In my life, I’ve known many people who started several businesses and who then killed those businesses. So, this is why today I took the initiative to write down the mistakes most business owners make.
Fear of Failure
Almost every single person on earth can feel fear unless they have some sort of brain damage or a very severe type of psychopathy.
Fear, in my opinion, is a projection of painful possibilities that may happen. As it is always about the future, it can not be real. However, the experience of fear is real. According to some, it is a good thing to have a fear trigger in you, especially when you’re faced with real danger. However, reality is different for a business owner who is soaked in fear. That twisting in your gut can act as an obstacle and prevent you from growing professionally.
Personally, I’ve gone through failure twice and I know that it sucks; it feels horrible, it can destroy your soul; and it can leave you with a feeling like there is no point in even trying. However, people who say that failure is necessary are those who have finally experienced success.
If you are living a life without failing at anything, then you are not really living a life at all. Whether it’s for a professional or personal growth, you need to take risks and fall flat on your face because these moments will help you grow. It will allow you to prove to yourself that you can come back from “tragedy” or “chaos” stronger than before.
So, remember the key to success in business is to conquer your fear of failure and if you want to learn more about overcoming fears, click here!
It’s totally okay not to have any plans at all. Life is unplanned and whatever is meant to be will be.
Wrong! Life is an open book. You have to decide what you want to write on it.
I’ve once heard someone saying, “If you do not plan then you are automatically planning to fail.” As a matter of fact, people with long careers, big jobs and lots of success are known for being responsible adults with plans. In other words, they understand the importance of planning.
As a business owner, if you have no “future plans”, it means you have a blank slate, which can be very dangerous. If you are operating a startup, for example, and you haven’t yet decided what you want for the company or how will it grow, then you are in deep s**t, my dear friend.
Not Defining Your Target Audience
A target audience is a specific category of consumers identified as likely purchasers of a company’s product or service. And, in general, this group of people differs from other consumers based on factors like behavioral patterns, lifestyle characteristics and demographics.
While a few believe that it is not necessary for a business to choose a target market, experts strongly recommend defining and choosing a target audience because it enables an organization to direct its resources to those consumers with high potential for sales growth, interest in the product or service and loyalty to the brand and the company.
Mass marketing has fallen out of favor since years now as more and more companies have become concerned about wasting resources on customers who have little or no interest in their products/services or who are loyal to competitive brands. This is the reason why the target market approach is one of the best means to boost efficiency.
Overnight Success or Wealth
The road to success is not an easy path for sure and if you want to reach the destination, you will have to pass through many hurdles.
I’m sure you’ve recognized the man in the above picture; it’s Bill Gates –one of the wealthiest and most successful businessmen in the world. However, even if he was a genius and didn’t follow conventional business tycoons and entrepreneurs, he had to endure certain hardships to reach where he is today. He didn’t become rich or successful overnight; instead he dominated the PC market and the world only when he came up with an amazing and user-friendly windows operating system.
So, please give up on your “childish” dream and start working harder for your company to grow.