Tuesday, December 28, 2010

Richard Branson on Taking Chances

As we near the end of 2010 and launch new beginnings in 2011, we must be brave and take a few chances with our brands to achieve our goals.

I am a follower of Richard Branson's Tweets but I also pay attention to his articles on Entrepreneur.com. I related to his discussions on Taking Chances, especially the part about "Most Entrepreneurs fail the first time they enter a market - or at the very least have to recover from a tricky scrape". I have launched my own business opportunities and am finding that the service industry is much easier than the product industry for me. Live and Learn through the success and scrapes of others.
Richard Branson - Founder Virgin Group
Here is just an excerpt from his article "Taking Chances":

When you decide to pursue an entrepreneurial venture, you have to confront your doubts and fears; sometimes you just have to go for it. Many times I have hesitated before launching a new venture or investment, even after my team and I have vetted it and we’re ready to go ahead. I’m lucky that I have a great network of friends and advisers to take soundings from.
If you believe that your personal training business can succeed, draw up a short plan describing how it would be different from other such businesses, how you would build it up and attract customers. Discuss this plan with trusted friends or advisers (make sure you ask people individually, and not as a group). Collecting and acting on this feedback is a crucial step before launching any business.
I can't help you make this decision without knowing more about your situation. However, I can tell you that when I have to decide whether or not to go ahead with a new venture, I have often found that intuition is my best guide. What does your intuition tell you? If you decide to go ahead, be prepared for a bumpy ride. Most entrepreneurs fail the first time they enter a market – or at the very least have to recover from a tricky scrape.

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