If years were given themes, 2022 would be the year of how to mitigate risk.…
Thomas Edison’s famously stated that “genius is one percent inspiration and ninety-nine percent perspiration.” This gets batted about a lot in business coaching communities and while it’s not wrong, it’s also not complete. Any athlete will tell you that training is not just about sweating it out—which you can do just fine in a sauna—but about sweating it out strategically. Strategy requires resourcefulness which is why this concept is so central to business success.
It’s Not Lack of Resources, but Resourcefulness That is Holding You Back
Would-be entrepreneurs or struggling small business owners manufacture all kinds of stories to justify their failure or their fear of starting.
“I don’t have the time.”
“The economy’s bad.”
“The market is down.”
“Leadership is lacking.”
“The sector’s saturated.”
“Money’s too tight.”
Every single one of these is a variation on a story about lack of resources. And every single one of them is false if you shift your focus to resourcefulness.
How can you find a way to surmount obstacles and realize your dream instead of manufacturing excuses that sink in before it sets sail?
The first step is to stop psyching yourself out and start psyching yourself in. This means a change in mindset that aims to find solutions, not problems.
The second step is to commit. If time is your problem, renovate your schedule. If it’s money, build a budget, start a side hustle, or look for a low-interest loan. If it’s the market, get creative and reframe your product in a way that meets current demand. There is always a solution if you are resourceful, well-informed, and willing to work for it.
What If You’re Doing All This but Still Struggling?
Edison claimed genius is no more than one percent inspiration which is a pretty small amount. We won’t claim we’re smarter than the man who invented the lightbulb, but we will venture that he may have been exaggerating a little. Business success is mostly resourcefulness, but a small percentage also relies on mechanics.
If you don’t have the right idea or you aren’t implementing it effectively, no amount of having the right mindset will work. Very few ventures fail because their mechanics are so fundamentally flawed that they can’t be fixed. If you’re aiming to reboot the VHS movie rental store, you might fall into this category. Otherwise, your problem can likely be fixed by a little bit of creative tweaking—which, yes, circles back to resourcefulness.
To learn more about how a resourceful attitude can amp up your business acumen or address how estate planning can ensure the longevity of your enterprise, do not hesitate to reach out to the Law Firm of Christopher W. Dumm either by calling 417-623-2062 or using the contact form on our website.
Contact the Estate Planning Attorneys at the Law Firm of Christopher W. Dumm