Thursday, October 1, 2009

Ideas To Deals: When To Jump

Ideas To Deals: When To Jump

When To Jump

Making the Jump One of the keys to launching a business is knowing when to make the jump into the market.  I usually run into either the entrepreneur that wants to rush in or the one that wants to over-think everything.  One will want to know the answer to every question and continually build, rebuild and delay the launch.  The other usually uses more of a "Field of Dreams" strategy...if we build it they will come.
I don't think there is any one thing that will let you know it is time to jump and launch your business.  There are many factors that should be considered and these often vary by type of business.  The way to identify and address the issues specific to your business is through preparation.
If you think about a long jumper they spend time in advance getting their steps down so that when they are ready to jump they hit the board at the right place to allow them to get the maximum distance without either leaving precious distance on the runway or fouling.  They have gone down the practice runway thousands of times both in real life and in their minds before they jump in competition.   This preparation is what will allow them to be confident that they are ready and will hit the board where they should when they jump so they can succeed.  You can do the same thing.  Preparation in a business case will include knowing your market and how you are going to address that market.  The more you know about your customers they better you will be able to execute when you do launch.  Advanced research and interactions with prospective customers will allow you to avoid many costly stops and restarts after launch.  Note...stops and restarts after launch equal unexpected expenses and lost revenue, not a good thing.
Preparation also allows you to create your own game.  In the Chris Brogan / Julien Smith book Trust Agents they talk about setting your own rules.  More now than ever before you are able to change the rules of the game through use of social media tools.   These game changing tools can allow you to bring your message to more people than ever before for less money than ever before.  However, I have always said that just having the tools will not make you successful.  It is the strategy in employing those tools that will make you successful.  By understanding where you want your business to go you can come up with innovative ways to promote your concepts, ideas and brand.  You can determine where your customers are and how to best communicate and reach them. Without this knowledge you may be taking shots in the dark.  As a business owner you want to hit the target more often than not, preparation allows you to do that.
So when is the right time to jump?  When you have identified your entrepreneurial passion and coupled it with strategic, customer focused preparation you will be ready to jump and succeed.
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