Many small business owners do the same thing. We guess, have a hunch or have talked to a few people and then look for evidence to support our theory rather than try to poke holes in it. The danger in that way of thinking is that you quickly end up in debt and 1 year down a path for a business that doesn’t really make sense. Don’t feel bad, there are a lot of great ideas that don’t make sense as a business and we have all had that moment where we realize our idea isn’t such a great idea after all.
The key to making good decisions is always information. Whether it is an article, why your girlfriend is upset, how is traffic for the morning drive. Everyday we react based upon information, information that we seek out because knowing if there is a back up on 76, if our significant other is upset because their cousin passed away or if the CEO of the company you work for got caught streaking through city hall helps us decide how we should act or react.
So why do entrepreneurs and small business owners guess? Because, quite honestly gathering information is a pain in the you know what. But you have to do it. Knowing where potential customers live, work, what they buy the most, what they read or watch, how many competitors are in the area, how much will it cost to advertise, how much it will cost to run the business…this type of information is either used to create an effective business plan or turns out to be an “oh #!&*” moment when you find out after it is too late.
