Avoiding mistakes is the key to business growth. Today we will look at four mistakes every entrepreneur must avoid.
Not only is avoiding mistakes important in business, it is important for growth in every sector of life.
These four mistakes every entrepreneur must avoid have been made by many whose businesses have failed.
According to one survey, 70% of businesses fail in the first five years in business. This is mostly caused by the four mistakes every entrepreneur must avoid.
You know the thing about being an entrepreneur is that you have no set path to follow, but the four mistakes every entrepreneur must avoid to be successful is applicable to all entrepreneurs.
Why you should stay away from the four mistakes every entrepreneur must avoid?
There are so many reasons why every entrepreneur or anyone coming into the world of entrepreneurship must be conscious of the four mistakes every entrepreneur must avoid.
- Business growth
- Business authority and dominance
- Strong brand name
There are still many benefits you can drive when you avoid these four mistakes in business but those are the major ones.
Having an ever growing business means success of the business always.
If your business did not fail in the first five years of starting it means you have higher chances of survival and dominating your niche.
Having a strong brand name to reckon with is something every entrepreneur dreams of.
You cannot have these benefits until you have completely stayed away from the four mistakes every entrepreneur must avoid.
As we analyse these four mistakes every entrepreneur must avoid, whether you once failed at or about to start a business this will help you a long way in business growth and dominance of your niche.
The solutions given here a relevant to every king of business. Whether Online or offline.
The four mistakes every entrepreneur must avoid
I have been into business and failed. At some point I lost my business to this four mistakes we are about to analyse.
After that I lunched another and studied the mistakes well enough, avoiding each one and I can boldly say today my business is on its way to the skies.
This post you are reading is produced as a result of experience and not some theory formulated by me.
The mistakes every entrepreneur must avoid like a plague
- Lack of planning
- Copying others
- Not taking Feedback
Looking at these points above, does any of them or all apply to you and why your business failed?
Let us analyse each one.
1. Lack of Planning
As the saying goes “If you fail to plan, you plan to fail”.
Having no plan at all in place for your business execution is the main thing that kills a business.
Lack of good planning is the main reason so many businesses fall in the first five years of operation.
According to a study from the Bradley University, the primary cause of failure in business is lack of business planning.
While some businesses start with a business plan, they fail to write a plan for expansion and the business reaches a certain stage, come to a halt then begin to decline instead of going forward.
A business plan should include a plan to start and a plan for expansion. Unfortunately many businesses don’t go beyond the plan for expansion and growth.
After you are done with a business plan, it will show you where you will go in the business – serve as a roadmap. It will also be required when you seek funding from investors or loan from the banks.
You may wish to read more on business planning here.
The second point after lack of planning is….
Also read: Easy steps to writing a business proposal
2. Copying others
Otherwise known as “brand copying”, copying other businesses is key to sending your business to early grave.
One can never be the best copycat in the word.
As far you copy others you will always be the second best and being a second best can hinder your business growth.
The thing about copying other is that you will always produce substandard materials compared to theirs.
While it is sometimes okay to implement someone’s plan in your business, it is completely dangerous for you and your business to photocopy what someone else is doing in his business.
Sitting down and getting your brain to work and generating ideas will be the best thing your business needs.
You might copy someone else’s mode of doing business but that might not work especially if your businesses are in different locations.
If you are in the same location it means you cannot grow beyond the other person’s business.
Some decisions in business are made based on experiences. If Business A makes a particular decision based on the experiences it went through and Business B copies it, it definitely will not work for Business B.
Being authentic in a business is one of the keys to business success.
Copying others or “brand copying” is one of the four mistakes every entrepreneur must avoid.
3. Not taking feedback
Feedback is something every entrepreneur should take seriously.
Without feedback from customers, a business may crumble.
Feedback is a way to make your best better.
A Feedback is a form of reaction. Customer feedback is the customers’ reaction towards your products/services.
There are two types of feedback. The positive and the negative feedback.
A mistake I’ve seen many entrepreneurs made is considering a negative feedback as hatred towards his/her business.
Any business owner can use a feedback to grow his business.
All the big firms in the world at some point have used the power of negative feedback to improve their goods/services to propel them to the top.
When I was a child growing up, I used to make pea nuts and sell in my community. In the community I had about four people am competing against.
I seek ways to improve my business and beat my competitors.
I did not wait for them to give me feedback on my products; Instead I went to them for feedback.
After getting the feedback, I worked on my product to give my customers what they want.
As small as my business was, I ran a two week promo where my customers stood the chance of winning an airtime if they buy my product. I made more sales and profits those two weeks than any other time in the life of my business.
It was with the profit that I paid for my blogging courses and even bought a domain name for this site you are reading…..this is a story for another day.
Back to our main business……
Take feedbacks, use them to improve your products/services and see your business going to the top.
This thing has killed many businesses than Ebola has killed people in West Africa in 2014.
Procrastination means putting off till tomorrow what you can do today.
Putting off tasks for later or tomorrow really is a real killer of a business.
Procrastination has been done so by so many business owners unconsciously and it has reduced business to ground zero.
Mastering procrastination is one of the essential skills that every entrepreneur needs.
Procrastination can cause reputational damage in a business.
Just take a moment to think about what a reputational damage can cause your business.
It means no one will trust your business again to do business with you and if no one trusts your business again that will spell the end of the road for your business.
Procrastination causes a business owner to miss opportunities as waiting till the last minutes can make opportunity slip out of the hands.
Avoiding procrastination in business will be a great asset for you as business needs someone who takes things as urgent as they can be.
Let me know your thought on this in the comment section. I promise I will be here to listen and answer your questions.
Don’t forget to share this post with family and friends to help them expand their businesses!.