The Sensible Business Man

Conducting business can be strenuous at times; due to lack of wisdom.

Wisdom is knowing what to do next; Skill is knowing how to do it; and Virtue is doing it. ~ David Starr Jordan

Today, I am introducing a new concept:
Proportional Entrepreneurial Sensibility

Definition: Fallibility

1. Capable of making an error: Humans are only fallible.

2. Tending or likely to be erroneous: fallible hypotheses.

 

Ever considered that doing is associated with your hands, feeling mostly with your fingers,  seeing with your eyes, hearing with your ears, smelling with your nose and tasting with your tongue?

Consider now the proportions:

• 8 fingers (10 digits, according to: Wikipedia: Thumb)
• 2 hands
• 2 eyes
• 2 ears
• 1 nose (2 nostrils)
• 1 tongue

 So, where am I going with this?

Concept: Feelers
In terms of business, using your feelers is depicted as searching for opportunities and for testing practicality and ideas; something that should be done on a regular basis and should be the first step in testing feasibility. 

 Example: You are starting your new venture and decided you are going to focus on selling gardening tools.

You come across a very fancy leaf blower - instead of spending your entire budget (gambling) on this leaf blower, you should decide if it is doable with your budget - and only buy 1 or two - after considering all the alternatives available. (Remember to always buy bulk to save money!) 

If it ends up being a big seller, you have hooked your customers - if not, at least you didn't spend your entire budget on it, and it will still sell even if you have to sell it at cost price. Alternatively, you could start your own gardening business, catering for the Do It Yourself Crowd and Convenience Crowd.

In order for you to correctly use your feelers, you need to apply your senses in order:

1. Look (x2)
2. Listen (x2)
3. Feel (x8)
4. Do (x2)
5. Speak (x1)
6. Smell (x2)

Using your business senses proportionally can reduce the chances of making mistakes and wasting your time and money. Be smart, use your Feelers.
 
 I would love to hear your feedback if this series has benefitted you in any way! Stay tuned for more tips & lessons on how to make money!