Everybody makes mistakes. This fact has been with us since elementary
school, and it is just as applicable to the business world. Mistakes
are an important part of life, as they provide opportunities to learn
and grow.
2016 is almost here,do not make the mistakes that you made in 2015 again.
Here are a few examples of mistakes made by many good entrepreneurs who have learned to ensure that they do not happen again.
1. Believing in something that is too good to be true
We have all heard that if something sounds too good to be true, it
probably is. This holds true in business as well. It can be easy to
follow people who are very charismatic and confident. Good entrepreneurs
who have been a little too naïve in the past never let it happen again.
Always do your due diligence and make decisions only after considering
logic and evidence. Ask serious questions before you get involved or
committed to something, especially if it seems too good to be true.
2. Running your business without a budget
Sticking to a budget forces you to make thoughtful and purposeful
decisions about what is most important. Smart entrepreneurs know where
their money is coming from and where it is going, and they control it
every step of the way. Creating and sticking to a strict budget allows a
business to respond better to challenges and opportunities that arise,
because money is not being lost on unnecessary discretionary
expenditures. Budgets require discipline, and discipline is essential to
success in the business world.
3. Losing track of the big picture
As an entrepreneur, your business depends on you to keep track of
many different things at once. It is easy to get lost in one task and
allow everything else to be pushed aside. Intelligent entrepreneurs
regularly balance their daily tasks and priorities with larger goals. It
is important to remember that the small things are all in service of
the bigger picture, and if you lose sight of the overarching purpose,
everything else will suffer.
4. Being afraid of conflict
Conflict is an important part of developing strong relationships with
other people. Especially in business, there will be times when people’s
ideas will cause friction. Smart entrepreneurs know that shying away
from conflict only makes things worse because nobody will be happy with
inaction. It is better to address conflict in a positive, constructive
way that works to solve the problem. Problems are inevitable in every
business, and it is important to trust your team to be part of the
solution. Shying away from a problem will only cripple your business as
well as the respect that others have for you.
5. Using poor communication skills
Many entrepreneurs assume that they have solid communication skills.
After all, if you weren’t able to communicate your business’s mission
and purpose in a positive way, why would people want to be a part it?
The truth is, good communication skills are rarely inherent and can
be very difficult to develop; they must be cultivated and fostered. When
speaking with others, whether they are employees, partners or
customers, it is important to speak clearly and use facts to explain and
justify your decisions.
Many smart entrepreneurs use communication/personality tests to learn
what different communication styles you and your employees use. Such
tools can help you and your team better understand each other and
communicate in ways that will ensure the message is clear to everyone.
If you have made any (or all!) of these mistakes, you’re in good
company. The problem is if you do nothing to fix it. Entrepreneurs must
reevaluate situations and adjust their plans often in order to stay on
the path to success.
Written by Michael Brenner.
Michael Brenner is the CEO of Marketing Inside Group, Head of Strategy at NewsCred, and the former VP of Global Content Marketing at SAP
. Michael is also the co-author of the upcoming book
The Content Formula, a contributor to leading publications like
The Economist,
Inc Magazine,
The Guardian, and
Forbes
and a frequent speaker at industry events covering topics such as
marketing strategy, social business, content marketing, digital
marketing, social media and personal branding.
Follow Michael on
Twitter (@BrennerMichael)
, LinkedIn, Facebook and Google+