Here’s why your initial business strategy is destined to fail (and how this turn of events can actually lead to your success)
Research has shown that the vast majority of successful new ventures abandoned their initial strategies after implementing their plans and confronting market realities.
Here’s why: your brilliant first strategy is most likely wrong.
But that’s not what determines your success or failure.
The astuteness of your original strategy matters far less than your ability to conserve resources.
In other words, guessing the right approach—as to what drives your business’ growth—at the onset isn’t nearly as important as ensuring enough dry powder exists to pivot when reality strikes.
Those who exhaust their resources before they can iterate towards a viable strategy are the ones that normally fail.
That’s because new business initiatives rarely succeed on the first attempt
Instead, success comes from having enough runway for a second or third attempt at getting it right.
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Does your business plan leave you with enough dry powder to survive this year; or are you betting everything on being right?