Every business owner has had his/her share of wrong decisions involving their businesses.,.so do I.,.I’ve made my share no doubt, and its been a learning experience the whole way. how about you?
1) Have an ample amount of capital. The business has to sustain itself for at least half a year before people will consider it as an option in their shopping resources. Without ample capital, forget about opening your doors to the public.
2) Don't sabotage your success. When the business starts earning an income, don't be afraid of the success. You can handle it.
Thanks for the reply..yes...i agree with that..an adequate supply of capital is all that a business need (aside from effective marketing strategy of course) to keep afloat new opportunities also sometimes mean chipping off additional bucks ...
And thanks..that's a good advice you have there..
I actually don't completely agree with this statement. I had almost no capital starting my business, it was a tremendous risk that has paid off somewhat. My biggest business mistake? Trying to do everything so cheaply. I think I would've gotten more out of my site with a paid shopping cart instead of a free one. Now it's SO difficult to switch over an entire store!
The biggest thing that I've learned is not to over-estimate myself.. I ran a successful business for many years and over time I started to become a little too cocky with it. I never thought it would fail..
I thought that I knew everything there was to know. I stayed in the same place, while my customers changed. Even worse, I began to look at my employees as being expendable. Eventually, I was the only one left. My top employees went off to find other work, and many took my customers along with them.
When it comes to business, employees are always first, customers second, everything else third, and at the bottom of the totem pole, me. I had to learn servant leadership the hard way.
first of all..thanks for the reply..yes..in a corporate setting.,its not enough that you concentrate on how you will keep your business on the move. Business is a combination of an effective strategy and good leadership as well.
And oh..the current trend of businesses is cutthroat..consumers' preferences change almost daily.,.that business owners should be able to adhere to those mounting needs..we should be observant.,
I hope you will get your new business ASAP.
You never fail until you stop trying. ~ Albert Einstein
i had this small internet cafe at the corner of the street as my part time business. we were 3 friends who opened this shop, two of us were investor. As kids we are always told that invest how much you can in to business till it gives good result. This was my biggest mistake as one of the investor quit investing , i took over his share and invested for around 6 months and one morning i decided that i am not investing any more. so we had this meeting in which we decided to sell everything and move over to other business. other business went quite well and we recovered all the looses.
For 11 years I owned an engineering firm that built specialized automated equipment and quality control fixtures. I began to cater to one large tier 1 customer due to the sheer volume of their business. (all my eggs in one basket). Eventually I was convinced to purchase several new forms of technology. I had to finance more than 70% of these . My big egg filed...I paid. Have spent the last 5 years digging out. Now I pay cash for equipment or technology, and don't have to command such steep rates for their use...they're paid for...they owe me nothing.
Thanks for all of you who replied.,.
If you are going to be successful as a new investor, you need to know what it is you are trying to achieve. The first thing is to figure out how much income you want from your investments. If you see that the loses are higher than the gain,..think twice before moving on
I guess a piece of advice for every mistake is.,.to keep the faith. Those of you out there doing what is good and right, history has shown that most of you will be rewarded in due time. It is the nature of the world. If you plant a seed, the harvest will follow even though you may have a few bad years along the way.
1. Don't keep secrets. Share information quickly.
2. Let your people work for you. Don't make your team afraid to perform tasks autonomously when applicable.
My mistakes: Got involved in staff's private problems, being too nice.
by Laura Schneider 4 years ago
What is your biggest regret in life?
by Susan Reid 6 years ago
What is the biggest hurdle people face in starting their own business?
by Patricia Scott 13 months ago
Is it possible to work for a boss who is critical of everything you do? If so, how?Going to work should be an experience we look forward to every day. (You are dong your best, not slacking off, and others know that as well. ) Can you survive in the work place when your boss makes you feel you can...
by glassvisage 7 years ago
What is the biggest mistake most businesses make?
by Debbie Carey 11 months ago
One business card with multiple businesses listed OR a business card for each business OR both?Asking your opinion...I have 5 different home based businesses. Should I have one business card with all of them on it or 5 separate ones? I have both right now and it is a bit...
by Jomana H 3 years ago
Education: what do you feel are the biggest mistakes we are making in the education system ?What kind of changes would you like to see in our education system/approach that would better prepare kids for college and the future job market?
Copyright © 2019 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|