| Even with extensive research and planning you still | | | | yourself some time to savemoney and create a back |
| may come to a pointwhere you need to reevaluate | | | | up plan so you will feel comfortable andcapable of |
| your business strategies. Knowing when to | | | | starting a new venture if the original one doesn't pan |
| "take a loss" and move on to something different is | | | | out. |
| key to thesuccessful future of an entrepreneur. You | | | | Not enough networking? No one can buy from you if |
| have to first ask yourselfare you giving up or simply | | | | they don't know aboutyou. Networking doesn't have |
| redefining your plans? You don't want toget into the | | | | to be an "in-your-face", phony type ofapproach. It is |
| habit of moving on to quickly simply because things | | | | merely letting people know what you do and how |
| didn'tgo as you expected. | | | | well youcan do it. When meeting friends and |
| Even with extensive research, using this site, and | | | | associates, be sure to leave yourbusiness cards with |
| planning you stillmay come to a point where you | | | | them. Many of your friends will be the first torefer |
| need to reevaluate your business. Knowingwhen to | | | | you when they discover someone they know who is |
| "take a loss" and move on to something different is | | | | looking for yourproduct or service. Also become |
| key to thesuccessful entrepreneur. You have to first | | | | active within your community doingsomething you |
| ask yourself are you givingup or simply refining your | | | | enjoy. For example, if you have a record label, why |
| plans? You don't want to get into the habitof moving | | | | notsponsor a talent showcase with other area |
| on to quickly simply because things didn't go as you | | | | businesses? Or why notvolunteer to help children in |
| expected. | | | | your community. |
| Below are some questions to ask yourself when your | | | | How realistic are your goals? Don't set yourself up |
| business seems to be going nowhere: | | | | for failure bysetting your goals too high. Make sure |
| How well did research my market? Many times a | | | | your business planning reflectssound research and |
| business will failbecause they have jumped the gun, | | | | estimations. You should contact experts in |
| especially in the area of marketresearch. You may | | | | yourcommunity to help you keep your feet on the |
| think you know what your market wants but that is | | | | ground, so to speak. |
| notenough. Complete a thorough investigation before | | | | Contacting a group like SCORE (Service Corps of |
| investing too muchtime or money into any venture. If | | | | Retired Executives) forexample is a good way to get |
| you feel you've conducted the rightamount of | | | | sound advice regarding your business plan. |
| research ask more people about your failed | | | | Contact them when creating or editing your business |
| endeavor...yournew survey questions may include, | | | | plan and you shouldbe able to work with the |
| "Why wouldn't you buy this product?"or use a simple | | | | difficulties of presenting realistic,attainable financial and |
| rating system which will allow you to determine | | | | business growth goals. Contact a Scores officenear |
| justwhere you went wrong. The key is introducing | | | | you by visiting the following site: Theseare retired, |
| products to stay in linewith trends but you don't | | | | successful business executive or owners who offer |
| want to be too far ahead of the game. Thinkof the | | | | freeassistance to business owners just like you. |
| artists that our society only appreciates years after | | | | How is your time management? Not managing your |
| they'vepassed away! | | | | time can make yourbusiness suffer. Get into the |
| Is your pricing level correct? If you've set your prices | | | | habit of setting a schedule and stickingto it. You are |
| too high ortoo low you can have serious problems. | | | | solely responsible for your success and how you |
| Too high will discourage much ofyour target base | | | | manageand organize your time will dictate how it all |
| from becoming customers and too low could possibly | | | | turns out. |
| dothe same thing in addition to losing you money. | | | | Have separated personal from business? Are you still |
| Each way will ensureyou won't ever see a profit for | | | | chatting withfriends when you should be working on |
| your new business. Instead of quittingright away, | | | | a new project? Have you set upseparate banking |
| adjust your pricing to adequately address your | | | | accounts? Does your family friends understand |
| markets andthen try some grass roots advertising to | | | | howimportant your new business is to you? You |
| gain your market's attentionto your new affordable | | | | should ask these questionswhen you realize you can't |
| or accurate rates. | | | | seem to get anything done because ofinterruptions |
| Is this the right business for you? Despite completing | | | | due to your personal life. |
| the worksheet in | | | | So before you wrap up your new venture, be sure |
| Chapter 4, you may still find yourself in an industry or | | | | to ask yourself allthese questions. Mainly, you want |
| business typethat just won't work for you. Are you | | | | to identify what is going wrong soyou can correct it |
| a carpenter who suddenly wants tobecome a web | | | | to make your existing business work or so you |
| designer? Unless you've got some design training, | | | | won'trepeat the same mistakes with your new |
| youshould hold off any and all efforts to start your | | | | business venture. |
| business. Make sureit is a business that utilizes your | | | | And again, the key to successful businesses is a |
| existing skills and talents. Don'tget into something that | | | | fierce determination. |
| is currently beyond your reach. | | | | It takes many small businesses two years to turn a |
| Do you have enough capital? Lack of adequate | | | | profit. If that'stoo long for you, consider having a |
| capitalization is one ofthe many reasons a business | | | | partner, working part-time, orkeeping your full-time |
| can fail. Although, you can start a newbusiness for | | | | job. Try different things to make sure you don'tgive |
| less than $500 in some cases, you still want to | | | | up on your new business and becoming an |
| addressall the concerns listed in Chapter 4. Give | | | | entrepreneur. |