Successful Entrepreneurs Never Assume

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Assumptions are, by definition, the act of accepting as fact, something which is unknown.

The habit of making assumptions is a bad one because it can lead to unexpected consequences, oftentimes bad ones that cost you not only time but money.

In my five year study of the daily habits of the rich and poor (Rich Habits Study), 72% of the poor in my study had this False Assumption Poor Habit.

Sixty-seven percent of the self-made millionaires in my study were entrepreneurs, or individuals who were pursuing some dream. When you are an entrepreneur, you figure out what to do and what not to do through the school of hard knocks.

In this school, the entrepreneurs learn the hard way the fallout of making assumptions. Those assumptions can lead to mistakes which cost them time and money.

Time is one thing, but money is a precious commodity to budding entrepreneurs who need every dollar. They simply cannot afford to lose too much money.

Successful entrepreneurs quickly realize that making assumptions jeopardizes their business. So, they make a habit of vetting all assumptions.

I found in my research that individuals make assumptions in one of four ways:

  1. You do not ask enough questions.
  2. You do not ask enough of the right questions.
  3. You don’t seek feedback from experts in your industry.
  4. If you do seek feedback, you ignore it.

Successful entrepreneurs do not make important decisions until they have evaluated all of the feedback they receive from many different sources. This helps them avoid making false assumptions.

Seeking feedback from others, prior to making any important decision, is a firewall against making a false assumption.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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Comments

  1. Ugh, I too learned the hard way that not asking enough or the right questions can lead to a mountain of what Dave Ramsey calls, “stupid tax”.

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