You really need competence as a leader or a founder, before you start to execute a business you need to prepare yourself for different kinds of situations have strong perseverance, and surround yourself with people with the same vision.
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Competence is necessary to build something in any aspect of life, be it a community, a business, a relationship or anything else. If you're not competent in the areas in which you want to work, at some point this will weigh heavily on you.