“Everyone has a plan until they get punched in the mouth.”, according to Mike Tyson, former heavyweight boxing champion. The challenge with current business environments is that it continues to hit entrepreneurs in the mouth. Actually, business owners and leaders of all stripes are taking a few blows in the current environment. Likewise, the business environment seems to fight back in several ways. Realize as small and large businesses both constrict and close their doors, the result is fewer employees with paychecks, as well as fewer businesses spending less or not at all in the current economy. Consequently, customers and service providers are unexpectedly participating less in the economy, resulting in pivots happening more often and the results having less room for error. How does business prosper and not get punched in the mouth, or worse yet get knocked out?
Business planning is clearly important to positioning any business to launch and sustain progress. Old sayings like, “If you fail to plan, you plan to fail.”, get to be old sayings because they continue to be true. What else is true? Putting products and services into the marketplace and selling them generates revenue! Literally, connect with a prospect who is willing to buy. Yes, many available business plan templates and entrepreneurial guides are available. But, which business plan works best? Simply, the answer is the plan that is produced, executed, and then pivots. To be clear, pivot means that the plan is documented, and then changes in the heat of execution. Plans do not make successful businesses. Business leaders that execute plans at least have a shot at successful businesses! The plan is the launching point. Business is action. It is a full contact endeavor!
However, without preparing and starting how does anything finish? Obviously, starting gets the whole operation going. In entrepreneurs’ case, plan, then start fast. Plans are designed to map the process. Nothing truly happens until revenue happens. In that spirit, the young business requires action. Engage prospects. Get feedback. Polish your pitch. Revisit the marketability of goods and services. All these activities point directly to addressing prospects who will offer feedback, yet they also offer money resulting in sales. Success depends on the boldness of customer-facing resources communicating value to generate customers. And, they are only customers once they pay!
The execution is simply repeating the activities that created revenue. While the process seems that the marketing and planning activites should generate several customer-facing opportunities, the idea is to get customers. Customers that pay! That means a fair amount of business features jumping out the window and securing the parachute on the way down. If that mindset seems too risky, then entrepreneurship is too risky. In this case, execution involves acting with enough information that you will figure out the details as they present themselves.
Why is this professional mindset even desireable? Simply, it is exhilaration; maybe a little greed! The entrepreneur, the start-up employee, the investor, all knowingly accept risk and the premium return that comes with it. That premium comes in returns, salaries, equity, and psychic benefit. The successful start-ups provide these benefits because when mixed with success they inspire stakeholders in a singular way. Business leaders that willingly take on the risk, yearn for the exhilaration of success. Execution based on an individual’s boldness presents opportunities to experience emotional exhilaration and a jolt in individual financial results. Ultimately, successful execution and the coinciding rewards kills any other type of business conquest!
Profits As Endgame
“Success leaves clues”, according to entrepreneurial giant, Jim Rohn. Every situation is different. Consequently, the business talent that embraces the risk and seeks the tools situate themselves for unique expertises. Regardless of the quantity of information concerning entrepreneurial conquests, each one is singular. But, the most gratifying undoubtedly involves the most rewards. In summary, business keeps score! A good plan is a good start. However, it does not put points on the board. In the case where the enterprise starts to score, there is not enough, fast enough! But upon pivoting, now new opportunities begin to reveal themselves. Own the opportunity to acquire more. Still, embrace the plan. Yet, start executing before the ink is dry. Then pivot and hold on! Good luck! Enjoy the ride!
Glenn W Hunter
Managing Director, Hunter And Beyond, LLC