Starting a business can be quite demanding, but it’s even more difficult maintaining a business.
It’s quite easy to hit rock bottom even after a successful start-up as starting and maintaining requires different skillset.
Asides skillset, there are some mistakes entrepreneurs and business owners make that accelerates the crashing of their hard built businesses.
Some major mistakes include:
+ Holding on to an idea for too long.
Yes, you’ve spent time and resources working on a business idea, and it’s just so hard for you to let it go. However, time changes, and so does market trends; holding on to that idea for too long may just be the beginning, of the end, of your business.
+ No business and marketing plan.
It’s easier said than done. Running a business is really not a bed of roses; it’s not something you freestyle. It may work for you at first, but you’ve get to a point where your best shoot is relying on your plan. He, who fails to plan, plans to fail.
+ Not knowing your customer.
Your customers are the reason you’re in business, once they stop patronizing, you’re off the market. You can’t offer a very luxurious product or service, when your audience are middle class.
+ Not caring about employees.
Your employees are the powerhouse of your business. Their state of mind reflects on their productivity, and inherently on the growth of your business. If you treat them wrong, then you should expect a downfall.
+ Giving up.
The moment you decide to give up, you let go of all possible chances of winning. It’s quite normal to expect low/no patronage at the first stage of your business or once in a while.
+ Doing it alone.
Two hands are always better than one. You can’t possibly handle everything and still expect your business to boom like businesses with multiple hands. You’ll burnout quickly.
Other mistakes include
+ Ignoring your cash position,
+ No sales budget plan
+ Having no backup or mentor
+ Confusing likelihood with reality
+ Over trading
When you identify your mistakes, then you can know how to checkmate it and improve the status quo of your business.