There’s a well-worn idea in business that having a bias for action is key to success. Writers on the subject of success, including Stephen Covey, have been keen to hammer home this point. And, in truth, it’s a pretty good point. Being paralyzed by constant rumination and analysis is not, typically, the best way for someone to make their fortune. This is especially true if that person is an entrepreneur who makes decisions all day.
A bias towards action may be good, however, a mindless action is not good. In many circumstances, surveying the situation before taking action can avert negative situations. Furthermore, it dramatically improves the odds of positive ones developing. Here are a few reasons to survey the situation before taking action in business.
Prevent Workplace Accidents
Action taken without sufficient due diligence can lead to major issues. They can impact the safety of yourself, your employees, and your customers. If you’re involved in construction, for example, failure to take advantage of good cable locating services can result in serious injuries. Serious accidents like this might also sink your company outright.
In a professional setting, a poorly written contract can cost you money and damage your reputation. Fortunes have been lost due to careless decisions or an inclination to “gamble” with company resources. Failing to survey a situation before taking action may be fatal, literally and metaphorically.
A “Scattershot” Approach to Seizing Opportunities
All businesses need to be mindful of how their resources are spent. For a business to remain profitable, waste has to be minimized. Resources must be leveraged correctly to spark business growth. The issue of efficient resource management is often much more dramatic in the case of entrepreneurs, especially in the early days of a startup. This is because there are fewer resources at hand in the first place.
A “scattershot” approach to seizing opportunities in business typically means throwing resources at every possible avenue and hoping to hit one or two successful ones. Major companies may be able to manage this. However, it can be a terrible idea for entrepreneurs to attempt to live by the same code.
Things Aren’t As They First Appear
Uncertainty is ever-present in business. You may have evidence of a developing market trend, and you may be certain that you’re in a position to capitalize on it and make your fortune. Or you may believe that a new business model is bound to increase your profitability and transform the way you do things, for the better. Survey the situation in some detail first. Things aren’t always as they seem, and acting too hastily can often cause you to chase shadows.
Be sure to hop into the Savvy Entrepreneur Private Facebook Community to collaborate, learn and grow with your fellow entrepreneurs and business owners.
Similar Posts by Savvy Entrepreneur:
10 Income Reports by Entrepreneurs for Entrepreneurs
https://savvyentrepreneur.co/10-income-reports-by-entrepreneurs-for-entrepreneurs/
Get More Customers Using Your Website, Email Marketing, and Social Media
https://savvyentrepreneur.co/get-more-customers-using-website-email-marketing-social-media/
Mastermind Groups for Entrepreneurs Foster Accountability
https://savvyentrepreneur.co/mastermind-groups-for-entrepreneurs-foster-accountability/
This is a Collaborative Post
