Plan for the unexpected

If there has been any consistency in my journey as an entrepreneur it is that nothing quite goes as expected. This means we must plan for corrections, unexpected events and setbacks. The lack of this mentality creates complacency. When we get in the mindset of expected positive outcomes (or that we cannot fail is a great example), we are bound to be surprised more often than not. And maybe you do proceed with caution? What gets tricky about our decision making is when external events, market temperaments, or third-party conversations create this picture of how great things are, when in fact they might not be. We must do our own due diligence and look under the hood. Because each of us is different, we all have risk tolerances and aversions that are unique to us, or our businesses specifically. As a business owner/entrepreneur, it’s important to assess these things in advance and not ride the wave of external opinions that may, or may not be right. In the end, our results are more, or less, created by us and we must hold ourselves accountable to them.

Most things will inevitably be out of our control. Events and surprises are bound to happen in the market, but more importantly than those events is our preparedness of them. We are most likely to slip and fall when at the cusp of continued complacency. We must alway have a strategy that will protect us in the storms of life (this last year has been a great example of unexpected events). I always like to observe the mindsets and conversations of people. More often than not, I start to have my doubts when the mindsets are on the extremes. Markets are corrective in nature. Planning for these advance will be the difference in your ability to navigate year after year. Staying power is key and with it, will come success, but to get there you have to be on guard. Complacency hits you when you least expect it.

JKH

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s