|
|  |
| |
|
| | Post New Topic | | The Biggest Threat To Small Business In 2010 | Views: 796 | | Mar 12, 2010 6:54 pm | | The Biggest Threat To Small Business In 2010 | # | 
Michael Lemm | |
I'm wondering if entrepreneurs realize that it's the same threat that causes 80% of business to fail in 5-years.
Would you be surprised if I told you it's that same threat that been taking down entrepreneurs for a thousand years?
Now that said …. I do have a personal opinion on the elephant in the room.
Read the whole article here:
Biggest Threat To Small Business In 2010
God Bless,
Michael Lemm
FreedomFire Communications
DS3 Bandwidth
LinkedIn Profile
Private Reply to Michael Lemm | | Apr 02, 2010 4:39 pm | | re: The Biggest Threat To Small Business In 2010 | # |
Sharon Summerlin | | "...Imagine what would happen if every entrepreneur took the time to thoroughly research their market before they did anything else. "
I have a friend who is a marketing genius...he peppers us with new ideas every day...he thinks he has great ideas...we'd all be millionaires if the rest of us idiots could just make them successful. I read something and shared it with him...it seems to go along with your article, Michael.
An idea is just a thought, with no value until it is put into action. EXECUTING THE IDEA is the key to profiting from the idea, not the idea itself.
Everyone has ideas, but not everyone has the discipline to implement and execute those ideas.
WHAT DOES IT TAKE TO IMPLEMENT AN IDEA? First, it requires an evaluation. How does that new idea fit into your business given the talent, customer base and processes currently in place? How much value can that new idea generate in new sales, cost savings or intangible value? Is this the right idea for my company to get involved with? And most importantly, are there other ideas that could generate more value for the same investment of resources?
Second, the idea requires a plan. Who is responsible for seeing the idea move forward? What are the steps required for implementation? Who needs to be brought on board with the idea? What’s the time table for testing and developing the idea? What do our top customers think about it? What do our front line employees think about it?
Third, the idea requires resources. One person needs to be is accountable for the idea and master of the project. Monies need to be allocated. Extra time needs to be scheduled. Attention and resources will be borrowed from other projects. A level of commitment has to be established at the decision point to go or not to go forward. And finally you reach a point of no return, when you just put the idea into action and start selling it.
All this commitment, reshuffling and reallocation of resources for just one idea. No wonder so many millions of ideas are abandoned and become worthless. Probably one in a million are actually executed and succeed.
Sharon
Private Reply to Sharon Summerlin | | Jul 19, 2010 2:23 pm | | re: re: The Biggest Threat To Small Business In 2010 | # |
Michael Lemm | | What's YOUR opinion?
What do you think is the biggest threat to small business in 2010?
What is the biggest threat to YOUR business in 2010?
God Bless,
Michael Lemm
FreedomFire Communications
"Helping YOUR Business....DO Business"
http://mscprez.ld.net
////////////////////////////
Private Reply to Michael Lemm | | Jul 20, 2010 9:27 am | | re: re: re: The Biggest Threat To Small Business In 2010 | # | 
V Kumar | | Lack of passion is the biggest threat. Many cases, the reason for starting a business is for keeping oneself occupied or to make quick money rather than translating an idea.
If you have the passion, you will overcome all hurdles, will not look for excuses and will not rest till you achieve results.
Private Reply to V Kumar | | |
| |
| |
