We're looking at being realistic about your company as the business theme this week on Daily Essentials for Business Success. Any entrepreneur with a mind set of "my company right or wrong" is doomed to fail. That entrepreneur is acting out of emotion rather than hard facts or figures. In making plans or decisions, you need to use as many facts and realistic figures as you can muster. Remember, entrepreneurs can be optimistic about the long term, but need to be realistic about today and tomorrow–the short term.
Fact based decisions are needed for several reasons. First, the more facts you have, the better your chance to make a good decision. Second, if you constantly use facts to make your decisions, you'll have a consistent process. If your decisions are emotion-based, they'll vary from mood to mood. Finally, in justifying your decision to others, whether they be employees, bankers, or other business associates, your decisions will look smarter and more defendable. When you've got facts on your side, you're starting from a position of strength.
Tomorrow: Getting realistic feedback. Visit amazon.com or area book stores for a copy of Business Success Secrets and use it as a guide in building your company. This is Don Kornblet.
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