Before you ever propose an idea, you should have spent a significant amount of time doing your due diligence and research.
After just graduating college and starting out on my entrepreneurial adventures, I relied on my business partners to invest in my ideas.
One of the things that gave them confidence to invest in the proposals of a 23-year-old without a lot of experience in the business industry was the research I mapped out before presenting my ideas.
My business partners could see I had done the work to see the clear path of what could and could not work and what the risk might be.
That is the key to becoming a successful business partner and entrepreneur.
You must have the ability to make calculated business decisions or have analyzed ideas where you have done enough research to mitigate the risk.
Map out what is the best case, the worst case, and what is probably going to happen. You should know without a shadow of doubt that you are okay with any of those three scenarios and you cannot lose.
If the worst-case scenario happens, you’ll be fine. If the best case happens you know that you’ll be even better.
Knowledge is power, especially when deciding if something is worth investing your time or money.
You must do your research to see what the risks are. If you are going to engage in something, if you’re going to start a business, if you’re going to grow your business, spend a tremendous amount of time getting your hands on every possible piece of information.
80% of businesses fail, and that is in part because people do not do the research and their due diligence.
Read
Research
Listen
Learn
Then Implement.
Chad Brown is one of the founders of The Entrepreneur Adventure podcast. For more engaging content from Chad, follow him on Instagram @serialCFO!
