Knowledge 100% of the time.
Fact of the matter is that credit is very easy to access these days and it's not too difficult if you start something without any capital. The fixed costs to business have been totally eliminated with the popularity of online business these days.
You need the right expertise and skills more than ever. Capital is the easy part to secure once you've gotten around to formulating a legitimately good idea.
I totally agree with you! Knowledge is the most important thing today. Because capital is sufficiently available. Maybe not in every part of the world but in a large part of it. You can see that just by looking at all the startups these days. They are flooded with capital, so that they sometimes do things that they didn't really want to do and that often fail. In order to be successful, the key is no longer capital, but the idea and thus also the knowledge to implement the idea correctly.