Establish an Intelligence System for Your Business
Every founder of a company must be actively seeking information at all times. Homework isn’t something that should be done only in school, it should be a major part of your venture from the beginning throughout the duration of your business.
When I say homework, I am talking about gathering “intelligence.” What is intelligence to the entrepreneur? Intelligence can come from many sources such as associates/partners, magazines/books, television, events/conferences, and even by keeping a close eye on your competitors’ moves.
The entrepreneur who is well informed and has a constant flow on information coming in at all times, is the entrepreneur who is going to be better prepared to make the most of his/her time spent running the business. The entrepreneur who is most equipped to make difficult decisions — the right decisions.
The more information you have, the more insurance that you have when taking risks, launching new services, and scaling your business to new levels. You’ll always have better odds of success when you have accurate information to back you up.
If you’re an Internet entrepreneur or one who focuses on technology, then you should be subscribed to Business 2.0 magazine which covers that latest trends in that sector. The magazine is full of useful advice and insights into the leading technological advances. This is a must read.
If your business involves finance or commerce, then get yourself a copy of the Wall Street Journal and get to reading. The journal covers everything from the hottest stocks on the street to the ins-and-outs of the financial climate.
All entrepreneurs should make it a habit to speak to others in your particular industry. When you have an idea for a new service, then reach out to your group of friends and associates and get a feel for what they think.
Go to events and spark conversations with random people and let them know what you are thinking about. Usually, you’ll get honest feedback that will provide you with priceless information to help steer your company in the right direction.
And let’s not forget about the good ol’ blogosphere. Load up your feed reader will blogs that speak about your particular sector. Make it a habit to run through the daily articles and keep up-to-date with the latest advances.
But always remember that all information isn’t going to be useful. There will be a lot of junk out there, so be careful what you fill your head with. Look for the information that will provide solutions for you and add value to your company. Intelligence is the key to understanding.
How do you gather intelligence?
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