No Guts, No Glory

November 24, 2006

How inquisitive are you in your business dealings?  Do you always ask the question “WHY?”   When someone proposes a plan do you question every aspect of that plan?  Do you think about the consequences of  the plan from a profitability point of view?  From a competitive point of view?  From a distribution point of view?

Often, entrepreneurs in particular seem to “jump” on a new idea without really thinking it through.   They tend to think tactically and not strategically.  They see an opportunity to make money (they think) and they are ready to put resources (people and money) behind the idea.  They spend little time analyzing the idea including possible competitors, whether the idea has a sustainable and meaningful point of difference, what it will take to be successful, etc.  So, they will fail more often then they will succeed.

This is not to say that one does not have  to move quickly to seize an opportunity when/if it presents itself.  But you must be prepared to act based upon facts.  Remember, no matter who you are your resources are limited.  Be sure you place your bets carefully.  But, do place your bets.  No  guts, no glory!

Rich

Bizvice:  Strategy, Marketing  & Entrepreneurship

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