The Perils of Being A Lemming

How many times have you found yourself wanting to emulate a competitor or a bench-marking business that has a good idea? Do you kick yourself for not thinking of something that should have been so obvious? Do you really have to have the same lines as the competitor down the street? Is imitation really the sincerest form of flattery? What we don't typically ask about a new line or a new product that you want to acquire is - how do you know if it will be successful?

We often imitate others without asking fundamental questions such as, was the new line someone else acquired as good as it was projected to be? How was the fulfillment by the manufacturer? What was the quality of the customer service? How flexible is the line? How are problems addressed and how quickly are they resolved? We tend to be enamored with bells and whistles while oftentimes forgetting to ask the difficult questions.

 

Next time you come across a great new idea, don't jump on the opportunity immediately. If it is a great idea today, it will be a great idea tomorrow. Ask "what if" questions. Seek out fellow DPHA members that may have experience with a line or other business colleagues who have no skin in the game and can therefore take a less emotional view of the opportunity. Ask them if they see the same upside potential that you do and ask them what they see as the downside.

 

Yes, there's something to be said about acting impulsively and taking action. However, when major investments of either time, expertise or resources are involved, a "shoot-ready-aim" approach may not be in your best interest. The key is knowing when immediate action is required and when you should take a step back to think things through.

 

Billionaire investment guru Warren Buffet may have said it best, "The difference between successful people and really successful people is that really successful people say no to almost everything."