Could your lack of knowledge be killing your business?

1) Knowledge about your Local Market and your Target Customers

For a decade I have been extolling the virtues of "knowing thy customer". So when I saw Belmont University's Jeff Cornwall reporting on a speech by Dr. George Solomon, Director of the Center for Entrepreneurial Excellence at George Washington University I just had to write about it.

"Dr. Solomon also illustrated how data about a market can either validate ideas as business opportunities, or in some cases, uncover needs in the market that have not yet been met." Via Entrepreneurial Mind

Here are a few links on my website with information on researching, interviewing, and documenting customer needs.

• The Complete Six Step Sales Process
• Brand Mantra: Positioning and customer insight

2) Knowledge about Yourself in Preparing you for Taking the Entrepreneurial Plunge

As the entrepreneurial mind grows and evolves so too do our tactics and strategies. I have been coaching for 15 years and self-employed most of my life. Over the years I have been watching entrepreneurial trends and concepts. I was happy to learn about the concept of 'red sky thinking', which is about seeking innovation.

"The most successful entrepreneurs are best at "red sky" thinking. psychologists tell us that "red sky" thinking involves the "Big Picture" and is concerned with the what and then the how. It is someone who enjoys starting new entrepreneurial ventures, networking with other people to accomplish big goals, and toying with global concepts and possibilities." Via Entrepreneurial Mind

Red Sky Thinking: v & n buzzword, management-speak 1. A thought process (or actual idea) born of the desire to come up with an innovative (and every-so-slightly-left-of-centre) solution to an already much mulled over problem. Via e-cyclopedia BBC

I have 16 articles on innovation and some of my favorites are:

• Forget Strategy! Innovate, Create!
• What Moen Can Teach Small Business Owners About Innovation
• Passion and Curiosity Begets Innovation

The common thread in business coaching and entrepreneurial training is the ability to learn. Being able to extract information from success and failures to make adjustments. Certainly a positive outlook, persistence, and motivation are crucial but without the ability to learn, adapt, and change they are impotent.

And: Never, Never, Never Give Up