Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

Lesson #3: Be Realistic

Martha Stewart Articles
Lesson #3: Be Realistic

“Passion can be a wild thing, taking you in many directions. Try to grab it by the reins,” advises Stewart.

While it is important that you try to realize your dreams by devoting yourself to something that you love, Stewart has learned that it is equally important to be realistic about your goals. Passion alone is not enough to see your project succeed. In order to assess the chances your business has to thrive, Stewart stresses the necessity of sitting down and critically evaluating your plan: will your product actually be better than those that are already competing on the market? Is it affordable and simple enough for customers? In what geographical location will it be able to work? Can it be expanded or is the idea too big?

“I did not start an omnimedia company in my kitchen at Turkey Hill,” says Stewart. “I started a catering company…I did not try to make it happen all at once.” Stewart recognized the necessity of taking baby steps towards realizing her goals. Avoiding the challenge that most entrepreneurs take on in trying to achieve the life of their dreams all in one swoop, Stewart set realistic targets and slowly worked her way to becoming one of the richest women in America.

“The key to building a new business is to amass a core of repeat customers who trust what you offer in your primary business,” advises Stewart. In order to grow this loyal client base, it is necessary to start off small and think realistically about what it will take to expand and branch out. She advises that all entrepreneurs create a well-researched business plan to get a grasp of how big their vision is and what they will need to achieve it.

In creating a business plan, Stewart asserts that entrepreneurs will begin to learn the difference between taking risks and taking chances. This is another important component of being realistic in terms of what you think you can and cannot achieve. “The natural question to ask yourself is whether what you are considering doing is a well-calculated risk or whether you are poised to take what I would call a chance – a long shot that depends largely on luck,” says Stewart. “I dislike taking chances; but I think taking a well-calculated risk is the cornerstone of entrepreneurship.”

When Stewart was about to borrow $85 million to purchase Martha Stewart Living from Time Warner in 1997, she had to be realistic about the consequences of her decision. Her advisors cautioned her about the potential risks of waning market interest, but she rationally evaluated her odds and made the purchase. “It turned out to be the best investment I have ever made,” Stewart says.

Entrepreneurs need to dream beyond their grasp; they need to think they can do what has never been done; they need to be able to chase down impossible goals. But, they need to do all that in a calculated, realistic manner, understanding that risk is not all about guesswork and that dreams need to start off on the ground in order for them to reach the stars.





Lesson 3 Be Realistic

Like this article? Share it with your friends

Article Feedback
 Lesson 3 Be Realistic I love your website, I am on it almost everyday. Keep up the good work, this site is truly motivating and inspirational to the entrepenuerial soul. -T Manning
Commented on Lesson 3 Be Realistic.
 Lesson 3 Be Realistic Leave Your Feedback
article feedback

Article Feedback

To learn more about the Evan Elite Author Program please contact us.

Famous Entrepreneur Video
Martha Stewart Video - Entertainment Tonight Canada Martha Stewart interview.
Famous Entrepreneur Video

Martha Stewart Picture Martha Stewart Newsletter
Get our free newsletter to learn more about Martha Stewart and other famous entrepreneurs!

Name:
Email:





Evan Elite Authors
Stephanie Robey  
Jay Kubassek  
Casey Gollan  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Mental Imagery Icon Mental Imagery
Success & Happiness Icon Success & Happiness
Workplace Culture Icon Workplace Culture
CAN-Spam Checklist Icon CAN-Spam Checklist
Small Business Financing Icon Small Business Financing
Free Downloads - Complete List

Entrepreneur Tools and Guides
The Top 10 GTD Times Posts - Best Posts for Productivity
The Top 10 GTD Times Posts
Best Posts for Productivity
 
Top 50 Franchising Blogs
Top 50 Franchising Blogs
Top 50 Franchising Blogs
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
ESTHER QUAYE Accra, Ghana,
ESTHER QUAYE
Accra, Ghana
SEO For Africa

If I Were A Startup...
Brian Scudamore, $200k to $8 Mil in 5 years
Brian Scudamore
$200k to $8 Mil in 5 years
Travis Hartley, 426% Growth in 2 Years
Travis Hartley
426% Growth in 2 Years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Craig Newmark, Craigslist
Craig Newmark
Craigslist
Wolfgang Puck, Wolfgang Puck
Wolfgang Puck
Wolfgang Puck
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Jeffrey Gitomer, The Sales Bible
Jeffrey Gitomer
The Sales Bible
Jay Conrad Levinson, Guerilla Marketing
Jay Conrad Levinson
Guerilla Marketing
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Entrepreneurs OpportunityFranchise Ownership
By Anne Barr
     Business Ownership The American Dream
By Anne Barr
     Taking A Closer Look
By Anne Barr

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information