Entreprenuership
Although some entrepreneurs have achieved great success in spite of a paucity of management knowledge, those cases are rare. Management knowledge is the bedrock that supports a rising star after the initial blaze of early success subsides and the matter of managing a real-world business comes into play. An entrepreneur who can design a great product but cannot manage employees, time, inventory, or finances will not be able to run a successful business. Many companies with an innovative idea or novel marketing scheme shoot up like a rocket and then peter out when they are unable to sustain growth and establish equilibrium. Management knowledge ensures that the enterprisełonce launchedłwill be able to function successfully on a day-to-day basis and become a solid presence in the marketplace. You do not have to watch the nightly news to know that the banking industry has experienced a great deal of turmoil over the past year. One of the primary reasons for this problem is the mortgage crisis and the subsequent credit crunch that has followed. Banks all over the country are reeling from missteps that were taken in the housing market which are now affecting many different aspects of banking. "For the most part, a great deal of the problems that are now present in the banking industry could have been avoided had better decision making taken place. For instance banks should have insisted that new homers be able to verify income, prove credit worthiness and make down payments on their homes.