Monday, August 17, 2009

Current Preparation = Future Dollars

I have learned some of my biggest lessons from past failures in business. Each of my failures can be traced to one common thread, lack of preperation. In business, preperation is as important as consistent cash flow, perhaps even more. Preparation gives you options and keeps your business fluid. There are three areas of preperation the young entrepreneur must focus on. Beginning preperation, Mid-preperation, Continuing-preperation. Beginning preperation has to do with getting all your ducks in a row before your product/service is launched. This will manifest itself as gathering information on your market, creating your website, developing marketing strategy, obtaining business liscenses, developing the product and/or service, etc. Mid-Prepartion is after the aformenetioned have been completed, begin developing your list of prospects, gathering specific information on them, funneling out the losers and courting the potential winners. Lastly is Continuing-preparation and this stage of preparation is when you have your list of potential winners and begin to present your product/ service to about 2 or 3 of the potential winners on your prosepct list. It is called continuing preparation because during the process of connecting with a sample of potential winners, you will want to refine your approach, product/service, perhaps your type of business all together. Preparation in business is an on going process. Each deal presents an opportunity to become better and excel at even greater levels. The knockout 1, 2 punch in business is proper prepartion and execution. Concentrate on these two elements and you will amass a fortune.

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