Start and Own a business requires a lot of Knowldge.

Yes it does. Everything in business needs a lot of thinking and going through it with just the thought and determination to make it wont cut it. Sure determination and passion in putting up a business is needed but if the business itself isnt that sustainable, then it will be all for naught. It is definitely not an easy task no matter how you look at it. Sure, it becomes easier over time especially when you know the ins and outs and what you need to do exactly but still requires a lot of work. I manage my student business (the one integrated into the curriculum) by making sure the records are clean and straight since at the end of the semester, its what the profs would be looking at as well as the participation in various school functions and trade fairs.

According to me lots of practical knowledge should be there to start business.It is not tat easy task we shud have ability to cope up with any situations.Decesion making plays a major role also u should have managing resources.