaigns, and all the other little details that go into running a business.

What’s most important is that you acknowledge that you have knowledge gaps. When you have done that, you can seek to fill those gaps with the information that you require.

Filling the gaps

There are a variety of different ways you can bridge your business information gaps.

Teach yourself

There are plenty of resources online that can help explain the inner workings of a business to you. For advertising copy, there’s the likes of Entrepreneur, while TEC have plenty of useful insight into business systems and software management. Whatever you need to know more about, you’re undoubtedly going to be able to find some of the answers online.

Obtain a mentor

If you are new to business, then a mentor might be the best way to ease yourself into learning what you need to know. Mentors will guide you through the experience of opening your own business, using their own experience and knowledge to ensure you have the best business opening possible. You can usually find mentors at local business groups or on Facebook.


Finally, if there is an area of your business where you know your skillset is lacking, and you don’t have the time or inclination to teach yourself, then the answer is simple: outsource. While you may have to make room in your business plan for the hiring of a professional for certain tasks, such as accountancy, it’s far better to get this right from the start of your business than have to remedy errors in the future.

In conclusion

It’s important to be confident in business, but it’s also important to not be overly confident. Take the time to learn what you don’t know, and then explore the possibilities for obtaining the knowledge you lack. If you stick to this principle, your business idea should be able to grow from strength to strength.


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