It is important for a person to know the details of the law. For most people knowing about laws more or less ends at their daily interactions with people and their actions. People usually do not need to know more than that and they usually have a pretty clear idea of what they should and should not be doing. For an entrepreneur, however, the situation is a little different. Aside from knowing what they are supposed to be doing, an entrepreneur also needs to know what the laws in their region are regarding business and company actions.
To be a successful entrepreneur, you need to be able to work within the legal systems, otherwise you will always be in danger of having your company close down before you could actually start making a proper profit. This is also why a lot of people end up failing at being an entrepreneur or getting a new business off the ground, because they have never had to know the in depth details of the laws that concern them.
There are a lot of nitty gritty details that you should know and it is often advised that you have some sort of legal counsel or a department that deals with the legality of the company’s actions. If you are unable to do either of these things then you should still try and gain a basic understanding of the various laws that affect you. You would be surprised how many laws there are regarding businesses and how they should be run. People often are ignorant of them and that can get them in to a lot of trouble. The laws that affect your company can range from things as large as taxes and hiring policies, to things as small as using Eftpos paper rolls for receipts.