Wednesday, September 19, 2012

5 Things Entrepreneurs Must Not Do To Avoid Failure

Whether you are just starting a business or have been a business owner for a long time, we're pretty sure you are wondering how to do better and earn more. Sometimes, the idea behind a business is good, but somehow, there seem to be hiccups along your way to supreme success.

Have you ever stopped and assessed if you as the business owner may be hindering your own success? Here are some of the most common yet damaging mistakes entrepreneurs commit.

Getting discouraged by initial failures. Everyone who's something had to start from nothing. No true successful entrepreneur ever skipped the initial stage of business which is usually peppered with problems. However, what made them truly successful is their ability to bounce back from failure, and getting up after falling. If you allow yourself to get dejected by initial failures, then it looks like you won't be able to survive for the long-term in business. The solution: just view each challenge as a lesson. Move on!

Being scared of making tough decisions. Hey, it would be implausible to expect that all the decisions you have to make are pleasant decisions. A really good entrepreneur must make harsh decisions too - like firing inefficient employees, making cutbacks on company benefits due to economic instability, etc. Communication without conviction and procrastinating on critical decisions cause losses in business, so the sooner you are able to break the bad news, the sooner you can work on solutions.

Lacking the will to sell. Part and parcel of surviving in business is knowing how to sell and being willing to sell. As an entrepreneur, you must work yourself into the customer's heart - stroking their ego when needed. Success shouldn't come easy just because you are the boss. If anything, remember that with you at the helm of your business, have got the most to lose. If you are not willing to pamper a client to make a sale, and if you are hesitant to reach out to people, then you perhaps should be thinking of switching careers - entrepreneurship is definitely not your comfort zone.

Being unable to communicate effectively. Running a business requires effective communication skills. This doesn't just mean interacting or talking - it also means communicating with a purpose, communicating to your target market, investors and clients. Remember, what took years to build up can be destroyed within seconds by a few ill-chosen words. And what took all of 5 seconds to utter may take an entire lifetime to forget or forgive - so mastery of the art of communication is essential for survival in any business.

Not being humble to customers. In the course of your operation, you will encounter unreasonable clients, demanding customers, impatient patrons. If you, as owner, give them all a dose of their own medicine, it is very likely that you will survive long in business. Remember, no business has absolute monopoly over a certain niche, so why would customers stick to a haughty entrepreneur when a more welcoming competitor is humbly waiting? Modesty is essential to survive in business. Avoid the lure of power tripping and arrogance.

Starting and maintaining a business is no easy task. It takes skill, patience, determination and adjustment. If you are not willing to practice any of these, then save you self the heartache as well as save your wallet from peril, and take another road towards success.


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