Raising Money

Riding the ‘What if’ mentality to success

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]

– Thomas Fuller

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.

Entrepreneurial Learning

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.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More