Exploring the Concept of Firing Bullets Before Cannonballs in Your Small Business. An Approach to Risk Taking for Entrepreneurs.
In Jim Collins' classic book, Great by Choice, he describes the concept of firing bullets, then cannonballs. To paraphrase, you fire bullets first. Bullets are things that are low cost, low risk, and don’t distract you from your business. Once you have some data to support your next course of action, you fire a cannonball. In this context, a cannonball involves putting all your resources towards your tested plan. (Read more about Fire Bullets, Then Cannonballs by Jim Collins.)
In other words, when it comes to your small business, you don’t necessarily want to jump into everything with both feet. Oftentimes, it’s prudent to test the water before taking the plunge. As you may have noticed, I’m a fan of analogies and have always been intrigued by Jim Collins’ concept.
Here are a few ways to fire bullets, then cannonballs in your small business and mitigate the risk of making big decisions.