Wise Wednesdays

People who say it can’t be done are usually interrupted by someone doing it.

Be careful about gross generalizations that don’t serve you. I hear this often: “The economy is getting tougher and people won’t spend. It’s not a good time to start a business.” My response is, “you get up in the morning, get dressed, make your coffee and go to work. You still buy.” In fact, many entrepreneurs may fare well in a downturn as established firms cut back on expansion -- a great opportunity to find a niche and fill it. People who say it can’t be done are usually interrupted by someone doing it.

What is important is the ability to learn about the market you want to sell to. It’s about the specifics. Making assumptions, without testing them, can be the costliest mistake you can make.

Ask yourself: How well do you know the market you want to sell to? Who are you selling to? What are they buying? Why are they buying? When do they buy? Where do they go to buy?

Last week’s Wise Trivia question: Generally, how long does it take before your business is a success?

Answer: Generally it will take you three times as long to get your business off the ground, then you had planned it would. So that date you had planned to be running your business fulltime in May probably won’t happen until the following year. Managing expectations is a tricky thing, especially in business. We fool ourselves into thinking we can achieve results quickly.

Do yourself a favour if you want to start a business then set timelines: When you’ll take that business seminar, finish that business plan, talk to people in the industry etc. Stick to it. Re-set your goals. Have a sense of urgency but be committed to doing it over a longer period of time.

You noticed I made an assumption. Except that this assumption has been tested by me and many other entrepreneurs time-and-time again.

This week’s Wise Trivia question: Where do most business start-ups get their financing from? (Find out next week).