No matter how much you know or have experienced, there is always room in business for mistakes. However, you need to be aware of some of the common mistakes business owners confront.
The following four (4) points are Dale Beaumonts perspective of what these entrepreneurial women have learnt from their mistakes and how they have applied these lessons to the success of their business.
1. ‘The Idea Avalanche’
Focus on your goals and do not get distracted. It is common for people to come up with a great idea, get excited, take action towards turning it into a reality, but before achieving anything move onto another idea. You need to stick to your plan otherwise you will never be successful.
This was a mistake for Sandy Forster when operating her business, Wildly Wealthy Women. Reflecting on her past, she found herself jumping from one idea to another so that she spent years starting and stopping many ventures. Sandy now writes all her new ideas down and chooses to focus on one or two ideas at a time instead of moving from one idea to another.
2. Loss of energy
The first five years of any business is often the hardest, and troubling obstacles and exhausting times can erode your passion and question whether it’s all worth it. Owning your business can affect your personal life and demand excessive time which consumes your energy.
For Bay Street Mediaworks founder, Suzy Yates, this point is important. She believes that balance is essential to operating a business and she achieves this through exercise and camping trips. She says that it’s difficult to be at your best when you are exhausted. Do not lose energy and do not stop fueling your passion. Have faith in your business and know that a thorough business plan will help guide you through moments of doubt.
3. Financially ignorant
Many people enter a business thinking that passion and drive will result in business success. It is easy to convince yourself that you donÕt need financial or accounting experience, but a business will not thrive on passion alone.
When Joanne Mercer started her company, Joanne Mercer Footwear, she had no financial experience and thought she would employ someone else to handle her finances. With no real grasp of her business from a financial perspective, her company starting going broke within three years. Faced with the prospect of failure, Joanne understood her mistake and went on to complete a Masters in Business Administration in order to develop her financial knowledge.
4. Invest wisely
Remember that this is your business, your goal, your lively-hood, and that it is you who has spent an amazing amount of time and effort establishing it. Investing trust in people is essential to business success, however, learn to do it wisely.
Sue Ismiel, creator of Nad’s Hair Removal, considers this to be the biggest mistake she’s made in business. That is, she over-trusted someone that did not have the right ethics. To avoid difficult situations, be meticulous with your record keeping of conversations and finances and always use agreements and contracts.
In Summary
Do not be afraid of mistakes because they are an inevitable element of business. But be aware of the mistakes made by others and you will be able to fast track your success.
Till Next Time
Mentoring Dream Team