How much is the potential of a business worth?
Well, it depends.
- If the potential isn’t implemented, it’s of zero value. These businesses fold soon after they start.
- If the potential is implemented by someone, but they don’t give it the resources it needs, it will be worth something. Though just a fraction of its potential value. This is the most common situation for small business owners.
- If the potential is implemented by someone, who commits to fully realizing it, it could be worth an absolute fortune. A small percentage of business owners take this route.
The difference in those 3 valuations
What takes the potential from literally zero value, to being worth a fortune, is how, and if, the potential is deployed.
Every business owner in that 2nd group uses an established business model. A proven business model with high potential. We know this, because people in EVERY industry move into the 3rd group and make a fortune.
Here’s the thing: Regardless of your industry, YOU can decide to move into the 3rd group.
It’s a decision.
But, it’s ALSO a decision to stay in the 2nd group and spin our wheels. It’s an extremely important decision, too. With huge consequences for our future.
The mistake we make as business owners, is to fool ourselves into thinking that ‘staying as we are’ isn’t a decision we make. It absolutely is a decision. It’s a major decision that impacts not just our business, but our quality of life and our legacy. Every day we decide to run our business and market our business ‘as usual’, we’re recommitting to that decision.
That’s a fact we must be fully aware of. Because even if it makes us feel uncomfortable, as they say; “the fact remains”.
Accepting the fact gives us an objective foundation, from which to make better decisions.
- We can decide to aim for a place in that 3rd group, and enjoy the possibilities and potential our decision will bring.
- We can also decide to live with the limitations of being in that 2nd group, and never know what we could have achieved.
As long as we accept that both decisions are, in fact, decisions, we’ll be fully equipped to make in informed choice.
We’ll be able to see and accept the risk attached to remaining in the 2nd group, as well as the risk attached to improving.
We’ll also be able to avoid the regrets of those who went before us, who only saw risk in the decision to improve.