“What Are Skills? Skills are the capabilities developed through training or hands-on experience. Skills are the practical application of knowledge. Someone can take a course on investing and gain knowledge of it. But only experience in trading gives them the skills. What Are Abilities? Abilities, often confused with skills, are the innate traits or talents that you bring to a task or situation. Many people can learn to negotiate competently by acquiring knowledge and practicing skills. But a few are brilliant negotiators because they have an innate ability to persuade. What Are Assets? Assets are funds you have saved up or that you acquire through loans, investors, or fund-raising. So how do assets work with everything else to push your business from idea into reality? Take a look at the example below. This is what I call the knowledge, skills, abilities, and assets matrix:”