The trial and error approach to business

There is a lot of emphasis on start-up and growth of business currently as a way of stimulating economic growth.

Inevitably there are a number of different approaches being promoted, to enable such business activity to thrive.

A variety of approaches is necessary because of course each business is different. As with many things though, it can be tempting to seek easy answers and shortcuts, but they are unlikely to provide value.

Some very simple principles are worth stating in these cases:

1. Get advice from the right people

This means that they should have the qualifications and / or experience to be able to advise on the things you need. Personally I like to work with specialists, so am wary of any individual who offers advice across too wide a range of subjects.

One absolute certainty is that you will get lots of advice. It won’t all be compatible, so you might as well have criteria other than face value to determine which you should pay attention to.

2. Do it once and do it right

I can’t see the value in trying something on the basis that if it doesn’t work you can try something else. If you don’t think it’s going to work, just don’t do it. Why waste your valuable time and money? Also, how do you know that option 2 will work? There may be a large number of options to choose from … You could easily run out of money if you don’t get it right early.

The thing is that there is no need to introduce such unnecessary risk into your business. There are ways of developing a coherent strategy that will allow you to make the right decisions first time and sustain this over the long term. If that’s not worth investing in then nothing is.

Previous ArticleNext Article