Should one study to know about a business he owns in a sector that is not his specialty even when he has competent managers?

[Trush Jodie]

Many people own businesses that is outside their own areas of specialization. The major deal is that such a business owner should employ people that are highly competent to help manage the business. Does the owner still need to start studying about that business sector even when he has competent managers?

 

[Springtime]

Yes, the owner can hire professional managers to run his/her business if s(he) is not a specialist in the industry. That said, s(he) should at least try to learn and gain some knowledge about the industry for better decision making.

 

[kit_hung]

Many people own businesses that is outside their own areas of specialization. The major deal is that such a business owner should employ people that are highly competent to help manage the business. Does the owner still need to start studying about that business sector even when he has competent managers?

There is nothing wrong with having a business outside your field of expertise, and many have succeeded that way. What is important is having a team with the skills and ability to manage the day-to-day operations. A skilled workforce can run things smoothly even if the owner does not have in-depth knowledge of the industry.

But it is still wise for the owner to learn a little about the industry. Even if not in depth, knowing the basics of the business helps you make better decisions and understand the challenges that may arise. This also increases respect and cooperation between the owner and his team.

 

[Augusta]

Yes you should still be knowledgeable about your business. I don't like Venturing into what I don't have the knowledge for it