Business is not a piece of cake for everyone, only strong and resilient ones who have the pace for coping with failures and timely losses can make it. It is true that business gives us more confidence and financial freedom we don’t have to worry about the situation like what will happen if our boss or manager fire us the next day. It is easy to start a business and you may feel like starting your business after reading impressive stories of successful entrepreneurs but you are only seeing the bright face of their business from the front side, you are not seeing what it takes to be in that position, how many painful nights they have spent, how many times they feel like giving up, how people and society were throwing stones on them and cursing them for the failure.
After a successful analysis of most successful business owners, these are some of the regrets and mistakes they have made while running a business and you can learn how to avoid these mistakes.
1. Starting a business with your best friend:
As teenagers, we are full of life and we have a lot of ideas striking in our mind and we feel like we can do anything. The young guys are passionate and have dreams about building a business. The two best friends become partners in business and they think like they will manage every as their buddy is supporting them, they take an emotional decision(the most wrong one). In the start, everything goes well, but later on, they have conflict over the sales, profits, marketing and they start comparing their efforts, who is contributing more and who is not working with his ass off.
Everything seems messed up. They haven’t imagined that the business will take this dark turn and they have to suffer from financial loss by shutting up their business.
So the successful entrepreneur’s advice is to not party with your best friend as you will see his dark face, so never bring money and business in friendship otherwise you will regret your whole life.
2. Giving up too early:
The most important thing to hold in business is consistency, you will have good days, you will have bad days, you should never give up. Consistency is the key, the worst experiences in business will help you to have the best. Experiences and failures will teach you the lesson you cannot learn from winning. There is no bravery and pace in running a business when it is at its peak, it needs some more courage to fear your failures and stand up again after every fallback. Do you know about the famous brand Coca-Cola? how did they start, they could sell only 25 bottles in the first year. So if you feel like your business is not generating enough revenue and you are having a loss, just continue and never give up.
And believe in this quote of Jack Ma:
“Never give up, today is difficult, tomorrow will be worse, but the day after tomorrow will be sunshine.”Jack Ma
3. Doing business by yourself:
Many young entrepreneurs have a vision of building up the business on their own, what they fail to realize is that a company cannot be built over a single player. The combined efforts of multiple individuals who play their role together as a flock to reach the highness. One person cannot be a marketer, seller, founder, leader, employee, manager, web designer, graphic designer by himself, obviously, he will need someone who can manage the rest of the stuff for them. Working with a team also tests the interpersonal skills, communication, and leadership skills of that person. It’s clear if you are managing all by yourself, then you will eventually burn out and the business will seem a very hard thing to do.
4. Being afraid of people:
If you are scared of interacting with people and you find it very hard to start a conversation with any 0one, then you cannot make a revenue-generating business.
Business is all about people and if you are not prioritizing people by socializing with them, then you are in the wrong boat of business. To build long-lasting relationships with them, you have to win their trust.
To run a successful business, keep interacting with people in a good and effective way. Win them and make them believe that you are trustworthy. And if you don’t have this skill, learn this skill or hire people who can interact and communicate with your clients and build new relationships so you are never short of clients.
5. Not choosing your business mentor:
Waiting too long and assuming that you don’t need any business coach to accompany you is the biggest mistake. You cannot take a course with 500$ but you can suffer from a 25,000 dollar loss. You can lose millions but you are not brave enough to learn from the mentor who has spent his whole life doing this. A mentor can teach you the lesson guide you on how to avoid mistakes because he is an expert in his field. The mentors help you with the pain points in the business and from them, you learn how to be a more resilient and consistent, and valuable skill called leadership
6. Not spending enough money or vice versa:
Many entrepreneurs have a mindset that startups need a lot of money. But it’s a fact that you can start with 1 dollar and later on, you can build a business worth 1 billion dollars. Many successful entrepreneurs like Jeff Bezos, Ratan Tata have made money by starting small. Young entrepreneurs spend a lot of money on unnecessary things like the packaging of the product, buying more than sufficient stock, and spending more than the profit generated.
There is another class who are very picky about spending money and they think a thousand times before spending a penny. These people are very fearful of failure, and they don’t afford to have a loss, now it doesn’t mean that you have to lose money to be rich. You should be bold enough to embrace reality whatever path it takes. Taking into account your finances and expenditure you should figure out how much you can spend on your business.
These are some of the mistakes that you should avoid in business according to expert entrepreneurs and if you are making any of these blunders in your business then you don’t need to be hard on yourself, everyone makes mistakes whether it’s business or real life. There might be other specified mistakes and it can vary according to your situation and what you are doing.
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