It is
possible to start a successful business without planning; know when
There are situations in which, instead of analyzing
an opportunity in detail, the entrepreneur creates the opportunity. But this
kind of approach is not applicable to every type of business. You need to know
if there is a potential loss that is beyond your ability to afford a potential
loss (in case the deal doesn't work out).
To find out if this is your case, answer a few questions: Who am I? What I know? Who do I know? The answers will tell you if
it's possible to start with what you have and then take action. This approach
also indicates to the entrepreneur that he should not wait for the ideal
opportunity and that he should not adopt the strategy of looking for what he
does not have elsewhere.
The variables are more under the entrepreneur's
control, but their ability to scale is limited, depending on the answers to the
questions.
Who I am does not only refer to the self-analysis
of the entrepreneur's profile, but to their beliefs, values, etc. The
entrepreneur is the main asset of the business, in addition to the people he
will attract to compose the team that will develop the company with him.
What I know refers to the entrepreneur's knowledge
and experience. For example, you will have a much better chance of success when
creating a business that requires technical knowledge if your area of
expertise and training are consistent with this business.
Who I know refers to your interpersonal
relationships, your network of contacts. The most experienced entrepreneurs
know that nurturing and developing the network of contacts is as important as
any other business activity.
After answering the three questions, the
entrepreneur must define what his acceptable losses are, that is, what he is
willing to lose. Note that the traditional process of planning to achieve a
goal does not apply in this case.
More than thinking about what you want to gain, you
should think about what you are willing to lose. This rule can be summarized as
in a situation where you play a game where the results are unpredictable. The
advice is that you follow two rules: don't bet more than you can expect in
return and don't bet more than you're willing to lose.
In fact, the idea here is that you define what you
are willing to lose in terms of money, time (or period without earnings, for
example) and opportunities in the job market (by dedicating yourself to your
own business, you close the door to job opportunities ).
Sounds simple, but there is a lot of risk in this
approach. If there is no commitment from the entrepreneur, the loss he defined
as acceptable may be greater than expected.
As you will deal with unpredictable situations, you
must have a high tolerance for ambiguous, uncertain situations, and you will
not be able to predict the future, as you have not planned or failed to plan.
Do you want to better understand how to start a
successful business without planning? Contact us with Paul Mccarthy Scam!
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