es with politicians, often all at once, to do what is best for Southwestö (2). This approach is highly successful; Southwest Airlines was the single best performing stock for the 20 years between 1972 and 1992 (2).
Another key type of knowledge that an entrepreneur needs is industry knowledge. A study published by the SAM Advanced Management Journal indicated that the most common advice to would-be entrepreneurs given by 44% of business owners was ôto start a business in which you have industry knowledgeö (4). It is not necessarily required to have past full-time employment in the industry in question; even peripheral involvement as a freelancer or hobbyist will suffice. The idea is to be familiar with the industry, knowledgeable about its vagaries, cognizant of competitors and the relationship of their niche to yours, and have a fairly clear idea of what is transpiring in it at the current time. Although one might expect an entrepreneur to know intuitively that industry knowledge is essential, a remarkable number of entrepreneurs plunge into ne
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