Entrepreneurs today have a habit that sees many of them closing their businesses. They tend to make business arrangements in line with the prevailing environment. They make decisions based on what is happening in the market at said time. This is not really a bad practice but it should be one that a businessperson rarely has to employ. This is as we are all human and cannot predict the entirety of the future.
Successful entrepreneurs are those who plan ahead. Success in business needs to look through your entire business plan and identify possible pitfalls and challenges. To come up with a solution to the possible problems in the business environment, one needs to have various plans and alternative options. You need to have the “what if” mentality since this will be acting as a shield whenever an aspect of the business goes wrong.
Do a SWOT analysis of your business. This will help in the creation of a comprehensive business plan which has detailed industry, customer and completion analysis.
Part of utilizing the “what if” mentality is keeping abreast with market trends, both in your sector and business in general.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]Zeal without knowledge is fire without light.[/sws_blockquote_endquote]
You may have the best intentions towards your business but if you do not back it up with concise market knowledge then all is lost. One needs to know what is happening in their direct market sphere. If you run a bakery then you need to know how the wheat production within the country is faring. You also need to keep tabs on other business factors that may indirectly influence your business success, for example, you will probably need to watch the petroleum industry as raised prices come back to you in form of transport cost hikes.
As a business owner, you need to know that appearance and reality are two different things. Things may seem rosy on the surface but it is an entirely different matter below deck. Take time out to research business opportunities that are presented to you. Always ask questions and try looking at the business from all angles.
Look at what you consider to be your strengths and ask “what if” these were taken away, would the business survive? Do you have a plan B?
The “what if” mentality does not only work to prevent crisis, it can also be used to spot opportunities. You need to be alert and shrewd enough to see business opportunities where there should normally be none. It is also a good practice to have a sounding board. Develop a group of business associates or company personnel whose opinion you trust and value and pitch the idea. Most importantly be open to the feedback you receive. Not all “what if”s are the right thing for your business.
You need to design your business and personal lives in such a way that you maximize your human potential. Planning your business in prior will help you gain success. Always remember that there are many entrepreneurs in market in competition with you. Make yourself unique so that people choose you.