This passage has a lot of great stuff inside. Mainly about wisdom. Solomon was probably the wisest human being. Besides Jesus of course. And through his wisdom he was able to see he shouldn’t trust in himself. But he should trust in God instead. And seeking God will produce more wisdom and shape a better life. Wise/Wisdom are mentioned a total of six times within this passage. It must be extremely important if Solomon/God brings it up again and again.
This chapter is also home of one of the famous memory verses of the Bible:
5 Trust in the LORD with all your heart
and lean not on your own understanding;
6 in all your ways submit to him,
and he will make your paths straight.