4/29/2021 Tip: Pursuing The Wrong Opportunity | Growthink

4/29/2021 Tip: Pursuing The Wrong Opportunity

Today’s Quote

“One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular.”
~ Anthony Robbins

 

Today’s Tip

In continuing with this week’s theme about the importance and benefits of business planning, today’s business plan benefits are as follows:

  1. To reduce the risk of pursuing the wrong opportunity. The process of creating the business plan helps to minimize opportunity costs. Writing the business plan helps you assess the attractiveness of this particular opportunity, versus other opportunities. So you make the best decisions.
  2. To force you to research and really know your market. What are the most important trends in your industry? What are the greatest threats to your industry? Is the market growing or shrinking? What is the size of the target market for your product/service? Creating the business plan will help you to gain a wider, deeper, and more nuanced understanding of your marketplace. And it will allow you to use this knowledge to make decisions to improve your company’s success.
  3. To attract employees and a management team. To attract and retain top quality talent, a business plan is necessary. The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals. Importantly, as you grow your company, your employees and not you will do most of the work. So getting them aligned and motivated will be key to your success.

 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here <—

 

Trivia

Today’s Question: In 2010, which company reportedly bought the domain name of the American Farm Bureau Federation for $8.5 million?

Previous Question: What is the term given to a retail store in which manufacturers sell their stock directly to the public through their own brand?

Answer: An outlet store, or factory outlet.  The invention is often credited to Harold Alfond, founder of the Dexter Shoe Company. 

Traditionally, a factory outlet was a store—attached to a factory or warehouse.  Today, outlet stores are typically manufacturer-branded stores like Gap, grouped together in outlet malls.
 

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