Lesson #3: Be Realistic
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“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
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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
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