No one goes into business to fail, but it happens. Of course it does for any number of reasons and any entrepreneur, no matter how equipped can fail. Here we often write about the care business and after 20 years we know a few things that may be contributors to success when properly applied.
Do Not Just Visualize; Plan!
All entrepreneurs are visionaries. After all it is our vision that propels us to hard work and often greatness. At the same time, having a vision is not enough to help us succeed. We need to be able to take that vision to a concrete plan that includes specific strategies. This means you have enough humility and insight to seek the advice of those who know more than you do about your specific area of business.
Choose the Best Associates
We are not trying to say that only those with an entrepreneurial spirit are worthy of your regular association. This would be both judgmental and stereotypical. This is not our intention. What we are communicating is that some who do not share your enthusiastic approach to an improved and fuller life through entrepreneurism may speak negatively all too often. After a while some of this may resonate and cause internal conflicts you do not need.
Who knows their motives! Are some envious of your drive and ambition? Are others afraid that your new busy life would leave them without your regular companionship to rely upon? Only time and circumstance will tell but surely you need to guard against the negative.
Be Prepared to Adapt
An inability or refusal to adapt can cripple a business, especially a small business. In many cases it can reduce its market share. Ask IBM in the days when the PC was gaining ground. The same happens in care.
When a member of the Managed Care Provider Network serving those with mental illness in SE Michigan folded in 2015, many residential providers under contract with it were found dealing with significant uncertainty. While many of them were allowed to contract with another agency, this agency has differing protocols and was unaware that so many residential providers existed with its now defunct former counterpart. Some will not survive!
The providers who have been the most nervous? Those with all their eggs in one basket and those who refused previously to adapt their business models to serve different populations and who refused to pursue certain revenue streams. Some laughed at the thought of equipping themselves to serve the medically fragile elderly and others.
If you operate with tunnel vision and refuse to be adaptable, you could be inviting real disaster. Oh how much we can accomplish, when the strategies are the right ones!!
Penny for your thoughts.
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