There is nothing wrong with making mistakes in life – let’s just start with that. Some of our best lessons as humans come from mistakes, which is why the most effective way to learn with your business is with the mistakes you’ll make along the way.
The thing is, you don’t have to wait for a mistake to learn a lesson. You can very quickly learn how to become a better business leader when you learn from the mistakes that others make before you. It’s up to you to decide everything that there is to decide about your business, whether that’s deciding between polished concrete or carpet for the foyer, or deciding which product to diversify into next. The key is seeing how others have done things before you, and ensuring that you do them differently.
Below are the 6 most common mistakes that entrepreneurs make… so that you can avoid doing the same thing.
MISTAKE 1: Expanding Your Business Too Soon
You have to get this right – for yourself as well as for your staff. Experience will show you that you need to have a solid business core and a well thought out plan ahead of you if you want to expand what you offer as a business. Slow growth is still growth, so tread carefully.
MISTAKE 2: Refusing to Take Advice
You know your business, sure, but you do not know everything. Even if you think that you know everything, you don’t! You will always need an adultier adult to go to; a mentor who can talk you through what could come next for your business. They’ll be able to help you with learning the ropes in your business and where to go next. Some will also help you with how to keep your staff motivated, with ideas such as the office design you use.
MISTAKE 3: Having Zero Personality
You may have a firm hand at dealing with clients and other business executives, but if you have zero likeability, no one is going to want to work for you or with you. You need to be liked, even if that doesn’t seem important right now, it is!
MISTAKE 4: Ignoring Change
The world is constantly in transition, and the same is true for your business. You can only predict where you want your business to go, but you can’t know for sure how your business landscape will look a few years down the line. Failing to adapt to the changes ahead could kill your business – so open your eyes!
MISTAKE 5: Ignoring Your Weaknesses
Yes, you are a big, strong business leader with a very bright future ahead, we get it. However, you are still going to have weaknesses to go along with those strengths of yours. You need to own them, and display them proudly to your mentors. If you’re weak with numbers, hire an expert. If you can’t manage an office, delegate. You need to know your weaknesses and act on them accordingly.
MISTAKE 6: Forgetting Market Research
Lastly, the only way you’re going to know if your ideas are viable is to ask the best people ever – your customers. Once you know their opinions, you can get on with it properly! Don’t forget market research; ever.