Knowledge Is Power

Discounting the obvious issue of luck, about which little can be done, it is simple ignorance that causes most new—and even some venerable—businesses to fail.

Ignorance does not mean "stupidity," although it is often mistaken for it. Ignorance means "lack of knowledge." It is clearly impossible to know everything about everything, but it is your duty as a manager to know what you need to know. Of course, finding out what you need to know is your first task, and many a startup has collapsed because of a failure to perform even basic research into your industry's market status.