Are You Betting The Odds With Your Business?
November 29, 2012 Leave a comment
I know I have used the expression lots of times in the past “Rather be lucky than good any day”. And considering that there is an expected record in the number of people who played for a chance at last nights $500 million. (Yes, Virginia, that is $.5 billion!)
And I am sure we have heard all the different statistics. The chances of winning the Powerball jackpot are about one in 175.2 million. Yet, you’re more likely to die from a bee string (one in 6.1 million), be struck by lightning (one in 3 million) or have conjoined twins (one in 200,000) or being attacked by a shark (one in 11.5 million).
Even though you may have been betting to win the Powerball jackpot last night, are you betting the odds on your business? Some business owners are acting like they are going to be to be lucky than good.
It sometimes seems that a lot of business owners, especially small business owners and startups are doing just that. They are taking the risk failing because they do not think out their business completely. They may have a great app in development, new trendy shirt, or the best lasagna recipe. However, they may not consider cash flow or fully understanding their target market. Without doing some of these types of items, they are essential playing the odds and hoping that their business is a success based on luck rather that skill, expertise, or just being “good”.
What are you doing to make sure you are not playing the odds in your business?
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at firstname.lastname@example.org.