Have You’ve Ever Noticed How Being An Entrepreneur At Times Is A Lot Like Gambling?
You definitely didn’t go into business or entrepreneurship because you’re into high stakes gambling, right? If you’ve been running a business or service for any amount of time. (Or at least seriously attempting to.)
You definitely know being an entrepreneur can often feel feel like a type of constant gambling, correct? And an emotional and financial roller coaster.
Which can cause your emotional pressure to rise and fall more erratically than even the most volatile stocks on Wall Street. Ask any married couple or business partners. 😀
When things get tough. Even the most rock solid relationships get tested, (and how!) agreed?
Scaling Your Business Or Service Doesn’t Automatically Mean You Have To Be Constantly Stressed Out!
When your customers have less discretionary income. They along with the rest of us. They are forced to spend their money on the main essentials of life.
And that financial pinch eventually means constantly shrinking front end gross profit margins. And in order to compete.
You and your other main competitors get forced into a temporary price war. (And a potentially devastating race to the bottom.) This means they or you may have to temporarily cut key associates or employees hours.
Or not have enough ongoing cash flow to justify making much needed investments in state of the art marketing tools, technology, personnel or proven marketing campaigns and or promotions etc.
Have You’ve Ever Noticed How Being An Entrepreneur At Times Is A Lot Like Gambling?
Sometimes Your Real Challenge Is Not A Lack Of Long Term Cash Flow!
Hold on! Before you leave your nasty comments! 😀 Please consider this critically important mind shift. Every business owner or service provider ladies & gentlemen. (Including if you also run any type of profit seeking business or service.)
You have customers who occasionally seek and receive refunds, correct? Both they or you also have the opportunity to help ease the financial load of other local, non directly competing vendors temporary cash flow problems.
How you so skeptically ask? If another local, non directly competing business owner or service provider has inactive customers. Or temporarily non responsive opt in email subscribers.
One of your/our best market tested, low hanging fruit products or introductory services. Will definitely consistently compel a certain percentage of these consumers to take the desired action.
Because they/we want to take advantage of you or your major competitors extremely time sensitive, market tested offer(s), right?
What Happens When Your Cash Flow Temporarily Hiccups Or Dries Up Altogether?
Imagine the almost certain daily heated conversations and all too frequent text messages. Throw in some frequent heated conversations with their local bankers and or creditors.
Or maybe they’re late on or actually default on a few relatively high interest rate credit card payments. Suddenly they (or you!) are not sleeping too well, right?
And your temporary reduction in readily available cash flow causes your creditors to flat out refuse to refinance any part of your debt.
Maybe your car gets repossessed. Or some of or one of your key employees decides to leave because of your temporary cash flow problems. Entrepreneur are you starting to appreciate both how and ‘why’ being an entrepreneur is sometimes a lot like gambling?
Because there are definitely times when the uncertainty of being your own boss is can feel like a gamble, agreed?
Strategic A/B Split Testing Is A Proven Strategy For Systematically Reducing Your Risk!
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