New businesses face a lot of risks, negligence and mistakes. No matter how much experience you have as a business owner, you're bound to run into problems at some point. According to Mr. Mike Michalowicz, small business expert, the key to success lies in quickly recognizing mistakes, learning from them and avoiding repeating the same mistakes. Most small business owners fall into the same traps. It's mistakes like these that make the difference between owning a successful and viable small business, or owning a financial debt that you'll be saddled with for years on end.
So the question is what are those mistakes?
1. Eager to get rich quick
Success overnight also requires preparation that lasts from 15 to 20 years. If you dream of becoming a millionaire overnight, you may get discouraged and hastily give up on your dream. Know that success takes time, perseverance, and a little luck. Give your business time to grow. If your company is not making progress, it's time to consider starting over.
2.assume you have no competition
Even if the product/service you sell is the newest, best, never-before-seen, don't assume you're out of competition. Competition doesn't just come from obvious, direct competitors. Competition is also about alternative products/services that customers can use.
3.Lack of leadership
The success of your business depends on your strong and effective leadership. You don't have to be authoritarian, but you don't have to be on a par with your employees either. Good leaders must chart a strategic path for the company, constantly inform and communicate that path to employees, and inspire employees.
4.Work is priority number 1
Many entrepreneurs put their personal lives aside to focus entirely on business. As a result, both their careers and their lives fail. The business needs your full attention and effort, that's for sure, but it only lasts for short periods of time. Like athletes, you need to have a good diet, get enough rest, and also take breaks between training sessions, balance your life and you will feel better.
5.Set unrealistic financial goals
Many entrepreneurs start up with a plan to make a profit in the sky, and most of them can't even get their businesses off the ground. Unrealistic goals not only affect your credibility, but also affect your mood and make you miserable. Set yourself a specific, achievable, achievable and timeline-based goal to ensure continuous progress. Of course it also takes time to develop.
6. Discounts
The first thing that entrepreneurs often think of when a business is in trouble is to try to make a difference in price. Does cheaper price mean more customers? The answer is no! Most customers are willing to buy more expensive items because they have better quality and more convenience.
7.Want to be an expert in any field
This is also the biggest mistake of entrepreneurs. They believe they can do everything on their own. Yes, entrepreneurs can do almost anything, but nothing really works. Just like the average person, an entrepreneur may have 1 or 2 natural talents. As an entrepreneur, your job is to identify those talents and focus all of your energy on them. Your best bet is to hire or hire people with talent in the field you need.
As an entrepreneur, you should honestly have a clear strategy and never give up halfway.
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