First Profit Secret of Entrepreneurs
It’s been said that entrepreneurs are born, not made . While that may or may not be true, every entrepreneur can learn the secrets to creating businesses that delivers profits.
FIRST ENTREPRENEUR PROFIT SECRET:
Hope for the Best but Plan for the Worst
Entrepreneurs are a plucky bunch. As a rule, they tend to define the glass that is half full as “practically overflowing.” This enthusiasm is a necessary trait so that the entrepreneur can endure the long hard road to profitability. However, the time to “reign in” this trait is during the planning stage.
Things will inevitably go wrong on your journey. It’s going to be harder, take longer and cost more money than you think.
As you create your business plan, it has to be a plan based on the worst case scenario. Think of creating your business plan as creating a survival strategy for your business. Most business plans are put together with the assumption that everything will go according to the plan’s projections. If that’s the case with your business plan, here’s a wake up call. That’s not a business plan, it’s a work of fantasy fiction.
If your business plan will only succeed in the “best case” scenario, scrap it now. The plan that will only work if everything goes right is bound to fail because everything won’t go right.
Instead, assume that everything will cost more than you planned - that your time to market will be 2-3 times what you think it will be and that your market share will be half of what you project.
Is there any water left in the glass? If so, THEN you’re on your way to creating a profitable business.
The First Profit Secret of Entrepreneurs is : Plan for the worst but expect the best.
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