The thing that will determine whether you flop or succeed in business is how well you balance expansion and conservation of existing resources. Most entrepreneurs love to expand. They get a great idea, and they rush out the door to get it to the marketplace. What they forget to remember is that borrowing someone else’s money will mean that it is not your money. Not your money means that it is not your business. There are several examples of technology that you can use to stay efficient and growing.
Expansion resources include marketing outlets like radio. They include ads placed in the newspaper. They include apps that your business places on the web. Any of these things is going to attract attention from the market. Try to make a list of resources and technologies that you need to have in order to expand. This will help you overcome the competition more efficiently. Do not assume that you are right.
Expansion resources will determine if your business becomes popular enough to even catch the attention of the market. Not having them will leave a good idea floundering in intellectual obscurity. Most people are fairly good at attracting expansion resources to their business. This is because of the extrovert bias of their personalities. If you are not, get in relationships with people who are movers and shakers. They tend to have more expansion resources to help you with. Examples of movers and shakers include politicians, existing entrepreneurs, investors, and news outlets.
Conservation resources are essential as well. They are often the missing ingredient between average failed startup and massive global company. Conservation resources, if added to your company, will make sure that you hold onto the gains that you make.
These things are often the missing ingredient in many company plans. Having an email consultant coach you will make your expansion more effective. The tragedy is most people are extremely selfish. They think that they are great until they have fallen off the cliff. Not copying our peers in that tragedy requires thinking soberly about ourselves. Do not conserve so much that you refuse to share your gains with others. Do not expand so much that you go into bankruptcy on someone else’s wallet. It is important to remember that as many as 80% or more startups fail. Not being that unfortunate number requires thinking differently than the herd.
How To Avoid Extremes
Most people like to expand. They enjoy buying more than selling. This is why the average American consumer budget is underwater. Many U.S. businesses have the same problem with debt. Fixing the debt problem is an exercise in conservation of resources. If you are at the other extreme, where you love to conserve, but not expand, this may explain why the great business idea you have is not seeing the daylight. The key to becoming successful is to avoid extremes. If you naturally love to spend and expand (as most people do) then it is time to tighten the belt and start thinking more. No business ever succeeded by refusing to admit the possibility that they might fail. Preparing for a possible failure is healthy and necessary.
If you are someone who likes to only save and conserve, then it is time to question your underlying assumptions. Sitting on a pile of paper in a bank is not going to do much for you when you are old. Putting it into the market and investing in new ideas will help you. Apache Kafka is a good system for you during the process of developing a moderate plan for growth. It can identify where you are becoming too extreme. Kafka lets you connect with the different members of your organization quickly and efficiently with minimum problems. Using technological resources like Kafka can go a long way toward correcting the weaknesses that your organization might naturally have.
There are a lot of things to use that can help you become a balanced company. Identifying whether you tend toward expansion or conservation can give you a clear path toward growth. Being too extreme in either direction is what limits your potential as a business. Thinking you are ready when you are not is a high road to failure. Being careful to evaluate your options can remove uncertainty that you have. It comes down to whether we are willing to step outside of our comfort zone. Successful businesses do, and failures do not.
By: Angela Pattridge