This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ready, Fire, Aim: ExecuSpeak Dictionary

NEW YORK ( TheStreet) -- What? Isn't it ready, aim, and then fire?

Not in business. The life and death issue in building a business is not about missing the target; it is about not moving forward at all.

Business plans are an essential element to every new business or product. Yet too many business plans never get off the ground because the plan is outlined, drafted, written, rewritten, evaluated, rewritten, re-evaluated, presented, re-evaluated, rewritten, reconsidered, revised, proofed, revised...The picture is clear.

Think about it this way...the output of any initiative will not be perfect. No matter how much time and effort is put into getting everything together there will be room for improvement. That's why every training program has an evaluation form at the end. That's why new products and established products continue to seek feedback from customers and users. That's why there are beta tests and market tests. There is a time to stop planning and (ohhhhh.... wait for it) Just Do It. Ready? Not really. Fire!

Yes. Now aim for a better version.

Experience is the basis for learning. That's not just a platitude. Business plans, market plans, new initiatives, new products will all be flawed. And the special talent of the entrepreneur is this: it's okay if it's not perfect, it's more important to move forward than not move at all. Sometimes the fastest way to uncover the flaw is by moving forward and evaluating the results.

The essential thought process has more to do with assessing actual risk as compared to the risk of embarrassment. What is the actual risk? What is the worst-case scenario? If the worst case scenario is less money than the market research effort then clearly "Ready? Fire!" is the way to go. Market research is essential but sometimes it's a risk mitigation technique. Instead of alienating 1000 customers a little research might be in order. But if there are no customers (new business, start-up business, new product, new service) and no funding AND there are no lives at risk, then the best (BEST) market research is simply putting the product or service into the marketplace to get their reaction. Of course, it's essential to get feedback so that the next iteration will be an improvement. That's why aim comes last.

Ready? Fire! Aim. Repeat. (Don't forget "Repeat.")

--By Carol Heiberger

Heiberger is the author of ExecuSpeak Dictionary. Experience includes positions with the Ford Motor Company, Bell Atlantic, consulting, and as COO of a start-up CATV/ISP. She has expertise in strategic planning, marketing, and finance. She has taught degree-seeking graduate students and knowledge-seeking adults of all ages and walks of life. She earned her MBA from Wharton.

Contact Carol at

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs