Yeah, I’m an entrepreneur and yes, I’ve definitely made some dumb moves. Apparently I’m not alone. Check out this blog below:
So says Victor Green, author of How to Succeed in Business by Really Trying, and a serial entrepreneur who’s launched several successful companies, and has spent the past 15 years consulting with other entrepreneurs.
Here are the biggest blunders:
1. Skimping on research.
“The most important mistake people make is they fail to research their ideas sufficiently. They talk to their mother, and their father, and their friends, and all these people say, Youre so smart! Unfortunately, these people wont be your customers.”
2. Focusing on revenues rather than profits.
“So many people are driven by that sales figure. They’ll say, ‘I did ten million in sales last month.’ I say, ‘How much did you earn?’ They say, ‘We’re sort of breaking even.’ Then what are you running a business for? I call that vanity vs. sanity!”
3. Never giving up.
“People drive themselves to keep up an appearance because their egos get so inflated,” Green says. “Will you say, ‘I’ve been killing myself for two years, I’ve got $2 million invested, and I’m going to carry on no matter what.’ Or will you be sensible enough to say, ‘I’m a grownup. I’m going to shut this business down, it won’t affect me, and I’ll start again.”
via 3 Dumb Moves Entrepreneurs Make.
I am happy to say that I definitely did the research and would pull the plug if I was broke but I do fess up to being thrilled to be making what I thought was a 6 figure income until my accountant gave me the news that 1/3 of that money belonged to the government. I almost cried. Now that’s dumb!
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