Archive | January 2013

MANAGE THE RISK OF TAKING THE PLUNGE

Risk

Risk (Photo credit: The Fayj)

Taking the plunge, any plunge, is usually scary as hell, because it involves uncertainties, and as we’ve said: we feel like we’re not 100% ready: “it’s not perfect”.
The only way to minimize – not eliminate – the risk is to break down the different steps, the successive plunges, into the smallest possible size. If you wait until after investing $ 1 MM to take action, your risk is far larger than if you take 4 separate actions each time you reach the $ 250 K mark. That way you have 4 action and correction points along the way to the $ 1 MM investment mark.
Break it down, you’ll reduce risk and also anxiety.

HOW MUCH "IMPERFECT" IS OK?

English: Line in the sand A remarkably clear b...

OK, so in the previous post I said “don’t wait for perfection” but, how much imperfection is right? Where do we draw the line? How do we know when to take the plunge?
The easy answer is “it depends …” Yes, every project is different and some will require a greater degree of “proximity to perfection” whereas others can launch with a larger portion of imperfection or uncertainty.
The answer I prefer, and use as a rule of thumb is: when you feel that you’re spinning wheels; when you’ve spent time on something and at the end of the day you feel that you haven’t advanced an inch; that’s when it’s time to take it to the next level. Launch it, move into the next phase, test it, whatever you’ve decided is the next stage, do it.
Scary? You bet! The next stage is usually scary but you’ll never advance, you’ll never go anywhere unless you take that plunge.

DON’T WAIT FOR PERFECT

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Perfect doesn’t exist, at least not in business. If you wait for the perfect moment, if you keep working on the presentation, if you re-write the email a million times, if you train aiming at perfection, the moment to act will never come.

You can wait for perfection forever, and never reach it. There comes a point when the marginal return on additional time spent on any project trying to make it perfect starts becoming negative. Like marriage: you can date her indefinitely, trying to know and learn if she’s “the right one” but there comes a point where you have to take the plunge and move to the next phase (moving in, marriage, whatever) because more dating will not add further knowledge, only the next stage will allow you to gain further insights.
Perfect is the enemy of efficient and effective. Don’t wait for perfection, take the plunge, move to the next stage, act!
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