The Entrepreneurial Savant

Are you surprised when things don’t turn out the way you planned?
When unexpected events turn things around in unexpected ways?
When it seems that Murphy’s Law should be named after your experiences?

It is said that entrepreneurs are risk-takers. Perhaps that’s why so many fail. Most successful people are risk-avoiders because they know that it is very difficult to make up a loss, whether a monetary one or a loss of momentum. They build in risk protection using a variety of techniques. One of the most effective is rehearsing scenarios. All this means is that they look into the future and imagine as many possible scenarios (What-if? situations) and how they would react to them. They look at how different variables could affect their plans and they make contingency plans to handle those crises and profit from them. In cases where they cannot profit, they plan ways to exit with the least amount of damage.
Perhaps you have a business dependent on one customer. What if the impossible occurs and they pull out? Rehearse your actions now and you’ll be ready ahead of time. Suppose a partner pulls out of a project or a relationship? Or your distributor goes out of business? Or you don’t get into the college you wanted? Simply rehearsing these scenarios and developing back-up plans can do a great deal to ensure your success.

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