“I want to be able to explain my mistakes. This means I do only the things I completely understand……I understand Kool-Aid.” –Warren Buffet
Statistics suggest that most small businesses fail due to lack of experience or for sake of argument, lack of understanding. Interesting… We all have heard the saying “if you fail to plan then you plan to fail”. Let’s take it a step further, “if you fail to gain understanding, you won’t understand why you failed.”
Its not enough to know what your product or service is and how its helpful. You should truly understand its strengths and weaknesses, the dynamics of your market, the purpose of your efforts, and the measurable outcomes that come from your actions.
Too often do we see large amounts of capitol lost due to lack of understanding.
Case&Point: It takes more than a great idea to achieve success. You must have a keen understanding of the bigger picture that surrounds your ideas and implement a plan that fits into the larger scheme of things. If it worked for kool-aid I’m sure you can do it.