Before You Take The Plunge

If you’re launching a new venture, whether it’s a startup business, a new division, or a new product line, take a deep breath.

Are you really ready? Poke holes in your plan. Have a trusted outsider look it over.

Have you tested it? If you haven’t, run a prototype or small-scale model to uncover hidden bugs.

Write down all the reasons you think your venture might fail. Read the list again just before you go to sleep. Then review it in the morning. What does your gut tell you?

Am I undermining your confidence? Not really. I’m just testing it. No matter how big or small the plunge is there are risks involved. You should have answers for those risks before jumping ahead. Everyone wants to get to market quickly, but the so-called “first mover advantage” is overrated. The “best prepared advantage” is more important. Now proceed with confidence.