Top 5 Business Failure Lessons You Should Learn From

The high probability of facing failures and moments to forget when developing their own business should come as a surprise for any entrepreneur. If this is your case, surely many people warned you and, even many more people, must have emphasized your mistakes when it comes to falls. Well, as in all aspects of life, there are always problems, and the key to moving forward is not only to overcome them but to learn from them to avoid committing them again. So do not be discouraged and read this series of lessons that will help you come out of this experience strengthened.

1. Not being aggressive and determined enough

When it comes to doing business, having an aggressive and determined attitude (in the business sense) is often what makes the difference between those who will reach their goals and those who will not even get close. We can all feel a little dislike towards very aggressive or persistent sellers, but often it is precisely these who know how far to go are able to close impossible deals.

2. Take slowly and efficiently

Even if a startup must grow and develop, this does not mean that its growth is proportional to the number of employees hired. What often happens, however, is that many startups, after having rising substantial funding, give themselves crazy and start hiring new employees in an uncontrolled way, hoping in this way to accelerate growth?

3. Make inaccurate estimates

If you want to open a business, you will need to be able to make estimates for the future that is true, acceptable, and concrete. Otherwise, the risk is to close the business before it can show its rewards. For example: knowing how to hypothesize the public’s response to a product/service also means knowing how to distinguish between what we want to achieve and what we could actually achieve. Many new entrepreneurs make the mistake of believing that their offering is of such quality that it will succeed and outperform the competition. Unfortunately, the result is not always so perfect! Our advice is to analyze the market and the real needs of consumers; only in this way will you be able to understand how to obtain the results you want.

4. Choose collaborators and partners with conflicting ideas

The choice of collaborators is a complex step, and there are many aspects to keep under control. The things you need to focus on most are the ideas of each candidate, compared to yours and the company mission. A team of different personalities with equally different ideas can be an important resource, but when these ideas conflict with each other, conflicts will not be long in coming. When choosing your team members, remember to identify those who share common goals, aspirations, and ways to achieve them.

5. Spend more time developing products than is spent selling them

To build a solid and sustainable company, it is necessary to offer quality and reliability; but if there is no balance between development time and time spent on sales, there are huge chances that potential customers will go with competitors who have a strong and aggressive sales team.

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