8. Timing

Timing is an essential aspect of business ownership. It also shares a close bond with decision-making and action-taking. If you continually use Lateral Thinking and Testing then you will certainly discover further opportunities. The key to successfully implementing and taking advantage of these opportunities is Timing.

As the old sayings go:

If you wait too long, you may miss the boat... (e.g. someone else capitalizes)

If you jump right in you may get your fingers burnt... (e.g. misjudged market enthusiasm)

You need to find a middle ground when it comes to Timing, because it is very difficult to time things perfectly. Combine focused analysis, gut feeling, enthusiasm and decision making together and you will be well on the way to mastering Timing and the next Principle...

9. Action

Successful business owners are Masters of Action. They know that Action always beats inaction. They understand that it is better to try, make a mistake, refine and re-implement than to do nothing at all. That’s because in business:

INACTION = A SLOW DEATH

Unsuccessful business owners are Masters of Excuses. Fear provides them with an endless stream of seemingly logical reasons why they shouldn’t act.

You need to make a decision right now - will you accept as doctrine your negative internal dialogue and the nay-sayers - or will you take chances and trust your experience?

I would suggest the latter...

In order to take Action, it is critical that you take responsibility for your situation. If you are not where you want to be, then justifying or laying blame on others will not solve the situation - it will just add fuel to your negative mindset.

A better way to respond is to focus on ‘the gap’ - the 20% of activities in your business (or life) that will take you from where you are to where you want to be. Goal setting is one of the best ways to define the ‘gap’ and taking Action is the best way to reduce it.

IN CONCLUSION:

The most important Principle is that you should love what you do - passion and attitude will play a large part in defining your success in business. Therefore, ensure that you find a Niche that you are comfortable with. Apply the Factors outlined here, define your own rules and goals, and you will be well on the way to creating a successful and profitable business.