Even a good business isn’t safe from competition or market forces – just ask GoPro. As an entrepreneur running a start-up or a business owner trying to grow a company you need to be prepared for what might be lurking in the economy or amongst those in your marketplace. In GoPro’s case they built a business around a great product and have experienced massive growth and market adoption – the goal of every business. Apple has filed a patent that might force some change at GoPro (read more here) similar to the type of change that is happening with businesses being impacted by the drop in oil prices. But there is a silver lining.
“If things seem under control, you’re just not going fast enough.” – Mario Andretti
Be ready to lead the market and don’t let the market lead your business. If your company is currently trying to survive (see “Will my business survive the next 90 days“) figure out what it will take to straighten out your company finances and then get working on filling up the funnel with new opportunities. Banks, lenders and investors are always eager to fund good ideas but good ideas are hard to find (read “You think you have it rough – try being a banker“). If your business has a good idea and is experiencing some turmoil – don’t worry. Your business has options but you may need to take some time to figure out what resources are needed, including capital, and what the plan going forward should be.
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