If my business doesn’t work out, how easily will I be able to pick myself up and move along to the next endeavour?
- Take some downtime: Avoid burnout when the opportunity is handed to you. You might even fit in a short vacation.
- Study another industry: The longer you work in an industry, the more you risk becoming myopic. Look at what other types of businesses and endeavours do. How do they solve the problem and what might be applicable with a twist to yours?
- Do competitive research: Invest some time in better understanding your most significant competitors. Are they also having a problem? If not, what might they be doing differently? If they are, take stock of their current strengths and weaknesses.
- Start another business: Not in terms of giving up, but maybe you’ve had a second idea you wanted to explore.
Avoid burnout when you get a chance. You might even fit in for a brief vacation. The longer you work in the sector, the more likely you are to become myopic. Take a look at what other kinds of companies and undertakings are doing. How are they going to fix the issue and what could be applied to yours with a twist? Invest some time to better understand your most important rivals. Are they having a issue, too? If not, what would they be doing differently? If they do, take inventory of their present strengths and weaknesses.
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