Michael Newman’s latest é-Wealth Daily’ article is titled “The Most Important Question for an Entrepreneur”. [‘e-Wealth Daily’Article]

Michael Newman’s latest ‘e-Wealth Daily’ article:

The Most Important Question for an Entrepreneur

A common issue with many entrepreneurs is that they tend to throw all their eggs in one basket. Meaning, they invest so much time, money and effort into one business stream that they can be left with nothing when it dries up. Of course, starting and operating your own business requires such time and effort that truly cannot be measured, so it’s understandable that an entrepreneur’s vision can have a narrow focus. However, one
must always ask themselves, “What if?”

After all, what if the economy dries up and your main clients can no longer honor their contracts with you? What if the goods and services your company provides simply aren’t in the budget for customers anymore? What if your business becomes another statistic taken down by the economic crisis?

These are questions entrepreneurs must ask themselves at some point, before it is too late. Of course, nobody wants to believe that their business will crumble; but the truth is that these days anything is possible, and developing a contingency plan is extremely important to ensure you’ve still got cash coming in.

Let’s say that, for the past four years, you’ve been operating a successful computer programming company. You’ve got some good clients and things appear to be shaping up so that you’ll never have to worry about money again. Then, all of a sudden the economy takes a pretty big hit and your clients, even your big ones, are all forced to end their relationship with your company. The next thing you know, your business has been
ripped right out from under you.

Now you’ve got some thinking to do. You could try and tweak your business by coming up with new offers, a new business plan or a new marketing strategy, but the truth is that it may not help you. The truth is that you may have to get back to the drawing board.

When this happens, it’s a good idea to go in with a clean slate. Clear the past from your memory and begin with a fresh outlook. Start looking for opportunities that now exist because of the economic conditions, or just because there is a void that needs to be filled. Basically, switch gears to accommodate a new hole you’ve located.

Doing this may require you to step out of your comfort zone and explore other options that may be relatively foreign to you. This actually puts you at an advantage because you’ll be looking at a problem with a fresh set of eyes, instead of a set that has been exposed to “the way things are done around here.”

The key is to sit back and let your mind and ideas roam. Tear down all the borders you’ve put up over the years when your first business was successful, and use the same tools and creativity that brought it to life in the first place.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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