Risky Business

Risky Business

By on Jul 19, 2011 in Entrepreneur's Life, Marketing Strategy | 0 comments

As all entrepreneurs know, just being in business is a risk.  Everyday we make decisions that impact our business, our lives and our lifestyle.

The other day I was re-reading a book by Nido Qubein in which he talks about risk management.

In order to manage risk  he suggests asking three questions:

1.  What’s the best thing that could happen?

2.  What’s  the worst thing that could happen?

3. What’s the most likely thing to happen?

Once you answer the three questions, making your decision is  faster and easier. 

What’s the best thing that could happen is probably why you came up with the idea in the first place. This is the “dream.”

Now look at the worst thing.  If  you are not able to survive or live with the worst thing, then don’t do it.  Decision made! If you CAN survive or live with the worst thing that could happen,  then your decision should be based on …

The most likely thing to happen.  Is it worth the effort, the money, the investment? Does it bring you closer to your goals?  If it is worth it … then go for it.

In some cases, the most likely thing isn’t worth the effort … but the best thing IS!   In some cases you will just decide to go for it anyway, because you have nothing to lose!

Over the years, I have found that if I use this decision making model, I pretty well always make well thought out and wise decisions.

Use this model in your marketing:

Marketing GuaranteeYou’ve undoubtedly seen the 100% guarantee, 30 day money back guarantees.   The guarantees are  there to remove your concern about the  “worst thing happening” … which is that you hate the product and are wasting your money.  The marketers have taken the “worst thing” out of the equation and they are sell you on the “best thing.”

 

 

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