A story we often hear and to common. That is how entrepreneurs apparently seem to prefer to fail along their journey to success, rather than taking the time to do some research and learn from the mistakes and successes of others.
It is always good practice to focus on the positives and learn what actually works, but all entrepreneurs should also be aware of the simple things that don’t work. Here are few things all entrepreneurs should steer clear of in order to avoid failure and lead to financial losses and suffering.
- Never spend money you don’t yet have in the bank.
- Never open your mouth while in a negative emotional state.
- Never over-promise and under-deliver.
- Never create a market you can’t supply and support.
- Never count on anyone who offers to work for free.
- Never underestimate the importance of due diligence.
- Never grow too quickly for your finances and staffing.
- Never be confused between working hard and working smart.
- Never be afraid to ask for help, advice, or even money.
- Never rely on a verbal agreement in business.
All of the above points might appear to be obvious to you, but somehow we constantly hear the same stories over an over again. Maybe it the egos of the entrepreneurs of today that clouds their judgement and never like to be told what to do. Or perhaps it is because there is no single perfect blueprint to succeed in business.