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Five Mistakes That Can Ruin Your Business

Mar 26, 2017 Posted by Anders Östlund
To become a successful entrepreneur a person has to have many character traits that are not common among the general population and must also be able to withstand some of the feelings and behaviours that are generally what society consider signs of success. Here are some common feelings and behaviours that nearly guarantee business failure.

Risk Aversion

If you are afraid to put yourself in front of your potential clients by bringing your goods to the market you have already failed and if you need investors but are afraid they will reject you it will hamper your business' growth and development. If you are risk averse you should probably avoid running a business altogether.
 

Prestige

If you have to show off and express your success through luxuries and other symbols of status it will cost you resources you could have and probably should have invested in meeting the needs of your clients and this can cause your business to fail.
 

Pride

If you feel you are too important to deal with and work with the simpler tasks of your business operation and therefore hire people to do this work for you it will consume resources you could have and should have used to build the foundation of your business. You will also miss out on important knowledge about your business, which increase the likelihood of you making mistakes and these mistakes can cost you clients, effectiveness and efficiency.
 

Lack Of Focus

Entrepreneurs, who cannot decide on what to focus but have side jobs, continuously start new projects and launch new products and services despite not yet making money on any of them will likely burn the capital they have before having operational profits and therefore they might risk bankruptcy due to a very bad cash flow. Doing everything half good is exactly the same as doing nothing good at all.
 

Lack Of Endurance

It takes an enormous effort and usually much longer time than initially expected to build a successful business. The stories about immediate success that have become urban legends are based on cases so rare that there is a greater chance of becoming rich by buying a lottery ticket. Entrepreneurs who are unwilling or unable to work hard for a long time even when it feels like the business is about to go under are not likely to become successful but rather they are likely to lose speed and succumb due to inactivity.
 

Read more about business and entrepreneurship on Fryday’s Business Blog:

Seven Business Ideas That Will Make You Superrich

The New Wave Of Entrepreneurship

Six Excellent Business Startups To Pursue In 2017

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