There’s a statistics out there that says 97% of all businesses fail within five years.
This could be because of some costly mistakes made in business, which would be best to avoid them so as not to receive a hard shoe kick from life itself and any other misfortunes that follows.
In this article, I’d be sharing Five costly mistakes entrepreneurs make in business. Analyze them and see where you’ve been going wrong all these while.
1. Wrong Intention:
Not everyone enters a business for the sake of giving “their all”, many are motivated by greed and Pride willing to make money and fame as quick as possible.
Others jumped from one business to another for the sake of escaping the first and trying the second. This is a mistake!
Whatever you do or give must be suitable to who you are and what you can deliver to the marketplace. You can read that again!
Have the right intention before starting a business. Be sure you’ve got passion for doing it first and through this, you can deliver a message to the world from your business. Ensure you’re able to define your HOW, WHAT and WHY!
2. Thinking Small:
Here’s another costly mistake people make in business, the ability to think small. By nature, business is a field that requires the use of FLEXIBLE THINKING.
Thinking big is a necessity if one’s business goal is to be achieved.
Investing not only in yourself but in the things needed to keep your business growing is a good way to start. Note that you can’t do it all. You need individuals to help you achieve your goals. Always think big if you’re going to think at all.
3. Too Much Structure:
I’d call it STRUCTURE OVERLOAD. This happens when there’s Over planning, which is also a costly mistake made in business. Sure, it’s good to plan, but many overdo this by spending weeks, months, even years in the planning phase of their business.
This can complicate things and lead to over planning, which later becomes too big to fulfil all at once and leads to Procrastination which later produces no reasonable accomplishment in the long run.
In everything you do, KEEP IT SIMPLE! Focus only on the keywords in your business field and watch how easy it goes.
4. Lack Of Skills:
What pronounces feebleness more is when you lack skills. Skills are not only effective but also apply in terms of business. Some entrepreneurs are into businesses right now as I type with a lack of developed skills.
Skills like sales, marketing, branding, negotiation and so many must be developed in a business to make it thrive in every area or aspect.
5. Quitting Too Early:
In relation to the first costly mistake mentioned, when there’s a wrong intention in doing the business in the first place, one gives up easily.
Many a people prefer instant gratification to long-term results. When they don’t see an immediate result in what they’re investing in, they get discouraged and make a false assumption that nothing good would come out at the latter.
Perseverance is a special tool that is needed in overcoming this. There’s so much to encounter in whatever type of business you’re involved in, and you must know that whatever you do, as long as you love doing it, keep doing it.
The results will eventually come if not now, pretty soon, it will. Persevere!
Note also Long-term gratification is more favorable and enjoyable than instant gratification, but also know that nothing good comes easy.
To avoid this costly mistake in your business, learn to persevere and be more optimistic.
These are the Five costly mistakes entrepreneurs tend to make in their business.
Which one are you making?
I hope this article has shed some light on your various business weaknesses and also opened up a spot where these weaknesses can be transformed into strengths.
Bill Gates once said, “It’s not your fault if you’ve been born poor, but it’s your fault if you die poor. It doesn’t matter where you start, all that matters is where you finish.”