I haven’t slept well over the past few weeks plagued by a ‘Go – NO Go’ decision over a major contract that was certain to have a huge impact on my business and my personal life. Why is walking away ALWAYS so darn hard, even when you know it’s the right decision?
A few years back I was involved with helping a non-profit organization create a curriculum for a program to educate inner city businesses throughout the U.S. They ran the program through the SBA and now, in its fifth year, the program is offered in almost 30 cities. The contract with the SBA to run the program recently became available for bid and boy, did I want it. I really, really wanted it (did I mention that I wanted the contract?).
The current program is excellent and I have a lot of respect for the organization running it but, like every entrepreneur, I was (and still am) confident that I could make it even more effective in terms of its economic impact on urban businesses. I’ve run a variety of uniquely designed business accelerator programs since then for a number of organizations engaged in helping small business owners grow, including the state of Massachusetts. So taking the lessons learned, I am totally confident that I could deliver one heck of a program. So, what’s the problem? Why not go for it?
Well, honestly I wish it wasn’t such a complicated decision but the bottom line is, I don’t currently have the business model nor infrastructure required to effectively run the program in so many cities (30 simultaneously). My fear is that running a program of that scale would either destroy my current business model or my mental stability or both. The thought of not sleeping for an entire year is not very appealing. Have you been in a similar situation where you really (REALLY!) wanted to do something but your gut told you, Stop and evaluate what this will mean in terms of your business and your life? It’s akin to a chef who loves to cook opening a chain of restaurants across the country all at the same time. She might be able to handle running one (although preparing amazing meals and running a business are different) but a chain, I don’t think so!
Welcome to Biz-Edge where we answer YOUR business questions. In the ninth of the Summer 2012 Series, I address a question about understanding who your competitors are, even when they don’t look nor act exactly like you.
Competitors don’t always offer the same product as you do. Therefore, in understanding and clearly defining who your competition is, it’s critical to think of them in terms of the solution they provide because that’s what you will end up competing on. Watch how I respond to a question about defining competition to grow a business.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the eighth of the Summer 2012 Series, I address a question about how to best gauge interest in a new product.
Market research is not just an option for large businesses. If you are thinking about launching a new product, it’s critical to gauge customer interest before you release it, to ensure the best outcome. Watch how I respond to a question about how small businesses can learn more about their customers’ needs.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the seventh of the Summer 2012 Series, I address a question about the importance of aligning customer perception with reality to secure a solid brand.
Branding is all about the customer experience and perception IS reality. Watch how I respond to a question about the challenges and danger of misaligning one’s brand/value promise with what the customer actually experiences when they interact with a business.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the sixth of the Summer 2012 Series, I address a question about the importance of setting goals as it relates to business success.
Research proves that if you set very specific goals (SMART ones), your chances of achieving them increase significantly. Watch how I respond to a question from one of the entrepreneurs participating in a business growth program that I teach in Massachusetts who wonders if it’s really worth his time to set goals.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the fifth of the Summer 2012 Series, I address a question about the importance of physical business cards in the networking process.
With the prevalence of technology engrained in almost everything we do, is it time to get rid of physical business cards and begin using a v-card?. Learn how I responded by watching this week’s video.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the fourth of the Summer 2012 Series, I address a question from a reader of my Small Business Growth & Innovation Newsletter about the role of luck in business.
Are you seizing lucky business opportunities? I’m often asked why I wrote about the role of luck in business. It turns out lucky business owners (defined as those whose businesses are growing) are actually engaged in different business activities than folks who are simply working hard (but not able to seize lucky opportunities). Learn more about what these activities are by watching this week’s video.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the third of the Summer 2012 Series, I address a question from a reader of my Small Business Growth & Innovation Newsletter about perfecting your elevator pitch.
When was the last time you worked on perfecting your elevator pitch? At the heart of every business’ success story is their ability to convey their value proposition succinctly and clearly to key stakeholders. If you haven’t worked on perfecting your elevator pitch, now is the time to do so if you want to accelerate growth. Watch this week’s video to discover tips on perfecting your pitch and check out my Elevator Pitch Template at my website (m-edge.com) to start today!
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the second of the Summer 2012 Series, I address a question from a reader of my Small Business Growth & Innovation Newsletter about outgrowing your business model.
Have you adjusted your business activities to reflect the growth of your business? As our businesses grow, a common challenge that many owners face is their inability to change their role in the business. If you’ve been wearing every hat to grow your business to its current stage and that’s not working for you any longer, watch this week’s video for some tips on how to make changes that will get you to the next level!
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
Welcome to Biz-Edge where we answer YOUR business questions. In the first of the Summer 2012 Series, I address a question from a reader of my Small Business Growth & Innovation Newsletter about working ON your business as opposed to IN your business.
When was the last time you made an appointment with yourself? You make appointments with VIP clients, prospects and other key players in your business, right? So why not with yourself? You’re a VIP – the most important one in your business! You need to begin treating yourself like one and start focusing your efforts to work ON your business versus simply IN it. Both are important tactics, but working ON your business allows you to take the time to set the tone and direction for success and growth.
Have a question about business growth? Here’s your opportunity to ask questions about business challenges you face so you can gain an EDGE in business. Plus, hear advice that we’ve given other small business owners and entrepreneurs to help them make bold leaps forward. Complete the form at the Biz-Edge Website andI will try my best to answer it via video.
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