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7 potential obstacles of financial ventures.
When Harvey Brody was instructing me on the rungs of the ladder, I made mine more like a fire escape on the side of the building, going up 7 steps to a platform, then turning, going up 7 more steps.
Using the VIEW FROM THE ROOFTOP, and along with SQ1, one can often see potential problems with their money making ideas.
Here are 7 potential obstacles to consider:
1) Competition; who, what, where, why, when and your difference.
2) Legal; potential litigation, from where and why?
3) Economic barriers including; cash flow, over costs, delays.
4) Supply chain; product delays, delivery, payment processes
5) Protection of assets; wall of defense; trade secrets, Patents, etc.
6) Weather; yes, it could be a factor. Shipping stuff in Winter may create problems.
7) Customers, clients, consumers. The people who buy from you could be a huge headache.
Say you want to start a food truck as an example, Why not?
First, who else in your area is doing it? What do they offer, what is your difference? Then, what legal things, like permits, inspections and regulations are you looking at.
Do you have enough start up cash, what is your estimated cash flow, what if it rains for 2 weeks solid, how will that impact your foot traffic?
Do you have enough and the right kind of insurance, are you branded? (Mr. Softee like), trademarks, etc.
Is your supplier well established, what if he goes under, then what?
And what and who are your customers, one or two bad yelp reviews of your crummy food, could cost you a lot.
THINK about these things as you build your PLAN OF ACTION. See potential obstacles and when and if they do come up, you will be prepared.
By doing the View from the Rooftop, and seeing more clearly, it may eliminate the procrastination of pulling the trigger.
So, again, Aim, Fire (knowing the risks, obstacles, etc), and Adjust. Ice Cream in the Summer, Hot Soup and Chili in the Winter sort of thing.
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