Tag Archive for 'due diligence'

Seeking due diligence in business

As we conduct the due diligence on what’s next for our business, we seek the information that will help us acquire knowledge and create conditions that minimize the risks and maximize the opportunity.  After all, we want to be as certain as possible that our next step is the right one, don’t we?
That’s an interesting word, certain.  Webster says it means fixed, settled, determined, not to be doubted. But it’s a word that isn’t often found in business plans.
The 19th century president of Harvard University, Charles W. Eliot, said, “All business proceeds on beliefs, or judgment of probabilities, and not on certainties.”
What do you think the marketplace — indeed, the world — would look like if business had been built more on certainties than beliefs? I think we would probably be closer to wearing a stone ax on our belt than a smartphone.
It’s important to understand that on the entrepreneurial scale, each of us resides somewhere between the foolhardy and seekers of certainty. The challenge for entrepreneurs is to know when to seek certainty and when to move forward with our beliefs.
No position on this scale is better than another — the world needs all kinds of entrepreneurs. But understanding where we reside on the entrepreneurial scale helps us make better business plans.

Tough love on buying a franchise

At a time of high unemployment, it’s natural for there to be increased interest in starting a small business. And one of the classic options is to look into buying a franchise because many thinks they’re like a business-in-a-box. 

Another thing that is part-and-parcel with these start-up scenarios is desperation, which leads to poor decision-making and way too many business failures.  Recently on my radio program, The Small Business Advocate Show, Nick Bibby delivered some tough love that every prospective franchisee should experience before signing on a franchise dotted line. 

In addition to being a member of my Brain Trust, Nick is principal of the Bibby Group, an international consulting firm focused on the development of franchise systems, as well as due diligence services for prospective franchisees and independent entrepreneurs. Take a few minutes to listen to this interview and, as always, leave your thoughts and experiences on franchising. Listen Live! Download, Too!




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