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Take Bruce's Challenge
Let's face it. If you are not interested in owning your own business, or at least in doing some advanced kinds of investing you wouldn't be here. Every worthwhile endeavor requires some planning. And in order to plan, you need to know as much about as possible about the environment, and variables within which you will be working. It is a no-brainer that you need to know your market, your competition, the needs of your potential customers or clients, and your product better than everyone else. But there is one variable that is integral to your success that you have taken for granted. You have done this because you think you know about this variable better than anyone else. But do you?
This final variable is YOU. You think you know yourself really well. Well, I would argue that you don't know yourself as well as you think you do. Please, for your sake, keep an open mind here. There is a reason most businesses in America fail. Every small business in America is started by someone who would tell you that they know themselves better than anyone else. The vast majority of those businesses will fail not because of a lack of trying, and not because of a lack of expertise, and not because of hard economic times, but because the person who started that business thought they were someone they were not. It is because of this exercise that I changed my entire business model. This is the most profound and meaningful thing you will ever do in your business. I invite you to take Bruce's Challenge™.
Bruce's Challenge™
You need the ability to move words and sentences around. If you want to do it on a computer, you can use Word, Excel, or OneNote(preferred). If you want to stick to pencil and paper, you can use Post-It notes and a large board to move them around. Regardless, you will want to be able to change the order of what you write or type.
Start putting down concepts. One concept per line (Word), Cell (Excel), or Post-It.
Ethics - "Do what is right."
Products - "Widget"
Business Objectives - "Make a profit."
Morals - "Treat others well."
Faith - "Keep the Sabbath."
Personal Goals - "Spend more time with family."
Things To Avoid - "Hurting Others."
Now here is the really tough part: Arrange all of these things in order of priority based on your wants and needs right now. You can only have one list. It is NOT one list per category, but one list period. So you have to decide what is more important to you right now keeping the Sabbath or making a profit? Is it more important to make a profit or avoid hurting others? Is the Widget more important or doing what is right?
Now take a look at your list of priorities. What does it say about you?
How do you think the list should look?
Now, if you want to make some adjustments in your list of priorities do it.
Hold on to this list. As you have to make decisions in your business, refer back to this list to help you make the decisions that will correctly reflect what is most important.