Know your industry, product and service better than anyone! Know your competition better than they know you! Know your target market better than they know themselves!
Preparation and Education go hand in hand. To be educated you must possess all the information available and preparation is learning how to apply the information. Preparation and education are an ongoing process however, at some point, it's time to compete. Once the initial preparation portion is behind you and the competition within the marketplace has begun, the education continues and so does preparation but you should now be preparing for the future challenges you face as a business owner.
Execution is Education and Preparation applied. It's taking all of the knowledge from your education and the time invested in preparation to Execute your action plan.