The importance of knowledge, experience and skills in a business start-up cannot be over-emphasized. There is no level of passion or talent that can diminish the role of expertise in the success of a business. The good news is that knowledge, experience and skills can be acquired and should therefore not be the reason for a business to fail if the entrepreneur is committed and disciplined.
It is imperative that you have sufficient knowledge of the business you want to go into. If you do not have the relevant knowledge, then acquire it through study, research and training. Luckily, the advent of the internet has made desk top research easy and affordable. Learn as much as you can about the business you want to establish because knowledge is the key to success. Lack of knowledge is a recipe for failure in business. Learn even if you think it is an easy business or that your friends have succeeded in it.
Experience is said to be the best teacher. Acquire experience that will be helpful in your business. Work for an organisation as if you are working for yourself and do more than is required by your manager, because the experience you acquire may be of benefit to you in future. Be an apprentice and offer to work for free in areas of your business interest if you do not have the relevant experience. Experience can be acquired from part time or week-end work and it should not matter whether you are paid or not. What you will learn from experience, you may never learn it from any person or any book.
Skill is the expertise you develop through experience gained in doing something over time. A skill is often the result of constant performance and improvement on a particular task or behavior. Skill is not talent, therefore everybody has a chance, potential, and capacity to learn and earn a particular skill. Of course, you cannot acquire skill if you do nothing.
Check it out. In which areas would you consider yourself an expert? What have you learnt how to do very well through practice? Remember, skill cannot be acquired over time. It is not something you read up in the books.
Invest in yourself through seminars, workshops and trainings to acquire relevant knowledge and understanding before you start that business that you are interested in. Identify a business idea around your experience and skills.
For a successful and sustainable business idea, knowledge, experience and skills are required in addition to passion and talent. You need to properly discover yourself to know what you are capable of doing that can become a business.