In Your Small Business, You Should Constantly Test and Re-Test Your Assumptions

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Given less than perfect information as the norm, running a business is about making assumptions, taking action, and monitoring your results, then adjusting your assumptions and starting the whole cycle over.  What tends to happen instead is that an entrepreneur puts together a business and/or marketing plan making a lot of assumptions.  Then he/she gets so busy building and running the business day-to-day, that he/she puts the plan in a drawer and never looks at it again.  Don’t make this mistake.  Make sure you have a good understanding of your key assumptions and monitor them against reality on an ongoing basis, not just once.  This mentality of testing and re-testing everything should permeate every operational aspect of your business.

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Paul is a serial entrepreneur, strategic and risk management advisor, marketer, speaker and coach who has dedicated the majority of his career to entrepreneurship, leadership and peak performance. Paul has worked with various entrepreneurial companies in senior management roles and has led the development, review, and selective implementation of several hundred start-up and corporate venture business plans, financial models, and feasibility analyses. He has performed due diligence on and valuation of many potential investment and acquisition candidates. Paul was also the Director of a consulting operation in Wharton Entrepreneurial Programs and holds a Bachelor of Science degree in Economics and an MBA from the Wharton School of the University of Pennsylvania. Paul has lived, worked, learned and traveled extensively in Latin America, Europe, and Asia and speaks and writes English, Portuguese, and Spanish.

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