Comprehensive planning, feasibility studies and social networking are non-negotiable preconditions for success in any chosen area of business endeavour

In a previous article, we looked at the strategy to get in on the lucrative and juicy sectors and business areas where there is “real money” and sustainability. Are we not all tired and fed up of living from hand to mouth? I believe there is a way out. At this time we should have a list of the projects we want to accomplish and if you do not, re-read the previous articles, we are planning a chart of moving forward in a strong strategic way, but we want results to record, don’t we? If you are getting results I would like to know about them and so would other readers and entrepreneurs alike.

There are three critical ways to go from where we are, that is, with our lists of what we think we can do and areas in which we can venture into. After we have checked out the “do-ability” of the project or the venture we need to evaluate if we have the contacts and networks and skills to execute the business. The first thing is to immediately discard those that do not have potentials to yield our desired result. Secondly, we need to put the projects that would not generate income immediately to the back burner, still working on them but not allowing them to consume our time and energy. Lastly, we need to put our focus and attention on that one or two projects that we think are feasible.

Some of the tools and skills we learnt last year will come in handy and useful, the only difference is that the stakes are higher and the level of expertise is more focused. The outward presentation of what we produce will be critically reviewed. Networking is critical, that is how we find out what’s “hot” and what’s not. We need to get timely and accurate information. We have to critically analyse business models to deduce weak points; these are usually good points of entry and exploitation. Lastly, avoid re-inventing the wheel, there is no point conducting a search for weeks on end when such a search has been conducted, the skills of knowing what’s available and where to find it is critical to success, it will save us time and money.

To go back to our first assignment now, we have a list to follow. The unviable projects that we know we do not have the expertise, skills or resources to carry out must be dumped. This means deleting such files from your database, discarding article cuttings and other material collected when researching. This means, do not pass the project on to your assistant if you cannot make it work, how do you expect your assistant to perform the miracle? Do not waste any more time or resources on a dead-end project. This might be Mr PIs ideal project but it’s not yours, so say goodbye and let it go.

Next, for those prospective projects that may be worth pursuing but you just do not have the wherewithal for right now, keep a minimum percentage of your time on it and work on it as time permits, periodically update your information on it and improve your networks within the circle of influence of those who could be beneficial in the future on this, keep the news clippings and definitely subscribe to online journals in the areas of interest but watch that it does not become your main focus till the time is ripe enough. Do nurture it and keep your eyes and ears open for opportunities that may unleash the prospects in this project.

Lastly, for the jewel in the crown, get a new notebook and open a file, subscribe to journals in the chosen sector, enrol in one or two local and international workshops that will enhance your knowledge of the sector and help you understand cutting edge technology or principles that will drive your project to execution. Attend workshops, look around for key stakeholders in the sectors that you can meet with periodically, sometimes a conversation with such a person can be the deal clincher. Play many scenarios of what may happen in the near future and what you will need to do to position yourself to exploit the opportunity, look for ways that you will become noticed in the sector. Take small jobs or opportunities seriously, you never know who in the industry is paying attention to you and this may be your only opportunity to sell yourself, your skills and your potentials for greater things in the pipeline.

In conclusion, be watchful, attentive and sensitive. Less qualified people have been exalted by such opportunities that have changed the course of their lives forever and have changed destinies of nations, so it can happen to you. Make sure you are prepared.