Entrepreneurs and Knowledge: Know What You Know (and What You Don't)

The old saying that "knowledge is power" is not just a cliche.  What you know will have a tangible impact on the long-term growth of your company.  Knowledge matters for entrepreneurs (and others).  While many successful business owners get plenty of on-the-job training, you must go into your venture with a clear understanding of what you know and don't know about running the company.

Knowledge in three areas is key:  your industry, the products/services (and how they impact the customers) and your own experience level.  While there are many example of those who have achieved high levels of success while having deficits in some of these areas, there are also examples of people who have failed because of their lack of awareness.

Being well versed in the trends of your industry will is important to the decision making process on where to focus your growth efforts.  Competitive analysis and a grasp of historical cycles allows the entrepreneur to make the tough choices with regards to R&D, expansion, and marketing investment.  This knowledge of the industry also helps in attracting key hires from the competition as your business grows.  People want to work for the industry leaders, and those who are leaders are always aware of what is happening in their industry.

Understanding your products and services helps you stay relevant.  Things change fast in today's business world, and it is important to offer what your clients desire and deem necessary.  Offerings can become obsolete quickly, and the tools with how customers gather information about competitive options are undermining buyers loyalty.  What sold yesterday may not sell tomorrow.

Self awareness is often difficult for a gung-ho first time entrepreneur.  The lure of running a business can overshadow inexperience in certain business skills.  The thrill of being your own boss does not replace an understanding of managing employees, sales and marketing, or dealing with unhappy customers.  When you are clear of areas of needed improvement you can either focus on learning the missing skills or hire people who can compensate.

Know what you know, and what you don't know.  Entrepreneurial knowledge will help you avoid common mis-steps.  Your future can easily hang in the balance of the information you gather.

Have A Great Day.

thom singer

The End of Entrepreneurship?

If you have the drive to be an entrepreneur, there is no end point.  Quitting is not a choice, even when facing tough obstacles along the way, there is still the internal spark to overcome and construct new path.  Entrepreneurs do not know the meaning of the words "can't", "wont", or "die".

There are many things that can happen to you and your company.  Some are good, others are not as pleasant.  Change is the only constant with the passing of time and adapting is an important trait in the world of entrepreneurial success.  You, and those around you, should not be surprised by your continued push forward.

Your company may fail.  It could run out of money or you may decide to walk away to free yourself up to be ready for more appropriate opportunities.  You might have an exit event where you sell your company (that can be a really good thing!).   Possibly you may keep ownership of the company, but turn the reigns over to another person to take the business to the next level of growth.

No matter what the reason, those separated from one company will most likely move quickly onto a new project.  The journey is never over for those who are called to create.  Like an artist, an entrepreneur will simply find a new canvas and begin something new.

The new adventure could be another start-up, working as an intrapreneur for another established company, joining the world of non-profits, or any of several other option.  Regardless of what you do next, there is rarely retirement for those who carry the entrepreneurial spirit.

There is no end of entrepreneurship.

Have A Great Day.

thom singer

Saying Yes To Entrepreneurship

It can be frightening.  There are many unknowns.  Pressure to succeed can be overwhelming.  Family and friends may discourage you from trying.  Yet, you still want to start and grow your own business.

If you have a yearning to be an entrepreneur it will continually call to you from somewhere deep inside your very being.  Working for others will quietly gnaw at your soul.  Bosses and co-workers will disappoint you at every turn.  You will second guess the decisions of others.  Watching people start and grow companies will make you envious of their journey.

If you have this desire to be an entrepreneur then get ready to say "yes".  This could mean that you take a leap of faith to pursue your dreams full-time, or maybe you start a side business that allows you to test your abilities for starting your own venture.  If you really are called to being an entrepreneur you will never be satisfied until you go for it.

This does not mean that success is guaranteed.  Some will fail and have to try again and again.  There will be those who pack it up and go back to working for another company.  Others may succeed and not enjoy the responsibilities that go with being the boss.  But maybe you will find exactly what you have been seeking your entire career.  As Wayne Gretzky said "You miss 100% of the shots you don't take".

A great way to get yourself comfortable with becoming an entrepreneur is to surround yourself with other business owners.  Spend time getting to know them professionally and socially while observing how they go about running their companies.  There is no one right answer, but if you are not knowledgeable about what it takes to have a business, then you will be blindsided by too many unknowns.

Those with a real entrepreneurial spirit seem to be drawn together, so when you meet business owners be open to talking with them about your quest.  It really does not matter if people are creating large companies or if they are solo-preneurs, there are many similarities with entrepreneurs and the desire can be contagious.

Contemplating your leap to entrepreneurship will allow you to be prepared when the right opportunity crosses your path.  If you know you want it, then be ready to say "Yes".

Have A Great Day.

thom singer

Finding Wisdom for the Entrepreneur

Few people will admit to lacking wisdom.  Everyone believes they have had enough personal experiences with which to understand people and situations that will positively impact how they make decisions.  Wisdom is necessary to make consistent and appropriate judgments, yet it is not an attribute that is easy to gain or self determine.  The opposite of wise is often seen as stupid or ignorant, and thus people are nervous about not being seen in this light.

Many people have associated age with wisdom, but for an entrepreneur it has more to do with having an open mind and a realization that they do not instinctively hold all the answers.  It has to do with the decision making process and the types of actions that are undertaken.  Wisdom cannot be gained by just a series of birthdays, but instead what you do between those birthdays.  

Serial entrepreneurs often know they need to surround themselves with people smarter than themselves, and that they are better off by asking many questions at all stages of their career.  A wise person is usually one who knows they alone cannot possibly have all the answers.  Those that are early to question the world around them are on track to finding wisdom.

Labeling another as "wise" is a wonderful compliment, but it is not a moniker that is used often to describe others.  Wisdom is not learned in books and can only come with meaningful experience.  This creates a disconnect between those who might think they are wise and those who have acquired actual wisdom.

An entrepreneur discovers wisdom from being in the game.  Reading a book can provide knowledge, but wisdom comes from doing, living, trying, and experiencing failure.  Those who get lucky one time in business often have trouble recreating the same level of success.  The skills that work for one entrepreneur are not the same as those that lead another to success.  There are also changes that the entrepreneur must make from one business to the next.  There is no cookie cutter recipe.  We all have different backgrounds, educations, and experiences, and this means that the path will be different for everyone.

Making mistakes is part of the journey.  Those who are considered wise have learned from the mistakes of others, but also from their own stumbles.  Entrepreneurs are willing to take risks, and when their results come up short, they do not just "try-try again", but they assess their methods and look for signs and patterns that will propel them toward a better outcome in the future.

Finding wisdom is deeply personal and hard to self-assign.  There is no substitute for experience and observation.  Question everything and listen to others.  You will know you are a wise when other people say so, not when you think it is true.

Have A Great Day.

thom singer

Being An Entrepreneur - Prepare Up Front

If you want to start a business you need to prepare up front.  While there is a lot of aspects to running a company that requires you to be nimble in the moment, the more you prepare before you begin, the better you will be able to handle the inevitable surprises.  The journey of entrepreneurship requires the right mix of planning and then being willing to change you plans.

Having a vision from the start about  where your business will be heading is important.  While most entrepreneurs will admit that their business plan in the beginning was not an accurate map, few investors and other advisers are keen on you not having a a  focus.  A business plan is still an important tool to launching in most industries.  

There is no way, unless you are clairvoyant, that you will be able to predict the changes in your company, industry, or the economy.  Too many variable exist in the real world.  Engineering is an exact science that requires perfection in the plans and execution or buildings and bridges will collapse.  Entrepreneurship is the opposite, often needing heroic bending of rules and other flexibility to achieve success.  (I am not saying engineers cannot be great entrepreneurs, or vice versa, but to do both can be a stretch for some).

Someone who started a business in 2008 would never have realized the pending recession, nor could they have predicted the severity.  Their plan would quickly have become obsolete, but their vision for the company they were building would allow them to better navigate the tough decisions.  When you think about your plan up front, be sure to imagine multiple scenarios, event though you can never assume all that can and will happen.  

Growing a business often takes more time and more money than you anticipated, even with the most realistic planning.  Be prepared to extend, maybe double, your needs.  If your upfront projections calls for three years and $500,000, consider what you will need if the reality is six years and $1 million. 

Know going in that you can easily get buried with the small things, and be conscious that you cannot spend your time picking up pennies while stepping over $100 bills.  Commit early in the process to putting your energy into activities that allow you to grow your business and not the things that will take you away from the goals.  Investing your time in insignificant and "small" activities will derail you success.

How you begin will have a major impact on how you finish.  Invest the time to plan and prepare for ample time and financial resources.  While no amount of up front planning will eliminate the obstacles, you will at least be less surprised by the hardships when the occur.

Have A Great Day

thom singer

Entrepreneurs Must Be Selling

If you run the business, you must be always be selling.  This means selling the products or services, selling the brand of the company, selling the power of your team, and selling yourself.  The organization's future relies on sales, as without revenue there eventually will be no business.  Even if you receive financial funding to launch, when there is no income the cash will run out.  The cash burn rate will eventually go to zero if there are no sales.

No matter the size of the company there must be a sales focus. There are no shortcuts or magic marketing strategies that will cause the phone to ring.  Having an clear approach toward the value of a sales process will be a constant reminder that new and repeat clients matter.

For some entrepreneurs who do not have a sales or marketing background, the process of client acquisition can seem like the black arts of running the business.  Websites, advertising, apps, and hoping for a miracle are not successful strategies to create future success.  If the entrepreneur is not confident in their ability to sell, they will need  to make a strategic hire early in the process of growing their company.  This person's individual characteristics will vary depending on the industry, as sales professionals are not necessarily a commodity. Experience and industry contacts can be vital to achieve short term sales. Additionally the sales leader and the entrepreneur must establish a good personal relationship, as they will be working very closely.

Those leaders with a sales background are often way out front in discovering prospects and driving revenue.  They still cannot do it alone, as selling is a full time job and the entrepreneur has too many other responsibilities that can be at odds with the demands of developing clients. The primary function the sales person is to educate prospective clients and shepherd leads from prospective clients into paying customers.  The sales cycle depends on the type of product or service, but if the process was easy then anyone could do it.

The reality is that everyone is not cut out for a career in sales. Great sales professionals are well paid as their success at delivering new business is paramount to the sustainability and growth of a company.  It takes tenacity and the ability to handle rejection.  An understanding of human nature, communications skills, and empathy to the needs of others are all common traits.  Not every possible customer will buy in a timely fashion (or at all).  Sales is about cultivating a pipeline of prospects that are qualified to buy and managing their questions and objections while giving them the confidence to select you as the best solution for their needs while at the same time generating new leads at the top of the pipeline.

If the entrepreneur is not leading the sales effort he or she should be championing those in the organization who are driving revenue.   Companies that lead with sales will often see faster growth than those who push their revenue generation priorities to the sidelines.  Tracking the entire process, from lead generation, to movement through the pipeline, to the final sale must be constantly monitored by the entrepreneur.  It is very easy for the hopes of a company to be put on a few prospects, but if they do not pan out there must be an understanding of what else is in play.

The days of "if you build a better mousetrap the world will beat a path to your door" are long gone.  There are plenty of examples of great products that did not sell and companies that failed where they should have had success.  There is a lot of noise out there and customers are skeptical of anything new.  You need sales if you want your company to be around tomorrow.

Now go sell something.

Have A Great Day.

thom singer

(**Photo taken from the Facebook page of Scott Ginsberg)

Resilience and the Entrepreneur

An entrepreneur will be tested.  Along the way he or she will be pushed and prodded.  They will fall down.  There will be days when they will question their resolve.  At times they will wonder if all the sacrifices are worth the long hours and constant pressure.  It is not a matter of if an entrepreneur will face tough times, but when.

This is where resilience comes into play.  Those who will succeed must have the ability to return to their original excitement and dedication of growing their business after facing down a plethora of adversity.

Resiliency does not happen by accident. The individual has to make the choice in advance to be prepared to bounce back no matter how they are bent and stretched.  Being in charge, dealing with employee issues, measuring client satisfaction, winning investors, burn rates, government regulations, and countless other responsibilities can push anyone to the breaking point.

Stress can be a strong opponent, especially for a first time entrepreneur who is not prepared to cope and adapt to ever changing situations.  Experienced professionals have the advantage of having seen their previous companies survive and thrive after a variety of traumas.

Without experience the entrepreneur must counter with a long-term vision, a strong belief in self, emotional control, and external social support.

Long-term vision:  Knowing deep inside that your commitment to the venture is bigger than any short-term set back will help you look past a current situation.  Being aware of the goal will make it easier to navigate yourself toward a solution to the problem.  There are always options when you are clear on the destination.

Belief in self:  Doubt can quickly undermine anyone.  Successful entrepreneurs are sure in their soul that they can and will find success in growing their business.  This confidence will get you out of bed in the morning on those days when you want to pull the covers over your head.

Control of emotions:  When we deal with other people there are often emotions involved.  When we allow negative feelings to take over we can make poor choices.  Hurt feelings, jealousy, embarrassment, disappointment, anger, fear, guilt, and other emotional responses can cloud judgement and lead to poor decisions.

External social support:  When facing difficulties we can discover resolve in the experiences of others.  Having a network of other business professionals who you can turn to will always be a great resource for an entrepreneur.  A formal or informal group of advisers whom you respect and trust can guide you through the muddy waters.  However, you cannot wait until you are in trouble to build the relationships needed.  You need your support network in place long before you face the big problems.

Resilience is important.  You will get knocked around and down, but you must be being able to get up and be stronger than before.  Rising up and moving forward is the only option for the successful entrepreneur.

Have A Great Day.

thom singer

There Is No Overtime for Entrepreneurs

When you run the business there is no overtime, there is only all-the-time.

The number of hours that entrepreneurs put into launching and growing their ventures can be daunting.  When the buck stops at your desk you are responsible for every little detail, and if your business is growing then the number of issues that you will need to address can appear overwhelming from the outside.  Product and service issues, accounting, legal, HR, sales, marketing, facilities, customer service, IT, vendor relations, and all the other functions of running the business ultimately land on your desk and need attention.

Ignoring any problem and wishing it will go away will cause it to fester into a bigger concern.  Delegating can also be a problem in the early stages, as until you have experienced leaders on your team there might not be anyone whom can take the ultimate responsibility for the decisions. Entrepreneurs must be decisive and action oriented or they will get caught in the loop of ever shrinking amounts of time and a never ending to-do list.

Those who are committed to guiding their dream are rarely are burdened by the amount of work that goes into their company.  When creating the long-term and sustainable entity is fused into your core, the hours do not seem like work.  Those who bore of the monotonous parts of the business may be flirting with failure.  The intimate pieces of being entrepreneurial must be of your soul to keep pushing you forward when times get tough.

It is common for entrepreneurs to get frustrated or angry with the tedious parts of running the company.  The reality is that when you are emotionally engaged in anything it can cause volatility at times.  There are many famous examples of great leaders of industry who have outrageous tempers and outbursts.  Being all encompassed in a cause will make it hard to see the rest of your world in perspective.  Keeping a balance is something you must do with intention.

Be prepared that there will be days when you question why there is nobody else around you who can solve a problem or lighten your load. Know that growing a business can be very lonely, even when you have close friends, a supportive family, and dedicated employees. Strive to make early hires who are entrepreneurial and are willing and excited to roll up their sleeves and work long hours.  Too many people are watching the clock and questioning their personal time commitment, and this will dumbfound an entrepreneur.

Surround yourself with peers who are also entrepreneurs.  There are many formal organizations that exist to create networking and education opportunities for those who run businesses to build friendships and share experiences.  Being around others who are tackling similar issues in their companies is a fast way to understanding the shared strains of leadership.  Enterpreneurs Organization (EO), Vistage, and Young Presidents Organization (YPO) are just a few examples.  Your local Chamber of Commerce or trade association will also know of other groups where you can participate.

The old adage, "All work and not play makes Jack a dull boy" is true for entrepreneurs.  Sometimes the excitement of the business can cause people to ignore everything else.  While there are no real days off when you are running a company, be proactive in carving out time for the people you love and the outside activities that re-charge your batteries.  This might require scheduling the time, but if you put it in your calendar, make it a priority and then keep true to the commitment.  The rush of working can be misleading and you need to invest the proper time in cultivating your relationships (including your relationship with yourself).

Nobody said being an entrepreneur was easy.  There is no overtime, sick days, vacations days, etc...  However, if you really love what you are doing, you do not care.

Have A Great Day

thom singer

Why Entrepreneurs Need To Network

Growing a business can be an all encompassing experience.  Many entrepreneurs put so much attention into their venture that they fail to honor the time to make, grow and keep their business relationships. The immediacy of issues surrounding funding, clients, employees, vendors, regulations, and product specifications leaves little space for things that do not scream traceable "ROI".

There is much written about productivity and protecting time for leaders.  Much of this advice involves identifying the purpose of every activity on the calendar.  With limited hours in the day, and the intensity necessary to run a company it become easy for an entrepreneur to push the cultivation of relationships to a "nice to have" activity instead of a "must have activity".  While time is limited and precious, it is important for the entrepreneur to remember that all opportunities come from people.  If you have the right network in place, most of the challenges faced will quickly be solved through a few well through out phone calls.

However, you cannot wait until you have a need to try to build a relationship.  If the only time you show up at business events or place calls to those you already know is when you have need, you will find it difficult to get the responses you desire.  Building a network takes time, and even in our fast paced digital world you cannot create a friendship through sending a LinkedIn request.

The introductions made by those with whom you have established long-term and mutually beneficial relationships can instantly lead you to the right investor, lawyer, banker, accountant, or other vendor.  It is through people that you can quickly find the necessary employee you need to hire to take your business to the next level.  There are not short cuts to meaningful connections with people who know, like, and trust you and that understand your business.

Entrepreneurs sometimes make the mistake of only wanting to network with other entrepreneurs.  CEO's often seek out groups that only admit other CEO's, but that can be very limiting.  Another business owner will not tell you that they have the best receptionist or sales manager, for fear they may get lured away to other companies.  Plus, you cannot grow and learn when everyone is just like you.  There must be diversity in your network that includes not just race, religions, sex, and age.  You must include diversity of job titles and industries in your network if you want there to be a variety of access to information.

Out of sight is out of mind.  Even when you are busy launching the business or a new product you cannot disappear from your community.  There will come a time when you will need other people, and you cannot expect people to be sitting around waiting for you to call.  You must cultivate the connection always.

Have A Great Day.

thom singer

Entrepreneurship and Home Life

Being an entrepreneur has a direct impact on those closest to you.  Working for a company brings many advantages and disadvantages, as you have job security (in theory) but not necessarily the freedoms that come with being your own boss.   Entrepreneurship has a different impact, as work hours and security can be all over the map, while the freedoms you might expect are not always present in the early stages of starting your venture.  The responsibilities and pressures of growing a business mean that your family has to be part of your work life or they may feel squeezed out during the times when you are focused on work issues.

Your personal life can easily become intermingled with your business when you are starting or running your own company.  Regardless of is you are a solo-entrepreneur or leading a larger corporation, if you are the boss it can be difficult to have an "off-switch" when you get home.  Being self-aware of how engaged you are at home is important, as with today's technologies it is easy to always be plugged into work.

In the growth phase of a business money can be tight, which means sacrifices at home.  However, those who create successful and sustainable companies often can have financial windfalls that can more than compensate for the lean times.  But nobody enjoys sacrificing at the time, and thus a spouse and children must be included in conversations about the focus and purpose of the entrepreneurs efforts or it is easy for people to feel cheated by any hit to lifestyle.  While it can easily take three, five or ten years (or more) to realize the upside for the entrepreneur, that can feel like a lifetime for the family.

Additionally, if you make the leap from employee to entrepreneur after you have a family, it might not be the lifestyle that your spouse and children expected.  Being part of an entrepreneurial venture, even from the home-side of the fence, can be quite an experience.

Be sure sure that everyone at home understands the realities of living with an entrepreneur.  While the long hours for business can take a toll, there can also be flexibility for the entrepreneur to create a flex schedule that allows them to drive carpool, coach sports teams, and sneak away for long weekends with their spouse.  If work becomes overwhelming it is easy to let the home life responsibilities slip, but making family time a priority is the only way to keep yourself engaged in the day to day functions of a family.

Many entrepreneurs are driving by a dream, but if those around him or her do not share the dream it can make life difficult and create conflicting priorities between home and work.  Communication and clear expectations between everyone is paramount to making sure that there is not additional stress added to the home-front.

Including your family in the business is one way to make sure everyone has buy into the purpose of the entrepreneur.  This does not mean your husband or wife needs to be employed at the company, but everyone should know what is happening with growth of the organization.  Even young children will better understand when mommy or daddy are gone on a business trip when they know what it is their parent does for a living. 

There is a lot written about "Work / Life Balance", but there is never real balance.  Decisions are constantly being made in regards to where we put our attention.  Knowing our purpose at work and at home can make the tough choices easier for the entrepreneur.  Being honest with our co-workers, family and ourselves about what is needed to succeed in both areas will not solve all problems, but can moderate the misunderstandings and expectations. 

Have A Great Day.

thom singer

Demand For Your Products or Services

Identifying market demand is important for success as an entrepreneur.  Many people have had great ideas without ever finding customers who are willing and able to pay for their products or services.  While it is nice to imagine building a better mousetrap and having the world beat a path to your door, history has shown us many technologically superior products that never won their share of the market.  It has been argued that BetaMax was the better video player, but VHS became the industry standard for years.

For a company to be successful it must connect the products and services to customers.  This involves more than just providing quality.  There must be an understanding of the marketplace, consumer demographics, competition, and the growth potential.  Apple reached the top because their company culture went beyond just shipping cool products.  Their deep commitment to innovation, design, and the customer experience combined to make profits soar.

Creating demand is more than advertising and market research.  Advertising alone does not create demand, but instead brings attention of a product or service to the greater population.  Creating demand is difficult and leaves many start ups lost to ever reach revenue goals.  Customers are not always aware that they want a new product and thus the marketing strategies for the entrepreneur must be intertwined with education, product strategy and all aspects of the marketing launch.  Henry Ford famously said: "If I had asked people what they wanted, they would have said faster horses.”

Commoditization is another problem that faces many companies.  Too many products and services appear to be similar solutions as what is offered by their competition.  Making matters worse is that all the advertising and marketing within a single industry often looks the same.  Telling consumers about yourself does not allow the solution to stand out, as it gets lost in the shuffle of "too much noise". Showing always is better than telling, but this is not easy in a world with limited access to they eyes and ears of the customers. This is where creating demand through word-of-mouth marketing and creating legions of customers as "fans" will have a real impact.

The problem is that you cannot create "fans" simply by having a Facebook page or a Twitter account.  Getting others to talk about your company means you have to be truly unique and provide experiences that make people feel good about being part of your community.  Getting beyond the "same -old / same - old" is difficult, and rarely happens by accident.  However, just because it is hard, does not mean it is impossible.

Entrepreneurs should make it a priority to bust out of the impression of being a commodity.  There is always more demand where there is something unique.  The trick here is to make sure what the entrepreneur sees as important and unique is the same thing that the customer values.

To successfully create demand for you products or services you must create an integrated marketing strategy that combines educating the consumer, cultivating visibility and delivering at the highest level every time.  Marketing research and outreach can determine which products or services may be of interest to customers, but there is an element of risk that leads to the top levels of success.  This process should not stop once you company achieves success, as the marketplace and customer demands will change, and successful entrepreneurs are always paying attention and seeking ways to get out in front of new trends.

Establish strong customer relationships and create a reputation of being an industry leader that provides value.  Identify who is your customer, provide them with value, keep them engaged, and get them to be advocates for your company and you will discover more demand and profitability.

Have A Great Day

thom singer

Brainstorming Is Important To Entrepreneurial Success

Ideas are paramount to success for an entrepreneur.  However, not all ideas are the right ideas for starting a business or tackling challenging problems.

Some businesses are spawned from a single idea. However, most who achieve sustainable success will need to consistently be identifying new concepts, products, services, and ways to overcome obstacles.  A one hit wonder in the world of business ideas is no different than a rock and roll band who has just a single song on the charts.  Entrepreneurs must always be on the look out for the "new thing" either to grow their existing company or to launch their next venture.

Brainstorming can take many different forms.  The concept was popularized in the 1950's and 1960's by Alex Osborn, in his book, "Applied Imagination".  It is a process for developing creative solutions to problems and Osborn proposed that teams could double their creative output through brainstorming techniques.

When a team of people are working together and committed to discovering powerful solutions, the end result is often stronger than any one person could have achieved alone.  Effective entrepreneurs do not operating in a vacuum.   They are surrounded by people who allow them to expand beyond their own limitations and weave the best thoughts together and create powerful solutions.

Brainstorming involves a group of people focusing on a problem, and then coming up with as many solutions as possible.  There are no bad ideas and the purpose is to push the creative thought to beyond the standards.  Each person can expand on the ideas of the next and combine concepts while creating new possibilities.

The process can be both formal and informal and it is important in the formation stage of a business as well as when tackling issues that can stall a company's progress and growth.  To continually have success and entrepreneur must always be seeking ideas and formulating plans.  Getting your whole team involved will have the added impact of creating a culture where everyone is looking to add to the greater good for the company.

Once ideas are uncovered there must be a process for deciding which should be acted upon. There is neither the time nor resources available to act upon every idea that comes along for a business, and not all ideas will help move the company toward its ultimate goals.  The entrepreneur's experience, instincts and trusted advisers all play a role in deciding how to implement actions. In finding success the entrepreneur must be willing to take the risks and go for blazing the new trails, as sometimes they will chase the wrong ideas and make mistakes.  

Discovering the ideas, while important, is only part of the journey for anyone who is looking to grow a business.  But without the ideas, their is no starting place from which to build.

Have A Great Day.

thom singer