Dr. Dan Nathanson
Anderson Graduate School of Business UCLA
How should I plan for unknown surprises when building my business?
|People don't plan for contingencies. What if this happens? What if that happens? Take a sheet of paper. Say to yourself here are my goals: What happens if I don't reach that amount? What happens if it cost more? What happens if we have to move into a different type of product? All those things should be planned for upfront. They also of course under estimate the workload. You need to be 100% committed to your business. The ones that succeed are the ones that persist and they persist and they persist. And that's what investors look for by the way. Who's going to walk through walls? Who's going to jump over hurtles when things get tough? And if you're going to fold your tent as soon as things get tough you're going to be out of business. So you have to understand the level of commitment that is required when starting a business. So that's another mistake people make.|