This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/03/28/preventing-stupid-3-questions-every-business-owner-must-ask/
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by Matthew Neill Davis, Esq., author of “The Art of Preventing Stupid: How to Build a Stronger Business Strategy through Better Risk Management“
A recent Internet search for “problems in business” on Google produced 1.76 billion entries, often a list of the top 20 or 10. Rightly so, business leaders are obsessed with solving problems. But business problems really fall into just three essential categories: catastrophes, ignorance, and ineptitude — and the way to solve them starts long before they happen. While these three enemies of any business can rear their head in countless situations and endless forms, the key is spotting them even before they start.
The Chinese military strategist, Sun Tzu, said, “If you know your enemy and know yourself, you need not fear the outcome of a thousand battles.”
That means spotting the weaknesses in your business by asking yourself three very basic questions. The sooner and the more frequently you ask, the better you’ll be able to address and solve these problems before they can intensify and do real damage. The more you do this, the steadier and surer you can lead:
First question: What foreseeable disasters can strike my business?
Catastrophes are the natural and man-made disasters that originate outside your business and hinder your goals. They may be forces of nature, such as a fire or hurricane, or market fluctuations. In western Oklahoma there are many companies depending on oil production for their livelihood. But in 2014, the oil price crashed — from $120 per barrel to down below $30. This was an absolutely disaster for those who did not see it coming. But my firm did see it coming… Read More
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