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Keep on Dreaming but Keep it Real

January 15, 2014

Daily Read- Keep on Dreaming but Keep it Real

The TV show “Shark Tank” is not only fun to watch but is a great tool for new entrepreneurs to see the issues that you may encounter, how the “sharks” put the ideas to the test as well as to witness the fatal mistakes new entrepreneurs make. In one instance a contestant had been up and running for four years and had not yet hit the $100,000 revenue mark yet, was optimistic about the next year’s projection of $1.9 million. This entrepreneur’s overly optimistic and somewhat naive disposition kept her from striking a deal with a “shark” that may have been critical to the growth of her company. So how do you keep it real in a world filled with opportunity and find the balance between hope and reality?

Look at the odds. Occasionally you’ll see stories about “overnight successes.” They are newsworthy is because they are rare. Distance yourself from this set of circumstances. Be honest in determining if the probability of success is realistically strong.

Keep things moving. When a game changing prospect, investor, or similar opportunity arises, don’t neglect your current business. Entrepreneurs tend to drop everything to entertain new possibilities. Learn to maintain the status quo and temporarily add extra hours or enlist extra help to do the research and prepare the information required by your pending opportunity.

Play “what if.” Two helpful questions are “What if… happens?” And, in response, “Is that really, true?” Most, if not all, of the time your imagination gets the best of you and you base your decision making on fear-based thoughts. If you are honest with yourself you will find that even your worst fears are highly unlikely to occur in the way your imagination would have you believe.

Get to a place of reality-based thinking and create your strategy from there.

Read entire article at- http://goo.gl/KEbd8f

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