The recent economic news reminds me of the risks entrepreneurs face from time to time. If you have a business plan that can not fail and follow it exactly there are still things beyond your control that can alter your plan. This potential credit crunch could hit a company, even a well established company, just at the wrong time and do moderate to severe damage. You can live a thousand miles from wall street but suddenly it is affecting your world. It is important to have a great business plan but always be prepared to change it as circumstances change so it stays a great plan.
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This is a good point and this just reinforces that as a Realtor that owning my own business, I need to continue utilize my business model and remember that to set myself apart from the competition when times get harder. Also, I need to remember to use the upside down pyramid theory and be sure that I have plenty of potential clients so that there are a number of true buyers that shake out in the end.
Completely agree. Good advice.
I think that underscores why one should expect some type of failure when you go out on your own. There are a number of factors that could cause things to go differently than one expects. Got to be nimble.