Learning To Navigate Institutional Markets For Next Generation

Petite 'n Pretty aims for its lifestyle product line to more accurately reflect the younger ... [+] getty

Young people today are thinking about their futures earlier than ever before. Gone are the days of, “I’ll figure out my major before I graduate.” Instead, these are the days of lemonade stands that turn into business plans, seed money, and a resulting entrepreneurial journey.

In many respects, branding comes early on the journey of the very young, also known as Generation Alpha. According to an N.C. State article, Generation Alpha’s habits and outlooks reflect that of their Millennial parents. “As health-conscious caretakers, Millennial parents seek out a lot of information about the products they buy and expose their kids to,” says author Heather Dretsch. Like their parents, Alpha’s appear to seek high-quality, health-conscious, sustainable products with technology, diversity, and immediacy at the forefront.

The youth of today has been marketed through social media, television, apps, games, and other media outlets. But, according to Common Sense Media, advertisers are keenly aware of the long-term effects of getting their brand in front of youth as early as possible. “Advertisers know that kids greatly influence their parents’ buying decisions, to the tune of $500 billion per year,” cites Common Sense on advertising for kids.

However, in some industries, such as beauty products, advertisers tend to position their marketing from already established models that cater to adults more than young people. As a result, mature messaging is portrayed to a younger audience attempting to develop their identity and explore their emotional space in the world.

Samantha Cutler, the founder of Petite ‘n Pretty, harnessed 17 years of experience in product development in the professional make-up industry with such brands as Smashbox, MAC Cosmetics, and others to launch an age-appropriate product line for younger girls just learning to explore their personal development and sense of self.

Cutler recognized that if beauty products were already being marketed to a younger age bracket, she might as well offer a healthy, age-appropriate product that educates through inspiration, empowerment, equity, and inclusion.

While working at name brands, many friends and acquaintances would ask her if she could recommend products, and she realized how many products did not align with younger kids.

“I never had an answer, the products weren’t age-appropriate. Many of the products had suggestive naming conventions, or the colors were extremely pigmented, something many parents would not feel comfortable giving their daughter or son,” says Cutler.

Product integrity is essential to Cutler, and some marketed merchandise did not represent clean beauty. In addition, some were produced overseas without proper testing that would appeal to parents wanting the safest products for their children.

As a mother herself, she knew there was a need. “I felt like there was this whitespace of opportunity in beauty, educating about beauty, and I always wanted to start a brand. But the beauty marketplace is saturated with 300 times the number of brands launching yearly than when I first started working. So I wanted to ensure there was a purpose behind what I did.”

Niche Market

Cutler concentrates mainly on the niche market from ages 7 to 12. While cutesy in nature, the company’s naming is steeped in feedback from the associations of younger kids and application principles. “I raddled off names to my three-year-old daughter and when the word ‘pretty’ came up, she instantly knew what it meant. There was a familiarity, and ‘pretty’ is a feeling that comes from within, a good feeling. Petite represents everything we produce. Everything is slightly smaller and gives a first user the best initial experience.”

At the core, Cutler is trying to bring confidence and comfort to kids by starting what she calls ‘the beauty journey’ and building within the offerings. “What I like to say is if your daughter or son is going to ride a bike for the first time, you’re not going to give them a mountain bike,” she says. “Everyone begins the journey at a different age, and we are here to support them and be their friend, knowing there are no mistakes along the way.”

Education Zoom Camps

During the pandemic, Cutler found the use of Zoom camps a tremendous educational and informative tool. “The camps were a great revenue driver for us and brand building experience. These kids were so bored and stuck at home, and ultimately it was an opportunity for us to create a fun brand-building experience with dynamic, engaging, creative activities.

Influencers

Cutler’s ability to team up with influencers such as Piper Rockelle, with almost 10 million subscribers on YouTube, is part of the process of bringing people from other worlds together. Cutler has noticed that some influencers’ numbers skyrocket after the collaborative process. “There’s a fascinating dynamic with influencers, actresses, and dancers, and we bring them together for photo shoots. As a result, different audiences come together, and everyone begins to follow and learn from one another socially.”

Competition

Many brands try to go after the younger consumer. Still, Cutler recognizes that many brands are not directly integrating them into marketing or bringing them together for learning workshops or photo opportunities. “They know there’s an audience and a consumer that sits on TikTok all day, or Instagram, but they are not necessarily hiring a 12-year-old for a photoshoot. They’re trying to get the audience to engage with their brand but not directly.” It’s a direct relationship that appears to set Cutler’s efforts apart from others.

Big Picture

With 30% to 40% growth rates last year, Petite ‘n Pretty is looking to scale at a 30% rate this upcoming year. Online sales on Amazon and others have been a success and Cutler is moving back into Ulta.com stores this coming year. The projection is to build the branding in stores in the U.S. with international efforts on the horizon.

Cutler’s approach is a more hands-on collaborative effort. An iterative educational process that learns about the younger generation while at the same time generating consumer behavior habits that are authentic to their consumer needs. Cutler recognizes that the younger generation isn’t necessarily and habitually brand loyal, but more driven by a loyalty found in authentic experiences that speaks to them and caters to the world they are forming.

Samantha Cutler found her entrepreneurial groove with her motherly instincts intact. Her thriving business illustrates the scale companies can grow if brands and proprietors maintain a sense of self along the way and educate themselves on the needs and understanding of the younger generation.

Even though cosmetics tend to be viewed as ‘outer’ oriented, Cutler is building a company of substance that stays true to the consumer base with the sensibility of market trends, sustainability, and safety.

I am an education and health care industry strategist having covered thought leadership and entrepreneurship for Forbes, Entrepreneur Magazine, Scholastic and Huff Post.

Source: Learning To Navigate Institutional Markets For Next Generation

.

Related contents:

Learning To Navigate Institutional Markets For Next Generation Forbes

17:36 Wed, 14 Sep
12:41 Fri, 09 Sep
00:46 Fri, 02 Sep
Fidelity Emerging Markets Limited Director DeclarationADVFN

20:01 Tue, 13 Sep
19:45 Tue, 13 Sep
19:13 Tue, 13 Sep
17:54 Tue, 13 Sep
16:45 Tue, 13 Sep
15:45 Tue, 13 Sep
15:27 Tue, 13 Sep
14:57 Tue, 13 Sep
14:50 Tue, 13 Sep
13:53 Tue, 13 Sep
10:00 Tue, 13 Sep
.
Marketing Apps To Buy:
10 Bold Actions In Positive Life & Work                https://jvz3.com/c/202927/383942/
360Apps                https://jvz2.com/c/202927/263380
3D Pal Toons                https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit                    https://jvz8.com/c/202927/374505/
9 figure Success                        https://jvz8.com/c/202927/384653/
Ad Raven                       https://jvz4.com/c/202927/382796/
Ada leadz                           https://jvz8.com/c/202927/376381
ADA Web                        https://jvz3.com/c/202927/383751/
AdRaven                          https://jvz3.com/c/202927/382851/
Adsense Machine                  https://jvz2.com/c/202927/290487
Adtivate Agency                   https://jvz3.com/c/202927/383706/
AdzHero                      https://jvz2.com/c/202927/366972/
AffiliateMatic                 https://jvz3.com/c/202927/381148/
Agency Client Finder                        https://jvz3.com/c/202927/384619/
AgencyScale                          https://jvz4.com/c/202927/383111/
Agencyscale                      https://jvz1.com/c/202927/383113/
AIWA Commercial              https://jvz2.com/c/202927/365061
AIWA22                           https://jvz6.com/c/202927/377907/
ALL-in-One HD Stock                   https://jvz4.com/c/202927/381560
Animaxime                   https://jvz2.com/c/202927/383307/
Appimize                            https://jvz8.com/c/202927/370227
Appoint B Agency                     https://jvz1.com/c/202927/384630/
Appointomatic               https://jvz6.com/c/202927/374258
Appowls                     https://jvz4.com/c/202927/381231/
AppOwls                https://jvz4.com/c/202927/381976/ Bundle
Art Of Living                       https://jvz4.com/c/202927/382425/
Audiencetoolkit              https://jvz6.com/c/202927/302715
Aweber Crash Course                     https://jvz6.com/c/202927/383057/
Backlinkindexer           https://jvz6.com/c/202927/88118
BevTraders                               http://www.bevtraders.com/?ref=arminham
Big Audio Club                       https://jvz6.com/c/202927/380087/
BigAudio Club                   https://jvz2.com/c/202927/380877/
Boost Optimism                    https://jvz2.com/c/202927/380692/
BrandElevate                  https://jvzoo.com/c/202927/381812
BrandElevate                https://jvz4.com/c/202927/381807/
Bybit Crypto Trade                  https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz                     https://jvz4.com/c/202927/379051/
ChatterPal Commercial                 https://jvz8.com/c/202927/324615
Clientfinda                     https://jvz8.com/c/202927/370806
Clipsreel                             https://jvz3.com/c/202927/372682
Commission smasher          https://jvz3.com/c/202927/376879
Content Gorilla              https://jvz2.com/c/202927/330783
Content Tool Kit                     https://jvz3.com/c/202927/329145/
CourseAlly eLearning                      https://jvz4.com/c/202927/384759/
CourseReel                          https://jvz6.com/c/202927/355256/
CourseReel                        https://jvz2.com/c/202927/355249
Courserious                       https://jvz8.com/c/202927/360397/
Coursova                         https://jvz1.com/c/202927/376527
Creaitecontentcreator          https://jvz1.com/c/202927/376986
Credit Repair                        https://jvz8.com/c/202927/377815/
Crypto Kit                     https://jvz8.com/c/202927/383809/
Crypto Rocket                     https://jvz6.com/c/202927/378113/
Crypto Underworld                           https://jvz8.com/c/202927/374345/
Dealcheck                                  https://dealcheck.io?fp_ref=armin16
Design beast               https://jvz6.com/c/202927/371547
Designa Suite License                  https://jvz2.com/c/202927/297271
Develop Self Empowerment                 https://jvz6.com/c/202927/383094/
DFY Content Club                 https://jvz6.com/c/202927/381337/
DFY Suite                                    https://jvz2.com/c/202927/337292
DFY Suite                      https://jvz2.com/c/202927/381194/
DFY Suite                    https://jvz3.com/c/202927/381194/
Diabetes Guide                       https://jvz2.com/c/202927/358870/
Diddly Pay’s DLCM                  https://jvz2.com/c/202927/315596
Diet fitness diabetes              https://jvz1.com/c/202927/286851
Domainname                  https://jvz6.com/c/202927/377005
Dropshiply                   https://jvz3.com/c/202927/383483/
DUX Forex Signals                        https://jvz3.com/c/202927/128215/
EBook Agency                        https://jvz2.com/c/202927/384573/
Ejaculation Total                     https://jvz2.com/c/202927/75989/
Email Monetizer                     https://jvz2.com/c/202927/386337/
EngagerMate                         https://jvz8.com/c/202927/328172
EngageYard                     https://jvz2.com/c/202927/383051/
Extreme Adz                 https://jvz8.com/c/202927/379244/
Extreme Coupon                  https://jvz1.com/c/202927/216101/
EZ Local Appointmen                            https://jvz2.com/c/202927/385180/   t
Ezy                https://jvz1.com/c/202927/381935/
Ezy MultiStores               https://jvzoo.com/c/202927/381935
Facebook Cash Machine                 https://jvz4.com/c/202927/382333/
Facedrip                          https://jvz1.com/c/202927/376325/
FaceSwap                 https://jvz4.com/c/202927/381768/
Fade To Black                   https://jvz2.com/c/202927/344541
Fanpage                          https://jvz4.com/c/202927/144349
Fitness Nutrition                    https://jvz4.com/c/202927/353334/
Followup Builder                         https://jvz3.com/c/202927/386313/
Forex Atlatian                        https://jvz8.com/c/202927/25069/
Forex Blizz                             https://jvz8.com/c/202927/144577/
Forex Blue Stark                      https://jvz3.com/c/202927/47481/
Forex expert                   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper                        https://jvz6.com/c/202927/95037/
Forex Joustar                     https://jvz8.com/c/202927/381617/
Forex Joustar                  https://jvz6.com/c/202927/381617/
Forex Mastery                    https://jvz2.com/c/202927/144621/
Forex Scouts                         https://jvz6.com/c/202927/132677/
forrk                                              https://jvz1.com/c/202927/373449
FusionMT4                             https://jvz2.com/c/202927/372523/
FX Goldminer                      https://jvz1.com/c/202927/381439/
Galactic                         https://jvz1.com/c/202927/188236/
Gaming job                    https://jvz2.com/c/202927/184902  s
Genesis Mining                         https://www.genesis-mining.com/a/2535466
Givvy Mobile Lottery             https://givvy-numbers.app.link/qNDZMGGbhsb
Gluten free                              https://jvz4.com/c/202927/296191
GMB Magic                        https://jvz2.com/c/202927/377194
Graphic Alta           https://jvz2.com/c/202927/324492/
Heal Your Emptiness                         https://jvz6.com/c/202927/384848/
High Converting Emails                  https://jvz3.com/c/202927/386305/
HostLegends                       https://jvz4.com/c/202927/384755/
Hostley Domain Creator                        https://jvz1.com/c/202927/379223/
Human Synthesys Studio                      https://jvz8.com/c/202927/367353/
ImageX                      https://jvz6.com/c/202927/363237/
IMSyndicator                   https://jvz1.com/c/202927/370769
Inboxr                            https://jvz2.com/c/202927/312692
Insta Keyword                https://jvz6.com/c/202927/351606/
Instant Website                https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X                          https://jvz2.com/c/202927/320466
keysearch                                    https://jvz3.com/c/202927/194909
Klippyo Kreators                         https://jvz8.com/c/202927/327447
KoinCart                            https://jvz2.com/c/202927/383555/
Leadvalet                         https://jvz3.com/c/202927/385580/
Levidio Royal Podcasting                        https://jvz6.com/c/202927/384025/
Linkable DFY                       https://jvz6.com/c/202927/385873/
Linkomatic                            https://jvz2.com/c/202927/380937/
LiteTrading                                 https://www.litefinance.com/?uid=929237543
Live Your Truth                       https://jvz6.com/c/202927/379020
Living An Intentional Life              https://jvzoo.com/c/202927/382455
Living an International Life                  https://jvz8.com/c/202927/382455/
Local Leader                   https://jvz4.com/c/202927/383751/
Local Sites                  https://jvz4.com/c/202927/380543/
LocalAgencyBox                 https://jvz2.com/c/202927/359468
LocalCentric                            https://jvz2.com/c/202927/379339/
Marketingblocks             https://jvz6.com/c/202927/374934
MarketPresso                  https://jvz2.com/c/202927/369837
Mat1 Simple Funnel                            https://jvz2.com/c/202927/380197/
Maxslides                         https://jvz8.com/c/202927/376842
Mech Forex Robot                           https://jvz6.com/c/202927/383447/
MediaCloudPro                 https://jvz2.com/c/202927/343635
Megasuite                         https://jvz3.com/c/202927/383953/
Mobi First                          https://jvz2.com/c/202927/353694/
Motion Kingdom Studio                    https://jvz4.com/c/202927/383177/
Movid Animation                     https://jvz6.com/c/202927/380385/
MT4Code System                  https://jvz2.com/c/202927/376925
My Passive Income                  https://jvz1.com/c/202927/384099/
MyMailIt                              https://jvz3.com/c/202927/292919
MyTrafficJacker               https://jvz2.com/c/202927/353558
Next Drive                      https://jvz4.com/c/202927/371095/
NichBox               https://jvz2.com/c/202927/370705/
Organic Life Guide                 https://jvz8.com/c/202927/366872/
Photokit                           https://jvz4.com/c/202927/373207/
PicsAds                         https://jvz2.com/c/202927/385468/
PigMoney Metho                     https://jvz4.com/c/202927/377665/   d
PigMoneyMethod                        https://jvz2.com/c/202927/377665/
Pitchdeck                      https://jvz3.com/c/202927/347847/
Pixal                     https://jvz2.com/c/202927/378775/
Pixivid                           https://jvz6.com/c/202927/385213/
PlanB Muscle Growth              https://jvz1.com/c/202927/36517/
PlayerNeos                 https://jvz2.com/c/202927/376962
Podcast Advantage                        https://jvz8.com/c/202927/379995/
Podcast Advantage              https://jvz1.com/c/202927/379995/
Podcast Masterclass               https://jvz3.com/c/202927/379998/
PodKastr                 https://jvz1.com/c/202927/369500/
Postradamus                              https://jvz6.com/c/202927/108695
Power Reviews                     https://jvz8.com/c/202927/384625/
Powrsuite                       https://jvz1.com/c/202927/376361
PR Rage                        https://jvz4.com/c/202927/343405
prime stocks                              https://jvz8.com/c/202927/369164  prime stocks
Profile mate                           https://jvz4.com/c/202927/358049
Promovidz                      https://jvz8.com/c/202927/375692/
Push Button Traffic         https://jvz2.com/c/202927/301402
QR Verse                      https://jvz3.com/c/202927/383865/
Quintex Capital                         https://quintexcapital.com/?ref=arminham
Quit Smoking                           https://jvz3.com/c/202927/359081/
Reputor                 https://jvz8.com/c/202927/380159/
ReVideo                     https://jvzoo.com/c/202927/381761
ReviewReel                        https://jvz6.com/c/202927/382663/
Rewriter                      https://jvz4.com/c/202927/353373/
RSI SEO                              https://jvz6.com/c/202927/384381/
Scriptdio                       https://jvz4.com/c/202927/385387/
Seniors Income                        https://jvz2.com/c/202927/383888/
Senuke                                  https://jvz6.com/c/202927/279944
ShopABot                           https://jvz2.com/c/202927/291955
ShopFunnels                        https://jvz3.com/c/202927/384069/
SocialAgency360                 https://jvz1.com/c/202927/385357/
SociCake                       https://jvz2.com/c/202927/321987
Socifeed                          https://jvz6.com/c/202927/375706
SociJam                    https://jvz2.com/c/202927/309649
Soronity                                 https://jvz6.com/c/202927/368736
SqribbleEbook                 https://jvz6.com/c/202927/283867
Stackable Picture                        https://jvz1.com/c/202927/385046/
Steven Alvey’s                      https://jvz2.com/c/202927/351754
Stoodaio                                    https://jvz1.com/c/202927/372094
Storymate                         https://jvz3.com/c/202927/320972
StreamPilot                        https://jvz2.com/c/202927/385431/
Studioninja                       https://jvz1.com/c/202927/374965
Sunday Freebie                             https://jvz1.com/c/202927/267113/
Super backdrop                https://jvz8.com/c/202927/376524
Superbackdrop                 https://jvz8.com/c/202927/376524
Survai                      https://jvz8.com/c/202927/380933/
Syndranker                          https://jvz3.com/c/202927/378143/
Talkingfaces                      https://jvz2.com/c/202927/375358
Talkingfaces                    https://jvz3.com/c/202927/375550
The Internet Marketing                https://jvz2.com/c/202927/289944
Tonai Voice Content           https://jvz8.com/c/202927/383119/
Toon Video Maker                   https://jvz2.com/c/202927/357201
TrafficFor                https://jvz8.com/c/202927/381950/
TrafficForU                   https://jvz3.com/c/202927/381950/
Trendio                       https://jvz3.com/c/202927/381003/
TubePal                        https://jvz6.com/c/202927/379863/
Tubeserp                        https://jvz3.com/c/202927/370472
TubeTargeter                   https://jvz6.com/c/202927/377211
TV Boss Fire                https://jvz6.com/c/202927/379480/
Ultrafunnels A.I                 https://jvz2.com/c/202927/381129/
VIADZ Ad Template                    https://jvz4.com/c/202927/379307/
Vidcentric                             https://jvz4.com/c/202927/376095
Viddeyo                                https://jvz6.com/c/202927/382326/
Videevolve                       https://jvz4.com/c/202927/381011/
Video Games                            https://jvz3.com/c/202927/184902/
VideoEnginePro                https://jvz2.com/c/202927/372916
VideoGameSuite                     https://jvz3.com/c/202927/366537/
VideoRobot Enterprise                https://jvz8.com/c/202927/291061
VidKreate                        https://jvz6.com/c/202927/386029/
VidMingo                           https://jvz6.com/c/202927/378359/
VidSnatcher                           https://jvz3.com/c/202927/342585
VidVoicer                      https://jvz1.com/c/202927/379983/
Vidzura                       https://jvz4.com/c/202927/385754/
Viral dash                            https://jvz6.com/c/202927/375959
VirtualReel                       https://jvz8.com/c/202927/376849
Vocalic                    https://jvz2.com/c/202927/383848/
VoiceBuddy                      https://jvz1.com/c/202927/342854
WebCop                         https://jvz4.com/c/202927/378683/
Webinarkit                       https://jvz3.com/c/202927/383937/
Webprimo                   https://jvz1.com/c/202927/379455/   Website Builder
WordPress Mastery                       https://jvz1.com/c/202927/386249/
WOW Backgrounds                      https://jvz3.com/c/202927/381615/
WowBackgraounds                       https://jvz2.com/c/202927/381556/
WP GDPR                                https://jvz8.com/c/202927/299907
WP Simulator                    https://jvz3.com/c/202927/46987/
writing job                                  https://jvz8.com/c/202927/213027
XBrain Forex                           https://jvz3.com/c/202927/372305/
XFUNNELS                         https://jvz2.com/c/202927/310335
Xinemax                    https://jvz1.com/c/202927/381749/
YoDrive                    https://jvz2.com/c/202927/384700/
Your 3DPal                https://jvz2.com/c/202927/381685/
YTSuite                       https://jvzoo.com/c/202927/381179

How to Write a Business Plan (Like a Pro)

The business plan is a document that outlines what your business is about and what it intends to achieve. However, few business owners understand how to really write a good business plan. They only think about writing a business plan when the time has come to acquire funding for their business.

And next, they write the business plans with the sole aim of getting money from banks or potential investors. This is the wrong way to go about things. Even without having funding in mind, it’s best to have a cohesive business plan written down, for your own benefit.

Below, we’ll show you how to write an accurate, detailed, concise, and comprehensive business plan that will give you the best chance of funding and assist you in understanding your own business.

Table of Contents [show]

Why Write a Business Plan?

The most commonly cited reason to write a business plan is to acquire funding. Whether you want to get an SBA(7)(a) or look towards venture capitalists, you’ll need a solid business plan.

The business plan is an outline of what your business is about, what your value proposition is, how you intend to market your business, the target demographic, and how you intend to spend the acquired funds.

.

.

Tutorial starts at 1:20 Whether you’re starting a new business or just trying to get your existing business a bit more organized, writing a business plan is the perfect way to clearly outline how your business operates, declare goals, and set out a strategy to reach those goals. In this video you’ll learn about the six essential pages every business plan should have, what to record on each of those pages, and also how to write your business plan as quickly and easily as possible — even if you’re a complete beginner! 🔹
Download the FREE Six-Step Business Success Plan: https://www.gillianperkins.com/downlo… // WHAT TO WATCH NEXT Six Ways to Earn Six Figures Working from Home https://www.youtube.com/watch?v=Y1i8x… How I (actually) Got My First Client Online https://www.youtube.com/watch?v=AST3P… How I Created Multiple Streams of Income for Myself https://www.youtube.com/watch?v=dfaH_… How to Decide What Business to Start https://www.youtube.com/watch?v=Mid_A…
.
.
.

In short, the business plan is a detailed representation of what your business is about, containing all the possible details that a potential investor would like to hear.

However, there is another reason why you’ll want to write a business plan. A business plan is essentially a crystallization of your business on paper. It will help you to understand your business. And it’s always useful to clearly define your goals and expectations.

The business plan helps you to do this, in the most efficient possible way. You are really hitting two birds with one stone. The business plan will help you to run your business, and could also help you to acquire funding. It could be said that there are four major reasons why you should write a business plan:

  1. To outline your business goals and aspirations in writing.
  2. To identify strengths and weaknesses objectively.
  3. To communicate the vision of the company.
  4. To convince investors to lend you money.

Stages of the Business Plan

There are many business plan variants that depend on your industry, business, size, preferences, and numerous other factors. However, the Business Plan is often described as going through 3 primary stages. These stages are:

  1. The Mini-Plan – This is really just a business plan outline. It is typically short, less than 10 pages in length. However, it will contain all of the relevant data. Depending on what you are trying to do and who you are trying to convince, the 10-page plan can be more than enough.
  2. The Working Plan – The working plan is often between 15 and 25 pages in length and explains how the business will operate in more detail. This is the plan that business owners will typically ‘work’ from, though it is still a little bit rough around the edges.
  3. The Presentation Plan – This is the business plan as presented to investors and bankers. It is the business plan with the correct terminology and images as appropriate for convincing a particular audience. This is really a term that is synonymous with a “business plan”.

Even before engaging in a full-blown business plan, it’s best to have a mini-plan to refer to. This can be used when hiring employees or working with partners/contractors, to give them an idea where the business is headed.

The 6 Components of a Business Plan Outline

While there is a lot of room for customization (and a lot of opinion on the matter), the business plan can be loosely broken down into 6 components:

  1. Executive Summary – Brief outline of the company.
  2. Opportunity – Value proposition and what you intend to do.
  3. Execution – How you intend to capitalize on the opportunity (sell products to customers).
  4. Management Infrastructure – Company hierarchy, organization, and significant persons.
  5. Financial Status – Cash flow status and projected income.
  6. Appendix – Any additional details and references.

These components are outlined in more detail below. Some steps have multiple subcategories (for example, you can break up step 5 into your current financial situation, projected financial situation in the future, and include a funding request).

Component #1 – Executive Summary

Executive SummaryThe executive summary is covered in more detail below in the 12 step outline. It’s the most important part of the business plan. It will contain:

  • A summary of what you provide and who you are.
  • The current market situation.
  • How much money you have, and how much you need.
  • A justification (brief) about why your business will succeed against competitors.
  • The growth potential of your enterprise.

The Executive Summary is actually the easiest part of the entire process. It’s only 1- 2 pages long and should be a neat outline of what you intend to achieve. But it’s very important to get this part correct. It will set the tone for the rest of the plan. So it has to read well and smoothly.

When writing the Executive Summary, take note that all businesses exist to solve customer problems. What is the problem, how are you solving it, and why are you better than competitors? If you answer these questions succinctly, then you are highly likely to acquire funding. Don’t hype your position – just state it clearly.

A great way to think about an Executive Summary is that it is a written elevator pitch. The Executive Summary is the perfect tool for you to refine your business concept. It allows you to write down a precise and exact concept about what your business stands for. If you have zero intention of acquiring funding from clients, it’s still a great idea to write out an Executive Summary.

Additional benefits of a concise Executive Summary are that it will help you to determine your priorities and will help the rest of the business plan run smoothly. It is often the case that if you start strongly, you will finish strongly.

Component #2 – Opportunity

The Opportunity section details where the customer base is under-served. This is a perfect place to include statistics indicating your target market and how it is expanding. Know your target market inside and out. What their spending habits are, what they are looking for, what methods of payment they prefer, how you can enhance their lifestyles, etc.

The more intimately you understand your target market, the better you can give them what they want. The more sophisticated investors will need to know that you have done extensive research on your target market.

Before you embark on any campaign you must do research to see what is viable and what isn’t. The best way to start is with a question and answer session. Here are some typical questions you could ask before starting out:

  • Is the overall industry stagnating, growing, or declining?
  • Is the demand for my specific products/services stagnating, growing, or declining?
  • What customer segment am I targeting?
  • What do customers pay, on average, for my products and services?
  • Will I offer products service for less, more, or the same price as the market average?
  • Is my price justified, and why?
  • Can I distinguish myself from my competitors in a meaningful way?
  • Have other businesses tried to do the same?

Asking these questions is critical to keep you on point. You can always refine your products and services later on, but you will still need to remain in the ballpark in terms of what the customers are looking for.

A key point here is that you need to distinguish yourself from competitors. Even in tough markets, you can do well if you offer a particular niche that is distinct from others. You will be the same, but different, though that is something of a contradiction in terms.

Investors will want to see that you are justified in asking for money and that you have given the issue a great deal of thought. Don’t get discouraged if you are in a tough and declining market. As long as you have a practical way of attracting a target market and the idea makes sense, then your business plan is solid.

A potential area of contention is that of creating a new market versus attracting an existing market. It’s entirely possible to create a market with new products. For example, nobody calls for new smartphones until they are released with new applications and features. When they find out about these new features, they ‘have’ to have them.

But as a general rule of thumb, you do need to give customers what they are already looking for. Creating a new market demand is for more ambitious types, and investors are typically very skeptical of these endeavors. Even the very best products may not sell if there is no market for them. It’s best to dig, do some research, and be very exact in terms of your target market and how you are resolving their problem.

The opportunity section will also include what your competitors are doing and how you can do it better. Differentiate yourself from your competitors as much as possible.

Component #3 – Execution

Execution is the sales and marketing side of a business plan. You can invent the world’s best application, and nobody will download it if you don’t place it in front of them.

This is where many businesses can fall short. You have to sell your products and services hard and aggressively. ’Build it and they will come’ does not work anymore. ‘Build it, market it aggressively, and they will come’ is much more accurate.

Read More……

Sarah Davis

By: Sarah Davis

Sarah Davis is a business executive specializing in mergers and acquisitions, corporate finance, and international law. She achieved her MBA from Cornell University after completing a legal undergraduate at UC Berkley. Sarah runs her own business consultancy firm in tandem with working alongside the FinImpact team.

Source: How to Write a Business Plan (Like a Pro) 2021..

.

.

More Contents:

FCA prioritises consumer harm reduction as fintech app usage climbs – FM
[…] ” A priority of the FCA’s 2020–2021 business plan is reducing harm in the consumer investments market […]
N/A
Out of work Dublin musician turns to making quirky Irish lingo T-shirts during lockdown – Dublin Live
[…] “I thought of the idea of putting the most memorable ones all together and making a business plan, so I designed a speech bubble with them written in it […]
1
Restaurants anxious for fans to come, team to play at Nationals Park again
wtop.com – Today
[…] thought it was going to be whatsoever, and we’ve had to adapt both financially, and staff-wise, and business plan-wise constantly throughout this,” Cox said […]
N/A
Academic and Business Writing Essay | Custom College Essays
researchpapers4me.com – Today
[…] Stores Underwriting and Pricing General Aviation Risks Financial Statements to Measure Performance Business Plan Assignment HRM’s Role in Business Planning Staffing Plan for a Growing Business Training an […]
1
Pennsylvania Society of Tax & Accounting Professionals – Starting and Running Your Own Accounting Firm
[…] the necessary business skills or should I take a practice development course?” Create a detailed business plan This plan should include: Goals, services, and a unique selling proposition: What is your visio […]
2
Software architecture expert | C# Programming | Software Architecture | C++ Programming | Java | OpenGL | Freelancer
[…] Software Development MySQL Link B, do i need a graphics card if i don’t play games, do i need a business plan if i don’t need a loan, do i need a work permit if im 17, do i need a medicare supplement if i have […]
0
Regional Finance Manager, Western Africa
careers.ses.com – Today
[…] You are responsible for preparing the business plan, budget and quarterly forecasts, from a revenue, OPEX and CAPEX perspective […]
1
Her Biz: Free Business Start Up Workshops May 2021 Tickets, Fri 7 May 2021 at 10:00
[…] Following the course you will just need to submit a business plan to enter, and it’s open to all those selected to participate […] create projections and explore funding options Develop your business model and kick-start your business plan Start shaping your marketing strategy incl […]
N/A
Jerry Lockspeiser on why and how runnnig has changed his life
[…] Preparing for a marathon is a similar mental process to creating a business plan – you need to identify the objective, work out a step-by-step route to achieve that objective, an […]
1
I Sell Ego at the Top of the World
[…] aspiring business owners think they need that they really don’t? I thought I would need a detailed business plan to stick to for my first three years in business […] The complexity of reality had nothing to do with the linearity and simplicity of my business plan […]
N/A
HOT JOBS & COOL JOBS: STAFFING SALES EXECUTIVE DENVER CO USA
[…]  sales opportunities * § Business plan and report writing skills More about Hays We are the world  […]
N/A
4D pharma : Annual Report (SEC Filing – 20-F) | MarketScreener
[…] particularly at the management level, it could adversely affect our ability to execute our business plan and harm our operating results […]
N/A
EarthRenew Announces Strong Electricity Generation Revenue for First 2 Months of 2021, Easily Surpassing the Same Period Last Year; Enel-X Agreement for Operating Reserves
[…] with Enel-X, the business and operations of the Company, and the Company’s ability to execute its business plan […]
0
Head of Quality and Compliance
[…] support to the business and improve working practices and procedures in own department to achieve Business Plan objectives working closely with Directors and other Managers […]
0
Trebia Acquisition : Annual Report (SEC Filing – 10-K) | MarketScreener
[…] the capital markets, attract top-tier management talent and execute a proprietary value-creation business plan helping the company continue to grow into the next phase of its life cycle […] By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and sellin […] As discussed in Note 1 to the financial statements, the Company’s business plan is dependent on the completion of a business combination and the Company’s cash and working capital […]
N/A
Annual Conference Online 2021: Essential Skills sessions | Microbiology Society
microbiologysociety.org – Today
[…] provide advice on business considerations such as patents, funding, building a team and creating a business plan […]
2
Ideations – Connecting Knowledge. on LinkedIn: #strategy #market #marketintelligence
[…] businesses closely, which essentially helps us in devising a profitable, scalable, and sustainable business plan […]
N/A
Advanced Technology Account Executive K12 Edu Job Opening in Orange County, California – Association of Technology, Management, and Applied Engineering
jobs.haceonline.org – Today
[…] Prepare, update, and review a territory business plan semi-annually […] Management: Lead partner engagement strategies in region based on region’s strategic business plan […]
0
Dr Wail A Mousa | School of Electronic and Electrical Engineering | University of Leeds
eps.leeds.ac.uk – Today
[…] Founded in 2014,CoreEcho won many Saudi Business Plan competitions […]
0
FranchiseBazar Entrepreneur Registration Form | Start A New Business Ideas In India | Top Franchise Opportunities In India
[…] opportunities or global master franchise opportunities you will see that these fit into the new business plan 2021 that you have made […]
367
Tips For Running Your Small Business From Home!
[…] Before you make a large investment of money and time in your home business, carefully craft a good business plan […]
N/A
OTC Dynamics | $SNES SenesTech Announces Year End 2020 Financial and Operational Results
[…] its cost improvement plan; future financial results; and the Company’s execution of its strategic business plan […]
1
How to Start an Airbnb Business – coachingclub05.simplesite.com
coachingclub05.simplesite.com – Today
[…] Create a Business Plan Choose Your Business Structure Determine Your Business Costs Create a Business Name Register You […] Register Your Business and Open Accounts Purchase Equipment Market Your Airbnb Business 1: Create a Business Plan A business plan is significant […] Here are the weather needed for your Airbnb business plan:  Clearly state your business idea and therefore the problem it solves Identify SMART goal […]
0
About Us
ejamerica.com – Today
[…] As hard as it may be to do, a global perspective must be included in the business plan […]
2
Hospital Sales Representative in Ghent, East Flanders – Syneos Health job with Syneos Health Commercial Solutions | 1138865
[…] around key customers and hospitals, and build a commercially astute, prioritised and targeted business plan, that demonstrates a tailored, needs based approach • Demonstrate measurable progress agains […] returned to the business and delivery against customer needs • Build & implement successfully a business plan consisting of: o Visit & meetings with key stakeholder o Insight into current prescription […]
N/A
Hybrid Sales Representative – Bristol in Bristol, ENG – Syneos Health job with Syneos Health Commercial Solutions | 1138888
[…] • Deliver on a well-defined business plan within budget and agreed timelines in addition to other key performance indicators […]
N/A
HOT JOBS & COOL JOBS: ACCOUNT EXECUTIVE MARKETING AND ADVERTISING SAN ANTONIO TX USA
[…] Antonio, TX, USA The key account sales and marketing plans will support, and be derived from, the Business Plan  […]
0
Jobs | The
vegsoc.org – Today
[…] and its mission, values, activities and strategic aims, please refer to the Extracts from the Business Plan 2014 document and our Five-Year Strategy […]
16
The Plain English Guide to Writing a Business Case
blog.hubspot.com – Today
[…] A business case doesn’t need to be an entire business plan for a new product […]
20
Head Greenkeeper, High Wycombe
[…] To actively motivate and lead the team to accomplish the agreed business plan and achieve budget targets […]
0
BHEL looking for partner for propulsion systems and digitalisation business in rail sector
urbantransportnews.com – Today
[…] documents including the JV Agreement, the Memorandum and Articles of Association and the long-term Business Plan for such a JV shall be mutually agreed upon […]
N/A
Tips To Build Up Social Media Marketing Strategies For Restaurants
[…] have to work it out on your own! There is no guide book to pick the right posting time for your business) Plan your content wall – whether it is going to be a full-on text or graphical kind […]
3
PayPal closed my account with $22k and holds money for 180 days : paypal
[…] Neither is good but one tells them your business plan sucks and they stand to lose money letting you use their services and the other means your accoun […]
0
Top Advantages of Short Term Finance Credits
financialslot.com – Today
Running a business requires more than just a business plan […]
2
The Best Blogging Platforms (In-Depth Review)
[…] The Business plan lets you accept secure online payments and further customize your site with premium integrations […] I like the Business plan because you get more advanced analytics to understand your audience and fine-tune your marketin […]
1
Korea Newswire
[…] results or outcomes include Velodyne’s ability to manage growth; Velodyne‘s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products an […]
N/A
Elements of a Business Plan: What to Include to Turn Heads
learn.g2.com – Today
[…] What is a business plan? A business plan is a formal document that contains the goals of a business and a timeline stating when they need to […] Sales and marketing strategies Funding requirements Financial projections The length of your business plan doesn’t matter. As long as it includes those eight items, you should be good to go. Business plan elements Let’s take a closer look at what each of these business plan elements mean, and why they are important to the overall plan […]
N/A
Fashionomics Africa
fashionomicsafrica.org – Today
[…] Financial and business acumen; branding, marketing, networking; but not business plan development. Financial and business acumen; business plan development; access to finance; branding, marketing, networking; and fostering market linkages […]
N/A
OMMERCIAL LICNECE SERVICES, LICENSING SCHEME & BUSINESS PLAN in UAE
Commercial Licensing Services: We advise on the optimal structuring of your entity and guide you through the complex requirements of registration through to licensing and maintaining good-standing…
0
PJSC RusHydro: Agenda of the Board of Directors meeting on April 14, 2021 | MarketScreener
[…]   The agenda includes the following items:   On execution of RusHydro Group’s business plan for 2020 (including execution of consolidated investment plan for 2020 and comprehensiv […] On approval of the report on execution of RusHydro Group’s consolidated business plan for 2020 (including consolidated investment program) […]
0
PJSC RusHydro : Agenda of the Board of Directors meeting on April 14, 2021 | MarketScreener
[…] On execution of RusHydro Group’s business plan for 2020 (including execution of consolidated investment plan for 2020 and comprehensiv […] On approval of the report on execution of RusHydro Group’s consolidated business plan for 2020 (including consolidated investment program) […]
0
Communications, the once and future next big thing
asiatimes.com – Today
[…] The business plan was about one page long and defined no specifics […]
1
Kingston Marketing Group Woman Founder Marketing Grant
[…] Columbia) Required Application Materials Share your pitch deck (providing a quick overview of your business plan, team and traction in the market […]
N/A
Are You Struggling to Scale Your Business!
[…] of your team is the key part of convincing the investors that you will be able to carry out your business plan […]
0
Bilateral Transactions Programme
MOSL’s primary objective, as set out in our 2020/21 business plan, is to “make the non-household market an easier place to do business in […]
N/A
Construction Commercial Underwriter- Account Executive job with Travelers Insurance | 6525053
[…] Develops agency sales/business plan and frequently partners with MD to develop region/group sales plan […]
N/A
Lean Canvas: How To Create a Business Plan that People Will Actually
growthhackers.com – Today
Lean Canvas: How To Create a Business Plan that People Will Actually Read Shared by KOKimberly Oños process.st 11 11 0 SHARE MARCH 29, 2021 616 #productmanagement Find out why a one-page Lean Canvas is more effective for securing start-up investment than a 40-page business plan. Read full post READ THIS NEXT JF How can I find the most followed followers from someone else Twitter account?
N/A
Can You Close a Deal Right After Pitching Ideas to Investors?
designbeep.com – Today
[…] The downside is if your written business plan looks terrible […]
N/A
Be Your Own Boss – Business Start-Up Support Programme
[…] registering the business, legalities and regulations, finding and keeping customers, writing a business plan and accessing grants and funding […]
0
Bots and Spam in Google Analytics: Problems & Solutions
metricswatch.com – Today
[…] Poor business plan […]
2
Expanding Your Daycare Business
[…] are seven steps that you can take in preparation for the expansion of your daycare business: DO A BUSINESS PLAN You may have a gut feeling that the time is right to upscale your business, but instinct isn’ […]   You need a comprehensive business plan which includes a thorough overview of your current operation (such as costs, revenues an […]
1
HNW & UHNW Life Insurance in Asia – Challenges and the future
canetwork.com – Today
[…] ) Nevertheless, for wealth management firms to survive, companies had to start rethinking their business plan in response to the pandemic […]
8
Business Plan for Bank Loan Vancouver | Business Proposal for Bank Loan Toronto —
We provide the best business proposals and plans for obtaining Bank loans in Vancouver & Toronto. Our business plans are guaranteed to give you the best opportunities to obtain business loans without any restrictions.
0
HVS | Autism and the Hospitality Industry: An Interview with Autism Double-Checked
[…] Following his time with Laker Airways, David worked with Richard Branson to craft the business plan for Virgin Atlantic Airways, became the airline’s first employee, and then spent two decades a […]
2
Financial Sales Advisor Job at Wapic Insurance Plc Jobs in Nigeria | Jobgurus
[…] Sourcing of target plan and monthly business plan […]
1
Protect Your Business with the Right Plan | The Co-operators®
lp.cooperators.ca – Today
[…] We have the experience to help you put a solid business plan in place for the unexpected […]
N/A
Pixar Culture Design Canvas | By Gustavo Razzetti
fearlessculture.design – Today
[…] The film company believes that “quality is the best business plan […] are: Failure isn’t a necessary evil Don’t confuse the process with the goal Quality is the best business plan People are more important than ideas Everybody should be able to talk to anybody Prepare for th […]
N/A
IGNOU – Announcements – Latest – Business Plan Competition 2021 for IGNOU Students
The Indira Gandhi National Open University (IGNOU), established by an Act of Parliament in 1985, has continuously striven to build an inclusive knowledge society through inclusive education.
0
7 Current Market Forces Bring Startup Opportunities
blog.startupprofessionals.com – Today

Five Lessons From The Pandemic Light A Path Forward To The Future Of Work

Finally, we are nearing the end of the 2020 tunnel and seeing encouraging glimmers of light. While the pandemic is not yet under control, we do have promising vaccine news as 2021 approaches, and many countries in the Asia-Pacific region have returned to on-site work. We see stabilization in US government after months of uncertainty, and the beginning of commitment and action to address longstanding racial and social justice inequities.

At a more granular level, these months of operating in survival mode have provided valuable insight into how organizations and people can truly move forward from this disruption and position themselves to navigate the future disruptions that are bound to occur. In short, we see a path toward thriving, not merely surviving.

The lessons learned over the past eight months bring sharp focus to global human capital trends that have been evolving for years—trends in well-being, reskilling, superteams (combining humans with machines), workforce strategies, and the role of HR. Even more, these lessons reinforce the overarching need to build the human element into everything an organization does in order to create lasting value for workers, organizations, and society at large.

1. Human potential is our greatest untapped asset.

Organizations have tended to think about what people can do in terms of the bullet points on their resumes and job descriptions. But none of us really knows what we’re capable of and what our limits are until we’re tested and pushed to those limits. The past eight months have been a defining test. They’ve taught us that people can operate differently. They can adapt and perform in ways far beyond what their jobs and roles specifically call for and do what has to get done.

We must now challenge how we think about the workforce and use technology to help identify and unleash human potential within and beyond the organization. This includes retaining the magic that comes from empowering people to break through hierarchy and bureaucracy, lead at all levels, and roll up their sleeves to get the job done.

2. True top-of-the house leadership looks like nothing we’ve seen before.

For years we’ve talked about “tone at the top” and the importance of top-down leadership. Now we have stellar examples of what that looks like: examples of CEOs being more transparent and human than they’ve ever been before. This includes opening dialogues on tough issues like racism and well-being and allowing them to be front and center, and generally leaning into issues that go way past the traditional C-suite agenda.

Senior leaders now have the opportunity to embody the organization’s purpose—its set of values supporting economic, social, and human interests—to infuse meaning into work that mobilizes employees around common, meaningful goals.

3. Leadership and culture are about connection and empowerment.

As people isolated at home, team leaders became the organization’s lifeline. It became their responsibility to not only focus on outcomes and organize the work accordingly, but also think about the moments that mattered culturally and foster trust in the organization. If they didn’t have empathy, listening skills, the trust of their teams, and the ability to communicate, manage, and lead, work suffered or at times didn’t get done at all.

Going forward, leaders and teams at all levels (not just higher levels) must develop capabilities that enable them to work and lead effectively while supporting the human needs of their team and representing the organization’s culture.

4. Work is the most underutilized source of value.

Work is more than simply the output it produces. It’s a powerful human force—a way for people to connect to a purpose, feel motivated, build relationships, and showcase their true capabilities. Yet no one is responsible for driving work transformation, keeping up with the pace of change, or harnessing what it can bring to the enterprise.

Organizations now have the opportunity to re-architect work for the future, not as a mechanized process, but as a flow that aligns with ways humans think and engage, and that continues to evolve. By its handling of COVID-19 challenges, HR has earned the right to spearhead this effort on behalf of the organization.

5. Ecosystems are essential to extend organizational capabilities.

The sheer enormity of the past year’s challenges proved the value of being able to leverage external partners and resources to accomplish what organizations couldn’t do on their own. For example, one transportation industry CEO related to us that, given the company has no Chief Medical Officer, he was able to enlist a top academic medical center to provide that guidance. In another example, we’re working with a group of 10 CHROs to build a cross-organizational learning program aimed at moving Black and Latinx professionals from the director to the executive level.

Going forward, organizations should deliberately cultivate an ecosystem of partners, vendors, alternative workers, and professional networks, realizing it’s the new reality of how work gets done.

From hard-learned experience to a leap forward

It would be a tremendous waste to treat the past year as a detour—a momentary delay that leads us right back to the path we were on. Instead, we need to treat 2020 as a shortcut that showed us how to leapfrog to our desired destination: a place where we’re not merely surviving, but thriving.

With the end of 2020 in sight, we have the means to createthe light we want to step into. There’s no “waiting for a better time”—the time is now. We’ll be sharing more insights on how organizations can get this done in the coming weeks in Deloitte’s 2021 Global Human Capital Trends (sign up to receive a copy here).

This piece was co-authored by Jeff Schwartz, principal and US leader for the Future of Work, Deloitte Consulting LLP.

Erica Volini

Erica Volini

Erica Volini is the Global Human Capital leader for Deloitte Consulting. Throughout her career, she has worked with some of the world’s leading organizations to link their business and human capital strategies. She is a frequent speaker on how market trends are shaping the future of work and the HR profession and is a recognized thought leader in the trends shaping the world of human capital today.

Steve Hatfield

Steve Hatfield

Steve Hatfield is a Principal with Deloitte Consulting and serves as the Global Leader for Future of Work for Deloitte. He has over 20 years of experience advising global organizations on issues of strategy, innovation, organization, people, culture, and change.

.

.

IAEAvideo

A new global initiative will use nuclear science to better manage pandemic threats, such as COVID-19. The IAEA Zoonotic Disease Integrated Action (ZODIAC) project will establish a global network to help national laboratories in monitoring, surveillance, early detection and control of animal and zoonotic diseases such as COVID-19, Ebola, avian influenza and Zika. ZODIAC is based on the technical, scientific and laboratory capacity of the IAEA and its partners and the Agency’s mechanisms to quickly deliver equipment and know-how to countries. Subscribe for more videos: http://goo.gl/VxsqCz Follow IAEA on social media: Facebook – https://www.facebook.com/iaeaorg/ Twitter – https://twitter.com/iaeaorg Google+ – https://plus.google.com/+iaea Instagram – https://www.instagram.com/iaeaorg/ LinkedIn – https://www.linkedin.com/company/iaea © IAEA Office of Public Information and Communication http://iaea.org

License

Creative Commons Attribution license (reuse allowed)

These Decision Making Tactics Can Help You Formalize Your Process and Make Better Choices

Entrepreneurship is, in large part, reliant on decision making for success. After creating your business plan, you’ll have a blueprint for what you want your business to be and how you’re going to develop it; but moving forward, you’ll be faced with countless tough decisions. On a small level, how do you want to prioritize your day? How are you going to negotiate this deal? On a larger level, who are you going to hire for this position? How will you challenge this new competitor? How are you going to pivot the business to escape bankruptcy?

It’s no surprise that some of the best entrepreneurs also happen to be the best decision makers. They’re able to take any decision, big or small, and address it in a way that’s both objective and appropriate. That doesn’t mean they make the right call every time; we all make mistakes, and successful entrepreneurs are no different. But over time, their decisions tend to lead them in better directions.

Related: How to Improve Your Critical Thinking Skills and Make Better Business Decisions

So what actionable steps can you take to make smarter decisions in your business?

What is a smart decision?

First, we have to define what a “smart” decision is. Smarter decisions tend to have a few things in common:

  • Objectivity. Good decisions are objective, based on facts and logic.
  • Stoicism. Decisions shouldn’t be influenced by raw emotions (in most cases).
  • Full information. The more information you have, the better.
  • Alignment with goals and values. Good decisions should be aligned fully with your company’s goals and values.

How can you achieve these qualities in your decision making?

Reduce decision fatigue

Decision fatigue is a simple psychological concept that many of us underestimate, but the more decisions we make in a given period, the weaker our decision-making abilities become. Over time, we become bogged down with stress and distractions, and ultimately make worse decisions for ourselves and our businesses. This even occurs with tiny, seemingly inconsequential decisions.

Many famous entrepreneurs and leaders, including Barack Obama, Richard Branson and Mark Zuckerberg, have strategies in place to reduce decision fatigue by stripping away unimportant decisions. For example, you might wear the same thing every day or have the same thing for breakfast. It may not seem like much, but over time, making fewer decisions each day can make you a better decision maker.

Get all the facts

As a leader, it’s important to be decisive, but it’s also important to have all the facts before you move forward with any decision. Are you sure that all the information you have is accurate? Are there any details you might be missing? What are the alternatives?

Related: Best Ways to Use Data in Making Decisions

Get to a neutral emotion

When it’s time to make a final decision, you have to remove emotion from the equation as much as possible. If you’re making an impulsive call about an emergency situation, this can be extremely difficult. However, there are a number of techniques that can help you, such as:

  • Walking away. Sometimes, moving to a different physical location is all it takes to shift your mindset. If you’ve ever experienced road rage, you know that as soon as you’re parked, away from the road and out of your car, the situation doesn’t seem so bad. Try walking away and thinking through your decision in another, less intense location.
  • Meditating. Many people swear by the power of meditation. Simply taking a few minutes to reflect on your own state of mind can be enough to dissolve the emotions that might otherwise influence your decision.
  • Considering the decision from an outside perspective. You can also get a better sense for the objective reality of the situation by considering it from an outsider’s perspective. A common trick is to make your decision as if you’re advising a friend: If one of your closest friends were in this position, what would you tell them to do? You’ll suddenly consider more variables, and you’ll feel more detached from the situation (in a good way).

Talk to other experts

While the final decision is yours, it can be helpful to learn about the perspectives of other experts in this area. Do you have employees or partners who can share their ideas and gut feelings? Do you know of mentors or experienced professionals you can call for some quick advice? If you don’t have anyone to personally contact, you can substitute reading or podcast listening; what do other experts have to say about this situation?

“Good” decisions and “bad” decisions aren’t defined by the outcomes to which they lead; instead, they’re defined by the process used by the person making them. You can make better decisions by reducing decision fatigue, getting more information, clearing yourself of emotion and talking to other experts. This doesn’t guarantee all your decisions will work out, but it will increase each decision’s likelihood of success.

By: Timothy Carter Entrepreneur Leadership Network Contributor

.

.

Latest on Entrepreneur

Ready for Anything

Is the American Dream Attainable?

A 9-to-5 job may not help you reach the American dream, but adding passive income brings American hope. Eric Martel | 5 min read Data Analysis

Why Both Quantitative and Qualitative Data Are Vital for Results-Driven Businesses

As far as data is concerned, for good reason, quantitative data is what most brands look for to improve themselves. Don’t forget about qualitative data, though, as it’s equally important. Eric ‘ERock’ Christopher | 5 min read Patents

Christmas Eve, the flower of the Aztec warriors that Mexico gave to the world

Known as Cuetlaxóchitl in Nahuatl, the typical Christmas plant is famous thanks to an ambassador from the United States, where it is patented. Surya Palacios | 6 min read Entrepreneurs

How Content Creators Can Turn Their Creativity Into a Career

Don’t limit yourself to low-paying freelance gigs to try to make ends meet. Here’s how to build a meaningful career. Lucas Miller | 5 min read Coronavirus

Last minute! WHO confirms that Santa Claus is immune to COVID-19 and will be able to distribute gifts

However, Santa and his reindeer will wear face masks and work with a healthy distance. Entrepreneur en Español | 2 min read Perserverence

Emerging Stronger: Leadership Lessons from a Crisis

In 2020, we saw three crises: a contracting economy, a global pandemic and widespread racial injustice. I believe there’s a signature leadership lesson to be learned from each. David Steinberg | 4 min read Ready for Anything

How to Give Employees What They Want for the Holidays

Showing authentic appreciation this time of year could also boost your bottom line. Kara Goldin | 5 min read Success

3 Major Attributes Needed to Achieve Your Goals

Success or failure is within your grasp and no one else’s. Get a goal-achieving mindset. Tamieka Lee | 8 min read Holidays

How to Keep Your Team Energized During the Holidays

Here are two areas of focus that will revitalize your people during the holiday season. Brenda Pak | 5 min read Adapt to Bounce Forward

Simple Strategies for Restaurant Owners to Get More Customers and Make More Money

How restaurant owners can improve guest experience, be more efficient, and increase profitability through an order ahead reservations program. Raideesha Francis | 6 min read Social Entrepreneurship

How to Become a Successful Social Entrepreneur

It’s not the same as being a great business person. Chris Porteous | 7 min read Growth Strategies

How to Create Standard Operating Procedures for Virtual Assistants

It’s the best way to ensure freedom in your business with repeatable results. Jeff J Hunter | 5 min read Decision Making

These Decision-Making Tactics Can Help You Formalize Your Process and Make Better Choices

After creating your business plan, you’ll have a blueprint for what you want your business to be and how you’re going to develop it; but moving forward, you’ll be faced with countless tough decisions. What actionable steps can you take to make smarter decisions in your business? Timothy Carter | 5 min read Entrepreneurs

Santa Claus Named Entrepreneur of 2020

In a year of extraordinary challenges, the man in red has pivoted and adapted without ever losing that signature twinkle in his eye. Entrepreneur Staff | 2 min read Gifts

12 Gift Ideas (Plus More) for Your Work-at-Home Team

Here are 12 gift ideas that you can send them, which will highlight your gratitude and help your team step up their work-from-home game going into the new year. John Rampton | 11 min read Lifestyle

Why Personality Tests Are Flawed, and What to Look At Instead

Our survey results are in, and they shed light on four distinct identity types. Ben Angel | 1 min read Starting a Business

4 Clues to Help You Choose an Effective Business Name

To build a successful business, ensure that your brand identity is unique. James Jorner | 5 min read Real Estate Investment

Real Estate Management Could Be a Game-Changer for Your Income

This real estate and property management bundle can help you start a lucrative side hustle. Entrepreneur Store | 2 min read Personal Development

5 Personal Development Tools to Jump-Start Your Resolutions

Make 2021 a more productive, more successful year. Entrepreneur Store | 3 min read Playlist Entrepreneur

Get active with a Christmas playlist created especially for you, an entrepreneur!

With love Entrepreneur and Xóchitl Luján. Entrepreneur en Español | 2 min read Video game

KFC Introduces Video Game Console That Keeps Your Chicken Pieces Warm

This artifact was built in collaboration with Cooler Master. Entrepreneur en Español | 2 min read Social Media

How Brands Can Develop a Winning Social Media Marketing Strategy in 2021

2021 will be for agile brands that can pick up the pieces of 2020 and adapt their strategies. Arash Derakhshan | 6 min read Customer Experience

How Data and AI Will Keep Your Customers Happy and Engaged

By working together, data and AI can build a more in-depth, robust customer engagement system for a business. Chris Porteous | 6 min read Marketing

Is It Time to Hibernate or Accelerate Your PR Efforts?

Whether you are aggressively trying to grow your company or simply survive, these public relations strategies will help pay dividends for companies in both the short and long term. Josh Weiss | 6 min read Ready for Anything

3 Creative Ways to Monetize Your Next Business Event

Go from breaking even to breaking the bank. Jenn Murray | 5 min read Xbox

Xbox Series S breaks all-time record for lowest price

The new generation console will cost 6,799 pesos in Amazon Mexico. Entrepreneur en Español | 2 min read How Success Happens Podcast

How Success Happened For Former NFL Player Justin Forsett

Justin Forsett faced major rejections on multiple occassions during his life but each time he overcame them and eventually found success. That determination has now led him to success as an entrepreneur. Robert Tuchman | 2 min read Coronavirus

Scientists detect new strain of coronavirus in Rio de Janeiro, Brazil

Experts say they have no evidence that this mutation poses a greater danger. However, it shows that Covid-19 is sweeping across the region. Entrepreneur en Español | 3 min read Coronavirus

This is how Mexico received the first shipment of Pfizer vaccines, they will begin to apply it to medical personnel

The expected first shipment of the immunizing drug against the coronavirus landed in Mexico City around 9:00 a.m. from Belgium. Alto Nivel | 3 min read Leadership

What Do Bill Gates, Elon Musk and Warren Buffett All Have in Common?

Why a Strong Mindset is the Foundation of a Successful Entrepreneurial Career

1

It’s often the case that when one wants to start a business, they think it should begin with an idea and a . But while these are necessary ingredients in , they overlook the most necessary ingredient of all: their own mindset. There’s a quote from author and entrepreneur Idowu Koyenikan that says, “The mind has a powerful way of attracting things that are in harmony with it  — good or bad.” And it’s true. If you hit one obstacle in building your business and believe it’s a sign that you should give up now, you likely will. But if your mindset is focused on perseverance and success, you’ll keep at it.

Now, many words come to mind in association with an entrepreneurial mindset: optimistic, determined, persistent, unwavering. But what about the mindset required to just get started? Entrepreneurship has a way of taking over our lives, colluding with our identities and forcing us to confront everything within us. That’s why a strong mindset is the most powerful building block for any successful company.

Do you believe everything happens for a reason?

Some of the very began because the founder went through a setback, then realized something better was ahead. When Vera Wang was rejected for the editor in chief role at , she decided to create her own bridal design line. When Oprah was fired as a news anchor, she was put on a talk show, which sparked the rest of her wildly successful career.

Believing that even the setbacks serve a purpose is a valuable mindset tool. If you’re going into entrepreneurship to win right off the bat, it’s likely you’ll have a hard time rebounding after your first obstacle. Also note that in the above stories of resilience, the founders made the conscious choice to take control of their own story. Vera Wang wasn’t in control of the fact she didn’t land the editor in chief job, nor was Oprah in control of being fired and placed on a talk show. It’s what they did next that mattered most.

Practice this very important resilience mindset hack by going through all of the past memories and events of your own life story. Are you able to see how one setback propelled a new opportunity? The sooner you make peace with the fact that obstacles are inevitable but bouncing back is always required, you’ll have the resiliency mindset to conquer a successful entrepreneurial career. A flipside to this mindset would be feeling like “everything is rigged against you” or what you were attempting “wasn’t meant to be.” You get to choose what’s meant to be after each obstacle.

Do you believe that you have limitations?

Do you have limited beliefs or fears that keep you playing safe, or are you coping with something else that’s holding you back? While building your foundational mindset, it’s a good time to assess what could be hurting you. Balazs W. Kardos, founder of the Diamond Life Blueprint, recently shared with me that he considers the first act of greatness he ever completed to be “pulling himself out of the darkness of “.

As he told me, “It took a great deal of inner work, but I now believe I needed to prove resilience and endure my bout with depression to get to where I am today. I know I can win against anything, which was a powerful shift in mindset for me.”

It’s a personal undertaking to assess one’s own limitations, but since the journey of entrepreneurship often entails coming up against these limitations, it’s best to assess them before you begin a company. See if there’s a coach or counselor you can work with to help you bust through the limitations, or even a mastermind group that can hold you accountable to your real visions of the future.

Do you have thick skin?

Rejections are just another obstacle that you’ll inevitably run into, whether it be your 36th “no” from a potential investor, an “I’m not interested” from a potential retailer or even a failed process of designing a prototype. We often hear the story of how tried more than 10,000 times to create the lightbulb, but rather than giving up after so many failed attempts, his mindset turned 10,000 “failures” into “10,000 ways that won’t work.”

Another story exemplifying the same persistence is the story of Sir , the founder of Dyson vacuum cleaners. He tried in excess of 5,000 prototypes before perfecting his company’s core design — and Dyson is still a frontrunning company today.

Begin to think of “no” as just a word. Better yet, shoot for thousands of nos in the spirit of Edison and Dyson. If you go into business thinking it will be a long string of yeses or bust, you’re in for a tough haul. Ultimately, your mindset is the only thing you can always control in entrepreneurship. Even the best-laid business plans will come up against moments that test your resolve and determination. Build a resilient mindset first, and you’ll be successful no matter what.

Jennifer Spencer

 

By:

 

Source: https://www.entrepreneur.com

gen1

bev1

%d bloggers like this: