IFISE Magazine - August 2017 FED Report

FED REPORT August 2017
is seeing some serious flaws here. Would you have done this to get promotion at
work?… just fling it and see how it goes!
If you say those goals are important, then isn’t it time to change the approach?
WHAT SHOULD BE THE NEW APPROACH?
GET A
MENTOR
I’m sure you have heard this before. Let me explain this from a new angle.
When you start a new business, there are 2 major variables that determine your
chances of success:
Variable #1 – The Business Idea. This includes Business Model, Business Plan, Product/
Service Design, Pricing, Packaging, Logistics, Sales, Marketing, Target Audience, etc.
Variable #2 – You. This includes adopting the new Entrepreneurial Mindset, transitioning
from Employee Employer attitude, adopting a Leader’s thought process, handling
difficult situations, people, rejections, objections and hesitation, understanding the human
behavior and working within those constraints to create a win-win value proposition, etc.
So, as you can see there is a lot to learn and improve.
When you work on Variable #1 while also working on Variable #2, then there is a high
chance that you go in over analysis. Let me explain this with an example.
Let’s say that today is the day that you decided to start a new business and you have
a great idea. So, you start to work on your Business Model. Right now, you have a
certain level of understanding about business. Let’s say on a scale of 1 to 10, your
business acumen is at 1 (just for argument sake).
You start reading books on business; watch YouTube videos and do your own
research. Your acumen now goes to 3. At this point, when you look at the Business
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