Beals Hubbard, PLC has spent years working with entrepreneurs in the ups and downs of creating, building, and running businesses.  Through that hands on experience we have learned valuable insight on what does and does not work.  These "secrets" are not really secrets at all.  They are traits common to all successful business and entrepreneurs.  Each addition of the ECounsel Briefing we will highlight one.

Know Your Bulls Eye - The Importance of Focus.  Every business must know its core competencies and analyze opportunities with this bull's eye in mind.  Too often entrepreneurs take risks on opportunities outside this competency zone - and pay for the mistake.  Consider the approach taken by Richard Devos Jr., son of billionaire Amway co-founder Richard Devos and successful CEO and entrepreneur.  In his strategic planning sessions.  Mr. Devos diagrams a bull's eye outlining his company's core competencies.  An outer circle is then drawn around the bulls eye.  Opportunities presented within the inner circle are closely evaluated; opportunities within the outer circle are evaluated as to synergy with the core competency circle; and opportunities outside the outer circle are discarded - even if appealing on a financial or emotional level.

* =  Core competencies.  Opportunities with high likelihood of success which fit with past experience and proven business models.

= New opportunities which compliment core business model

X = New opportunities which are unrelated to core business model - "no go" opportunities

Consider also the words of the famous capitalist Warren Buffet when asked if not investing in Microsoft was a "mistake": (paraphrasing) No, I didn't understand computing.  I consider a mistake as a failure to act on an opportunity presented within my sphere of core competency.  

Keep these thoughts in mind when writing and executing your business plan.

By Mike Beals