It is common practice to set New Year’s resolutions in our personal lives, but how often do we do it for our business? As you look forward to running your small business in 2012, think about what resolutions you can make specific to your marketing plan that will give you the most buzz for your buck. [...]Continue Reading
Posts Tagged “business plan”
As Memorial Day approaches, I thought it would be nice to post a little inspirational message. After all, it’s almost time to celebrate grads, dads and the arrival of summer. However, many of you may be dealing with tough times or financial difficulties with your business and unable to truly celebrate anything. [...]Continue Reading
One of the biggest mistakes made by someone that wants to go into business is not taking the time to do the market research and analysis. Here’s the most common scenario: 1) a business idea, usually something the entrepreneur is crazy or passionate about occurs. 2) He or she develops a business plan, though the [...]Continue Reading
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, and financial competency. The dreaded, “what if I can’t do it?” question creeps into our daily thoughts. We start reasoning that it might be better to “just wait another year.”
These fears are extremely common and unfortunately well founded. Reports show that as much as 50% of all new start-ups fail within the first year. That is not exactly encouraging odds. However, we all have a choice when it comes to creating our destiny. We can use statistics like these to confirm our business’s certain death, or gain confidence from the fact that you could be part of the 50% that become a success. In the famous words of Zig Ziglar, you just have to eliminate your “Stinkin’ Thinkin’”.
One of the tools I use to overcome my fears is mind mapping. It’s a terrific tool that can help you isolate the source of your fears, bring much needed perspective, and help brainstorm solutions to your sticking points. There are several “mind mapping” tools out there and many are free to use. I prefer to use the tool by Wisemapping since it’s free, allows me to add notes and web links, and I can publish or share the completed map.
To demonstrate my fear mind mapping strategy, I’ve created an example below.
First, I outline my top fears associated with starting the business. I then brainstorm how I can overcome those fears. My final step will be answering those questions. My goal is to find a positive solution to each of the questions I’ve asked. For example, for the question, “Can I reduce my startup costs with outsourcing?” I would research potential manufacturing possibilities until I could answer the question with a “yes.” If I can’t find a way, I then brainstorm ways to overcome the obstacle. A “no” isn’t necessarily bad, it just means you need to tweak your business plan to compensate for this reality. Try to be as thorough and honest as possible with your mind map. The goal is to solve your sticking points on paper before you’ve invested your time and money. I use this tool regularly for many of my business decisions including product launches, partnership agreements, and even potential marketing opportunities.
It’s amazing what this simple exercise can do for your confidence level. You are no longer living in fear of the unknown. Instead, you are on a mission with a powerful road map to your business’s success.
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, [...]Continue Reading
It’s early in the morning, and I am answering another e-mail from a brand new entrepreneur. He “needs” a press release written ASAP. I respond to discover more information. Basically, he’s another new business owner offering a significant discount for his new product. Now, this may have involved a lot of time and work [...]Continue Reading
There you are. You just finished reading Rich and Jeff Sloan’s book and you are fired up! You have an idea that you are certain will make make the invention of those small yellow sticky notes look like small potatoes. Not only that, but you are so proud of yourself, because you have done exhaustive [...]Continue Reading