When my nephew Josh was 4, he was in love with anything Harry Potter. He absolutely believed in magic and all the possibilities it conjured up in his imagination. He came to visit one weekend and decided he would become an entrepreneur. He would create magic wands and sell them. He was utterly convinced if he made magic wands everyone would buy them.
Unfortunately, Josh had a few holes in his business plan.
- He didn’t do much marketing. (The sign was pretty much it.)
- His sales efforts consisted of badgering current customers to buy more. (I had more than enough magic wands, thank you very much.)
- He didn’t know his exact cost for production, so to be safe and ensure he made a profit, he added lots of zeros to the selling price.
- He let his brother convince him it would be a good idea to take him on as a business partner. (I don’t have to tell you how that turned out.)
For Josh, this was not a make-or-break situation. But for many business owners, these mistakes are fatal. In Roundtable meetings, we encounter sketchy marketing plans, poor pricing models, and bad partners.
It is hard to be an entrepreneur, joining a mastermind group for business owners can help. Monthly meetings create accountability and provide members with the support necessary to work ON the business instead of IN it.
Try one on for size! The first meeting is free. Respond to this email or give me a call. There are a limited number of seats available.
The road is easier together,