Have you been watching ‘Shark Tank’ (the television show where budding entrepreneurs present their business to a panel of potential investors)? The first episode I found myself cringing and feeling terribly sorry for the business owners who were criticised or rejected. As a fellow business person, I know just how much of your heart and soul is contained in your business. So a rejection would have felt terrible.
But during the second episode, I noticed that my attitude had shifted. There were a few candidates who were clearly underprepared or failed to present an accurate (or realistic) financial overview of their business. The investors were clearly annoyed at some of those people, and rightly so. And I became much less sympathetic toward the candidates.
The people who have made it to this stage of the television have been provided with an amazing opportunity. Unfortunately, some just didn’t seem to understand enough about their business (or business principles in general) to present a strong case for why someone should invest with them.
We all need to make sure we have a better grasp on our business than the unsuccessful entrepreneurs! Most of us are not looking for investors or business partners, and may not even have to acquire a loan from a bank. This might lull us into thinking that we don’t need to answer questions (even if it’s just us asking them!) about our financial figures, our projected sales or our potential worth.
You can really only respond well to change and be innovative if you understand your current situation. Be very clear about where you are heading, where the potential growth areas are and how you are going to sustain and progress your business into the future. Revisit these areas regularly, share the overall vision with your team, and ensure that you always have a good grasp on where you are headed next.
Michelle Grice writes a weekly column for business women in The Western Weekender
