Life Is Not A Dress Rehearsal

December 31, 2006

O.K. you entrepreneurs out there, this is where the “rubber meets the road.”   It is now a new year….are you ready to jump into the world of owning your own business?  As Nike says, “just do it!”   

HOWEVER, BE SURE YOU ARE REALLY READY OR YOU WILL FAIL! 

The title of this post says it all… “Life is not a dress rehearsal.”  If you feel passionate about a business you would like to be in and have done your homework, then now or never as they say.  Let’s talk about your homework:

1.  Is your idea truly unique in the marketplace?

2.  Does it meet a real need that consumers or customers have?

3.  Can you deliver your product or service with excellence to meet that need?

4.  Will you have a sustainable point of differentiation versus others in the same category?

5.  Do you have a viable business plan including conservative sales, margin, and overhead assumptions?

6.  Have you developed a financing plan?  With contingencies?

7.  Have you built in other contingencies both “upside” and “downside”?  What if you succeed beyond your wildest dreams?  What if your estimates fall short?  What plans do you have for these types of contingencies?

8.  Do you have great “advisers” helping you?  Lawyers, Accountants, business advisers?

Assuming you have really done your homework, the go for it!!!!   Remember  “Life is not a dress rehearsal.”

Rich

Bizvice:  Strategy, Marketing & Entrepreneurship

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