19 September 2006

What's Plan B?

We were in the car today and got talking about someone that Phil and Chris knew who had just set up his own micro business but didn’t seem to have a clear idea of what was involved in running it.

Running a small business is non-trivial. It requires plenty of energy and a refusal to give up as well as a strategic view of what is important in delivering success. That combined role – Chief Executive and Operations Director doesn’t come naturally to many people and many businesses fail precisely because people misunderstand how to make their idea successful.

As always, it isn’t the quality of the idea that is important in determining whether a new micro business will be successful – it is the quality of the execution. No-one plans to fail and the Business Plans for these start ups very often have over optimistic revenue projections. For most of these businesses, Plan B (the one they move to when Plan A fails) is very often Plan A, only working harder at getting the balance of activities right.

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