Fundamentally, a research process is intended to produce
valid knowledge. In the literature on Research Methods [in this case for Business Studies], you learn a set of related concepts e.g. internal validity, external validity, construct validity, etc.. Here, I want to offer a specific viewpoint on this topic:
Everybody can make a guess, formulate a proposition or a a theory on a specific topic. If there is no ground to support the proposition, we can call it a belief. Only when we are able, e.g. via a proper research process, to establish the validity of such a proposition, we can call it knowledge. In short, knowledge is belief that is proved to be true. If research skills help us to produce valid knowledge, then research skill is a practical skill. This is especially the case if the research process can produce valid and relevant knowledge.
I am aware that the whole subject of Research Methods focuses on this aim of "production of valid knowledge". However, not many Research Methods textbooks explicitly explain how the research process can
guarantee that the knowledge produced is valid. For that, I would suggest students to study the following book:
Mitroff, I.I. and Linstone, H.A. (1993)
The Unbounded Mind, Oxford University Press.