Having an interest in entrepreneurship or becoming an entrepreneur is not enough, according to experience. There is always a need to seek for tacit and explicit knowledge, especially if the country is to achieve its goal of transitioning to a knowledge-based economy rather than a resource-based one. Many Nigerians have begun enterprises on the wrong foot, and existing businesses have failed to gain the necessary information – know-why, know-what, know-who, and know-how.

As a current or aspiring business owner, gaining this knowledge is critical to running a successful business and understanding the necessity to construct and operate a company. The resource-based entrepreneurship (RBE) era has come to an end. Knowledge-based entrepreneurship (KBE) is the current concept, which has yet to be fully adopted in Nigeria due to personal and societal concerns. KBE promotes economic growth, development, and innovation.

Nigeria and other developing countries have consistently placed poorly on the World Bank’s Knowledge Economy Index throughout the years. Nigeria was rated 118th in 2012 with a score of 2.20, while Ghana was ranked 112th with a score of 2.72. The bank investigates the major pillars of economic incentive and institutional regime, education, innovation, and information and communications technology every year. The 3W and H concepts of knowledge acquisition in the direction of a knowledge-based economy fall under the last three factors, which many entrepreneurs and would-be entrepreneurs overlook.

Your thinking and attitude toward information acquisition should be adjusted if you want to be a successful entrepreneur and understand why you should start a firm. Knowledge as the primary factor of production has transitioned from the fundamentals of doing business and comprehending the nitty-gritty of becoming a business owner linked with the Industrial Revolution of 12, 000 years ago. Companies are now mining data for riches, rather than gold seams, according to one expert. Instead of apples, they gather smartphone apps. Information is usually regarded as the wellspring of future wealth.

You should constantly seek know-why and know-who information as an experienced entrepreneur, whereas your staff are better positioned to seek know-how knowledge. With know-why knowledge, you’ll be able to use scientific concepts or procedures to gain access to organized information in specialized organizations like colleges and laboratories in order to better understand technical advancements, product and process advancements. You’ll need to form a strategic partnership with these organizations or hire qualitative and quantitative researchers as part of your team.

Furthermore, knowing why is important when it comes to understanding customers’ requirements and challenges. Bill Gates spent the majority of his time learning to code. This is a typical example of know-why knowledge seeking on the part of aspiring entrepreneurs. Ali Dangote, Africa’s richest man, created a powerful distribution network that allowed his goods to reach every family in the country faster than those of his competitors.

Whether you’re a seasoned entrepreneur or a budding one, you’ll need information about people, their personal and professional backgrounds. As an established entrepreneur, you can’t avoid meeting new people and forming strong social bonds. This kind of knowledge always pay off while seeking new prospects and clients. Managers must have a strong understanding of who is who in order to react faster to changing trends in their industry. Dangote has a knack for putting this information to good use. His propensity to network has led to him being connected with a number of political officeholders and professionals who have substantially aided him in his business expansion throughout the West African sub-region and Africa in general. When he obtained the right to import cement, he made a breakthrough.

Aspiring entrepreneurs should focus their social networking efforts on finding qualified consultants, advisors, or mentors who have prior experience and understand the fundamentals of the company concepts they wish to pursue. The term “know-what” refers to a person’s knowledge of facts and proximity to information. This information is essential for both existing and prospective entrepreneurs. Future entrepreneurs, on the other hand, should make it a top priority because it is critical in understanding the risks connected with various company prospects. Aside from that, while considering becoming an entrepreneur, there is always the need to deal with a lot of data.

Employee experience, product ideas and processes, digitally stored or paper-based document files, and future plans are the distinctive expertise that existing entrepreneurs must harness. When these are exploited, according to Canadian Business Network, there will be an increase in the quality of your goods or services, increased customer satisfaction, increased supplier quality, improved staff productivity, increased business efficiency, better recruitment and staffing policies, and the ability to sell or license your knowledge to businesses. If you truly want to be a Knowledge-Based Entrepreneur, you must invest in the acquisition of know-what, know-why, know-who, and know-how knowledge, regardless of whether you have just established your company or are still refining your concept.