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.
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