Business owners have similar drives and impulsive behavior patterns; so I think I can safely conclude that mine are no different from yours. Years back, I had a strong pull to set up a Juice Bar. What was the motivation? Well, I love healthy eating; so I thought I should introduce a healthy alternative to the fast food trend that had invaded my community.
I began writing my business plan with great enthusiasm, visualizing my dream concept every moment and the overflow of loyal clients who would purchase my unique juice recipes.
Pause. My instincts kept probing me fiercely and my responses were hesitant! Did I have any prior experience of setting up a juice bar? No. Ok, did I have someone on my team with the expertise to do so? Well no, but I could always get all the information I needed from the internet. What type of juice extractor was I going to purchase for the smoothie recipes I had in mind, and by the way, did I have the money to kick start the business? Well, I was going to start small with my own juice blender. As for the initial start-up capital, a few friends had promised to be my financial back-up, so all will be well.
So I started implementing my great idea. It wasn’t long before major frustrations set in. The money I expected never materialized due to one flimsy excuse or the other from my “friends”. That is as far as my Juice Bar business went. It died as fast as it was birthed!
In case you’re getting ready to judge me for embarking on such an obviously impossible venture, hold it right there and let me be the first to ask you some probing questions.
That brilliant concept or project which you are about to implement as CEO of your company, have you taken time to assess the full implementation costs? I mean, in terms of feasibility, money, team expertise, logistics etc.? Or like me, your usual overzealous “entrepreneurial spirit” and “passion to start” have taken over your good judgment?
I bet like me, you’ve also been giving vague responses to the critical questions your instincts keep nudging you to consider!
I won’t be surprised to learn that some of your employees have diplomatically tried to call your attention to several of your planning lapses, but of course, as CEO, you’ve decided to flex your “veto authority” and go on regardless!!
Watch that impulsive entrepreneurial spirit of yours, colleague business owner!!! The same attitude that drives us into huge successes can also plunge us into regrettable mistakes! Slow down and listen to your instincts, my friend! Selah!
Coming up next week: HOW COULD I allow THESE Screaming Warning Signs TO go Unheeded as CEO?!
