Hey EV readers 👋 

I hope you've had an amazing week so far! I've got something special for you - a delightful mix of insights that will quench your thirst for knowledge and help you power through another week of hustle and bustle. Enjoy!

#1. Plan with military precision. Planning is an important aspect of any successful venture. For business owners, the reward of a well-executed plan is severalfold. However, the act of planning can be daunting, especially for a large venture where several variables are to be considered. If you want to be a successful entrepreneur, you must learn to plan everything and do so with military precision. That means crossing your T’s and dotting your I’s, leaving nothing to chance. Your goal should be to predict and prepare countermeasures to every possible situation but also acknowledge the fact that there is no perfect plan. Precision in the military sense is ensuring there is no known loophole that has not been taken into consideration. As for the unknowns, that’s where adaptability comes in.

#2. Make sure your plans are adaptable. A rigid strategy only guarantees success in a scenario where everything plays out the way it should. But according to Murphy’s law, if anything can go wrong, it would. And more often than not, something usually goes wrong. The solution then is to account for unforeseen circumstances; for this, Adaptation is key. Having clearly defined objectives will improve the adaptability of your strategy. Once the goal is known, then every path becomes a potential strategy.

#3. Use the element of surprise. If wielded perfectly, surprise can be a powerful tool in defeating even the strongest adversary. This is because surprise can throw anyone off their game. To get the element of surprise, you have to know your competition as much as yourself. Figure out what the competition least expects and do exactly that.

If you missed our last publication, click the link below to catch up.

#4. Choose your battles carefully. Resources are never in infinite supply. This is true in war as it is in business. Knowing this, it is important to consider the value of a battle before going in. If you can. try to avoid unnecessary battles that would not yield any strategic advantage. A good way of gauging which fights you should pick is by looking at what’s at stake. Otherwise, you may discover in the end that although you won, your victory came at a huge cost. This is known as a Pyrrhic Victory.

#5. Go all in. Don’t start a fight you won’t see through. If you have made a decision, you need to back it up with action. Even more important is the fact that you need to pour in everything you have. A half-assed attitude would be a waste of your time, energy, and resources. If that’s the case, it would be better off if you never went into the fight in the first place.

Also read;

Interesting read - What is the best way to make decisions with incomplete information?

Entrepreneurs are bombarded with so much information. This is often a good thing as they have to take swift and decisive steps that directly affect the business. One wrong decision could have cascading effects, the same can be said of one right decision. In an ideal world, it is important to have all the right information before making a decision. However, you’ll often be faced with situations that are less than ideal. Meaning you’ll have to make decisions with incomplete information. What do you do then? While researching, I came across an article on Linkedin, that I felt I had to share. The author outlined 6 steps to take. They include;

1. Access the situation to identify what information you have and what you need.

2. Seek advice from experts and others who are more experienced. As the saying goes, there is nothing new under the sun. The situation may be new to you but someone else has a wealth of experience. Find them.

3. Use heuristics and intuition to fast-track the process. A note of warning, these concepts are not completely flawless. So use it with caution.

4. Make a provisional decision. Let’s call it a hypothesis based on additional information you’ve acquired using steps one to three.

5. Test your hypothesis to see if it holds true or not.

6. Apply what you learned in step 5, form a new hypothesis based on the new information, and retest.

Click the link below to read the full article

That’s all for now folks.

Until next time, stay inspired and keep chasing your dreams!

Cheers,

Alex