The most difficult discipline in business to execute as an
entrepreneur: your first loss is your
best loss. An entrepreneur is determined
and perseveres. An entrepreneur
encourages others to work their strengths within the vision and direction of
the entrepreneur – the entrepreneur is a cheerleader of the business.
A start up business, or a real estate opportunity an
entrepreneur purchases, takes a lot of hard work. An entrepreneur has lots of time into the
project. An entrepreneur begins looking
at the project as his “baby”.
A key to getting better at this discipline, when beginning
a new venture, is to set out specific exit strategies. The phrase “exit strategy” is not a bad word. An entrepreneur simply preplans to try
different courses of action. However
each exit strategy must have a detailed method of measuring so the entrepreneur
knows one strategy has not worked thus he has to act towards the next strategy
then do it. Of course deadlines for each
exit strategy is equally important to measurement.
Finally
the last exit strategy is to shut the project down. This is executing taking your first loss as
your best loss. Most likely the
entrepreneur would have defined or measured the “first loss” in terms of money
expended or lost. There is always
another opportunity in the future if the entrepreneur has not exhausted
himself of all potential resources and emotionally zapped himself beyond
recovery.
By
the way, the second most difficult discipline in business is saying no. If an entrepreneur learns to master this
second discipline, the entrepreneur decreases the chance of having to complete
the first most difficult discipline!
