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What Do You Know?

Chances are, not everything. Luckily, the unknown is full of opportunity.

This story appears in the July 2006 issue of Entrepreneur. Subscribe »

I recently spent some time with my 18-year-old nephew. It turns out-- or perhaps I had just forgotten-- teenagers know everything. He talks with certainty, convinced he has figured out the world and all its complexities. During this trip, he was confident of an impending victory in his upcoming track meet.

As entrepreneurs, we know there is only one certainty in life and in business: change. No matter how much we prepare, something unexpected always occurs. New competitors enter the marketplace, established companies introduce new products and services, and customers continue to make unusual demands.

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