Why Timing Is Everything (read it on Inc.com)
Why Read It? Learn to identify and take advantage of good timing.
- You can afford to get a lot of other things wrong if you get your timing right: But once the market is mature, the cost of participating will be significantly higher than in the beginning, and only those who have secured the best sourcing, best talent, and distribution options, will have deep enough profit margins to participate.
- You must identify good timing and make the most of the opportunities it presents: Many successful companies were not the first to enter their market - they are often followers who entered the market soon after someone else validated it.
- You may be inclined to be as early as possible in catching an opportunity: "This works sometimes, but is not without it's own risk. Sometimes the great new innovation or platform your betting on never takes off, and if you're a young startup with limited resources, that can represent a substantial risk."
"At the end of the day, timing is merely a function of finding the right balance between supply and demand...You need to find the sweet spot when demand exceeds supply to provide the runway you'll need to take off."
Can You Ever Be Too Early? (read it on Entrepreneur.com)
Why Read It? Give yourself and/or your business an edge by mappin out the next 10 years.
- When creating your future plans, try to engage your mind to think of possible contingencies: How will a technology change affect your product or service offering? Who are your customers in 10 years?
- "A 10-year plan is going to look more like a compass than a road map, in that its purpose is to point you in the right direction."
- Keep in mind, the further you get out, the less you should think of it as an operational plan and the more you should think of it as a process to drive thinking.
"The act of thinking about your business goals and vision with an eye toward the future is good for entrepreneurs."
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