This Is Something Every Entrepreneur Needs To Read!
Over the last 9 years, I have failed too many times to count. I have made and lost lots of money. Everytime I take a major loss, I don’t get mad or upset, I take notes.
Today, for the first time in 2018 I failed at something. I failed to over deliver on a marketing campaign. The thing that pisses me off the most is that going into this campaign I thought I had it all together.
I thought I knew everything I could know about the service. In the end, I was wrong and even though the client wasn’t upset, I was. While sitting back on my couch this morning, I lined up all of my business and partnership failures to see what all of them had in common over the years.
After lining up all the dots, that is when it hit me! I had figured out why I had failed so often, and that if I could make this one simple change I would fail quite less in the future.
So, listen up if you want this million dollar gold nugget. The one thing all of my failures had in common was lack of research.
At the time of each and every failure, I thought I had studied everything I could of each and every venture. In the end, all of the downfalls came from not knowing enough or not having a realistic long term game plan. Lots of us think we have a strong business or marketing plan, but we really don’t. We make too many assumptions with nothing tangible to back it up. On my last campaign, I was off on who the audience was which was from lack of solid research. My last product placement company I lacked research into my partner and our marketing plan which lead to failure in the end, even though it was profitable from the very start. In my first major business, which was my energy pill company, I lacked research on pretty much everything and winged it into the grave. NEVER wing anything when it comes to business if you can stay away from doing so. Just because you have an answer for something doesn’t mean it’s right.
This brings me to my next point…
I then thought about all my success and why some of it came so easy. I then realized it was because of proper research and realistic, well-thought out game plans. I knew every move before I would make them. I prepared extensively! I didn’t have single doubts in my mind about if it would work or not. I knew the plan like the back of my hand.
Moral of the story is stop investing your resources or time into ventures that you haven’t done extensive research on. Take your time. Warren Buffet says “It is only a risk if I don’t understand it” Make sure you have 100%, or least 98% clarity on anything that you are getting involved in. NEVER ASSUME!
P.S. Break all your business and marketing plans down like math problems. Show your work and break them down into as many details as possible. This will help keep you from failing.