Think too much or too little

by Jason Davies on January 29, 2011

Thinking is an interesting topic, but when you consider a particular situation that relates to running your own business, when does thought become a distraction? Analysis is the careful taking apart of an idea and investing the time and effort into determining specific outcomes. Planning is just a simplified form of the aforementioned idea. How much thought is enough in an idea?

The motivation behind this article may apply to technology or the exact fundamental of business strategy. When you take on a new plan, you need to come up with a set of goals, and then figure out if they will work within the scope of your business endeavor. At what point though is it considered counterintuitive to plan?

I want to use the idea of planning to discuss the expansiveness of ideas. When you look at a potential outcome of a product, do you realize that even the simplest idea on the outside could turn into a maze of complex liability? For example, selling someone a pencil and trying to disclaim liability for it.

What happens if you sell a pencil for money? The easy solution is that you provide a useful product to a specific person or group that finds the item useful. They may use the pencil to draw a picture or formulate a math equation that solves a larger problem.  A pencil might be used to write down the trajectory required for a moon landing. Or, it may be something that is broken by a teacher to gain the attention of distracted students.

Now, imagine you are an insurance company that is looking to insure the pencil company. What problems could you run into and how difficult could your position become? If you want to try your luck and writing out your own list, I welcome you to do so.  From broad view, you could run into issues with the material used in the pencil. You could run into the wood used, or the synthetic material used to cover the pencil. Mechanical failure could become an issue, or the simple breakage of the pencil in use.

Already, you can see that a simple topic creates a voluminous amount of possibilities. I wanted glance over the topic just to build awareness of why it is important to think through ideas in business. This is why any industry can benefit from a proven leader like TechRx consulting to help in the thought process.  Most leadership does not take the step to ponder due to the time and expense related. But when you do not invest the time, you can run into problems worse than you could imagine.

Another interesting area in business that is neglected is liability.  How often do business owners neglect the idea of adequate insurance? The law of averages may be the one thing you go by, but what if you are wrong? Imagine you are a safe driver who never had an accident and do not carry the right level of insurance coverage. Then one day comes along when you see a paint can in the street. You swerve to miss the can and fail to notice there is a car on each side of you and BANG! Now that you hit someone, you realize they were on the way to the hospital to continue their treatment for cancer. Later on, you learn this individual has a grudge and decides to sue you for intentional misconduct with your vehicle. To continue the “what-if” you find out they had a company just like you, but failed and want to regain their dominance in the industry. The point is that the few hundred dollars you just saved by not carrying the proper liability insurance just cost you millions, and your future.

The next time you consider a business venture, I believe the ideas here will act as a small invite to ponder what “what if” questions. In fact, I think the information here is useful to anyone reading this article. I hope you will come up with your unique ideas to “think outside the box” and then do that.

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January 29, 2011 at 1:19 am

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