Leadership

Business Mistakes SME Entrepreneurs Must Not Make

The process of being an entrepreneur is an evolutionary one. Novice businessmen gradually make their way to being a successful entrepreneur by learning from each success or failure. Neither luck nor can raw talent alone bring success to anyone. Struggle, hard work and failure is a part in the making of a successful entrepreneur story. True, there are those who have inherited the fruits of success because they are born into it, but they too need to deserve it to be able to continue the legacy of success.

But what is it in the learning process that carves a successful entrepreneur out of a novice starry eyed businessman?

It is the habit of not repeating the same mistake and being aware of it. A lesson is not learnt unless one successfully applies it in the practical situation. Every lesson that an entrepreneur learns, every mistake that one commits is always in the practical business world but what makes these practical lessons the stepping stone to a person’s evolution is the habit of never making a learnt mistake twice.

Here are a list of entrepreneurial mistakes that successful people never make twice.
1. Think they can Change a Person:
Trying to change a person, be it an employee or a business partner comes with its own set of baggage. It not only sours a relationship but also diminishes future business relationships.
There are difficult people to work with. Employees or business partners whose ethics do not match with the other. It is important for entrepreneurs to understand that he/she can try to give the person driving them crazy, ideas, perspectives and opportunities to grow out of a behavioural pattern, but they should never try to change anyone. A change in a person comes only if he/she initiates it. It cannot be imposed on by another.
Wise entrepreneurs who has learnt this lesson early in their career, never make this mistake twice but try to work around it as it best suits the business.

2. Expect the Same Trick to Bring Different Results:
The idea of perseverance does not mean that one try doing the same thing and expect it to bring a different result every time. Experienced entrepreneurs understand that it is important to assess the reason for failure in a business and handle a problem with a different approach.
This habit is time and money saving and also guarantees more success.

3. Focus on Short Term:
From a business perspective focusing on the short term brings in instantaneous benefits and profits but it is always the long term focus that helps a business grow.
It is quite natural for young aspiring businessmen to focus on short term profits for a business but for those businessmen who has already gone through the process understand the importance of a long term focus for a business. This applies everywhere, be it an investment in employees, a new project or maybe an idea. Successful people never focus short term for anything especially after they have learnt the lesson of doing it the hard way. These successful businessmen are able to have a strong vision and carry it forward. Their patience and their long term vision gives them a long sustained success.

4. Not trusting Instincts:
Every business man has a business instinct that speaks. Novice entrepreneurs tend to overlook these instincts for more lucrative deals and businesses. Most of them suffer the wrong collaboration that they got into later.
The experienced entrepreneurs would never make the mistake of not trusting their business instincts. No matter how unreasonable it might seem business instincts do seem to make sense mostly – be it in relation to a business or to a person.

5. Lack of Research before Making a Decision:
The best way to stay safe is to keep oneself aware. Aware of what projects one is getting into, what people one is dealing with, how an association is going to fare for a business. It is always important to research on anything that an entrepreneur is going to do.
A lack of research would bring in a lot of surprise for both a business, the entrepreneur and those who associate with it. Experienced entrepreneurs always spend time, money and effort to research on a project, person or a business that they are thinking to associate with.

6. Try to Blame Others for Mistakes:
It is great to shove off one’s guilt or reason for failure to someone else. But it does not work. People at the top do not spend time blaming someone who is wrong but instead try to solve the situation at hand. They also take into account their mistakes, acknowledge and work towards improvement. This helps an entrepreneur to make close connections and grow as a business man.

7. Forget to Document Results and Efforts:
The business world is highly competitive. It is important for every businessman to evaluate oneself well every business hour.
How can one do so?
By documenting results, efforts and failures. This would help a person to understand what went right and what went wrong. Successful businessmen do not fail to keep a track on themselves.

The illusion of freedom seem to make people think that being an entrepreneur is the coolest job possible. People forget that every entrepreneur struggles on a daily basis to be where they have reached. For aspiring businessmen, there are many ways that can bring one success in business but being able to be aware enough and being careful enough about not repeating mistakes is the first step for a sure shot beginning to a successful business story. These are some of the basic mistakes that every business man must not make twice.
Different businessmen have different stories. What works for one might not work for the other. No matter what do not take business mistakes lightly, as a one-time thing. Learn from the business mistakes you make. Evolve with each learning experience and success in business will feel like a piece of cake.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

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