In this article from the New York Times, the author forces us to consider various reasons why businesses fail. Of course there are many but there’s one that many entrepreneurs often fail to consider. check out: How to avoid becoming a failure statistic.
“But sometimes, the painful reality is that a business falls apart for one reason: You.” [...]“In the end, when any company is suffering, there is a question every entrepreneur must ask when he or she looks in the mirror: Am I killing my own business?”
Sure, you have a great plan, everything is in order and you’re ready to launch. But no matter how great your plan is, it’s the planning that matters.
Think of your plan as an evaluation tool. The process begins as you gather information, set goals and create a vision for your professional or personal endeavor.
The process continues as you enter the planning stages where projections and goals are implemented, measured and updated.
The planning process never ends.
Consider planning as your steering wheel on the path to success. Sometimes the road will be bumpy, curvy and uncertain. This is good, it will make you pay closer attention, focus more carefully and watch for the unexpected and early warning signals.
With continued and proper planning you’re more likely to do what you intended with conviction, instead of veering off course by a spur of the moment decision.
It’s obvious that we’re going through tough economic times. It’s ok to acknowledge these tough conditions in order to understand what’s going on and make the necessary adjustments in our lives and portfolios. But we certainly do not want to stay consistently focused on the bad news because that only leads to more anxiety and stress.
As you adjust, consider these three important tips:
Limit your amount of news watching – Do not get caught up in the 24 hour news cycles of reporters expounding on the intricate details of the economic downfall. Select a few trusted and select sources for your news to stay informed and go easy on your amount of news consumption.
Know what you can and can’t control – Obviously, some things you can control, some you can’t. Know the difference and act accordingly.
Set a goal and have a plan – a bit of brain storming and strategic thinking is one of the best ways to decide what to do next. Consider the pros and cons of your decisions and consider what you will do to mitigate certain scenarios.
I believe that one of the safest investments you can make right now is an investment in your own knowledge, skills, and abilities.
For example, knowing how to build and improve any type of business is one of the best general-purpose skill sets you can have and there are always opportunities for people who understand how to create value for others. The great thing about investing in yourself is that your investment will not fluctuate in bad market conditions. In the future, when new opportunities present themselves, you’ll be well prepared to leverage your knowledge and skills for greater success.
The article informs us quite clearly that the most important characteristic that separates those that have succeeded despite huge obstacles is persistence, determination and intense focus on a positive outcome.
As a friend once told me, most people go “through” things while others go “to” things. The difference of course is in your focus. Get clear about what you want to accomplish and where you want to go. Surround yourself with those that are moving in the direction of success. Model those that have already achieved success and arm yourself with the right set of tools that will help you get the job done.
I’ve owned a RIM BlackBerry Curve 8320 for the past year. I love the phone and I’ve enjoyed its looks and functionality; Now there’s reason to love the device even more.
The company recently introduced a nice software update that enhances the smart-phone’s capabilities. The BlackBerry 4.5 update adds some notable features, including video recording capabilities, HTML e-mail support, and music and video-streaming capabilities. You also get attachment viewing and editing, a new browser design, and improved download and data performance. The update is available for free at T-Mobile’s download site. I’m also looking forward to testing the improved UMA (calling via WiFi) capabilities. The original version had some issues with dropped calls on UMA. So far, so good, If you own this device, I highly recommend this update. As with all software upgrades, be sure to back up your data.
According to the 2008 Cone Business in Social Media Study, Almost 60 percent of Americans interact with companies on a social media Web site, and one in four interact more than once per week.
“The news here is that Americans are eager to deepen their brand relationships through social media,” explains Mike Hollywood, director of new media for Cone, “it isn’t an intrusion into their lives, but rather a welcome channel for discussion.”
Certainly, customer service is taking on a new dimension as companies strive to differentiate themselves and stay competitive.
Interbrand and BusinessWeek have released the list of Best 100 Global Brands. The annual audit said that Google, which has built on its dominance in internet searches to expand into software, video, mapping and web browsing, was “the undisputed king of the internet world”, and its brand value had shot up by 43%.
Four of the five highest risers in the top 100 were technology firms. But the top 10 also included US brands that have recently reinvented themselves, including Coca-Cola, which remains the most valuable brand in the world for the 8th year in a row.
Some of the five biggest fallers were firms in the financial sector, no surprise there.
You already have a personal brand whether you want one or not – simply by virtue of being who you are and doing what you do. It’s up to you to first determine what your personal brand is. What are you talents, your strengths and unique qualities? What are your areas improvement and opportunity? Once you’ve answered those questions, you can make the necessary adjustments.
Your personal brand also exists in the minds of others in the way they perceive, think and feel about you. Think about your favorite corporate brand for a moment. It can be the best product of its kind in the world, but if the public fails to perceive it as the best, it won’t be successful. So, it’s critical to keep in mind that your personal brand is not only what you think it is but it’s what others perceive it to be.
When Lehman Brothers filed for bankruptcy on Monday, it became the latest but surely not the last victim of the sub-prime mortgage collapse. Financial institutions around the world have already reported more than half a trillion dollars of mortgage-related losses and that figure will most likely double before it’s all said and done.
The federal reserve obviously has deemed AIG too important to fail hence the $85 billion bail out. The reason may be that such a failure would pose a much larger threat to the financial system than Lehman Brothers due to AIG’s size and the fact that it plays an integral role in several key markets including: credit derivatives, mortgages, corporate loans and hedge funds.
