Monday, May 13, 2013

Guaging your level of business confidence

Raising a child is a lot like starting a business: both require an unwavering love, commitment (physical, mental and emotional), consistency, personal sacrifice and a financial investment. Children who are born to parents who have not thought out a financial plan, made a strong commitment or agreed on a course of action to develop the child, face the same chance of failure as does a start-up business. On the other hand, well thought out and executed parenting and business plans can become an endless supply of personal satisfaction.

I have always believed that making the decision to start a business should be made with the same level of consideration and seriousness as deciding to bring a child into the world. If you spontaneously jump into a new business or become a parent, chances are your business or child will face obstacles to growth that could have otherwise been avoided.

A major mistake in starting a business is when people undervalue their products or service. Most of the time, undervaluing happens because of a lack of confidence. You obviously have to determine a price point that is competitive. At the same time, do not be afraid to charge a fair price for your product or service. The effects of undervaluing your products or service take a long, long time to overcome, and often times come with a public relations nightmare. If you do not offer quality products or top-notch service, then you should never start a business. The fact you have started a business means you offer a quality product or a top- notched service. Therefore, have the confidence to charge accordingly.

This leads me to the next point I want to leave with you. How do you gauge your business confidence level? Here is a basic litmus test to see if you are operating with a lack of confidence. If your decisions seem counter-intuitive, then chances are you lack confidence. Whether you are raising a child or building a business, you are making a huge investment. Establish best practices and go about your business with confidence.

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