Business nightmares and how to recover from them

Last night I went along to the Entrepreneurs' Masterclass held at the British Library. You would recognise at least one of the speakers - Rachel Elnaugh (Dragons' Den).

The event was publicised like this:

'Are you weighing up the risks of an entrepreneurial future? Do you have concerns that an economic downturn will affect your chances of success?

Starting a business is always a huge test of determination and stamina. In this economic climate, special skills are required. To stand the best chance of success, entrepreneurs must have the resilience to confront and overcome challenges, as well as having the vision for success.

'Business Nightmares@ is a unique chance to hear how a panel of highly successful entrepreneurs survived the toughest times and built business success on the back of the lessons learned.'

And it delivered every part of that!

Here are the key points I took from the event, in terms of avoiding business nightmares:

You need clear management information
Ask for help
It's not ideas that make a business, it's the execution of them
Most entrepreneurs have a psychotic optimisim!
Focus on giving your customer what they really want
Act swiftly
Now is a good time to be in business, remember Disney and Hewlett Packard both started their businesses in the depression

You're at your most vulnerable when you're doing well - this was the 'golden nugget' for me, and I'm sure this applies to every business model.

Many FMs right now are saying 'it's a good time for FM. Client organisations are outsourcing because they need to reduce costs, and that business is coming to us'. But let's not become complacent, remembering what Rachel says 'You're at your most vulnerable when you're doing well'.

Call Liz Kentish The FM Coach today for an assessment of your organisation's capabilities and vulnerabilities 01778 561326 or e-mail coach@lizkentishcoaching.co.uk