Six business mistakes you don’t want to make!

I’m going to share 6 business mistakes I’ve made through out the years in hopes that I won’t embarrass myself :-). I’ve always felt that I learn more from my failures then from my successes. Therefore, I’m hoping that by sharing this information, you will avoid making the same mistakes for your business.

1. Don’t underestimate the competition:
- Competition is out there, we all know that much. They are a fact of life in business. If your business can’t compete with other businesses, don’t start it. You have to have some type of an edge. Always put your best effort into wooing and pursuing your customers. If you don’t, someone else will.

2. Unique products/services:
- You may have an excellent product or service, but if everyone else is selling a product or service similar to yours, just how much of the market can you expect to capture? Validate your customer’s requirements. Find out what they really need. If not, they will go somewhere else, plain and simple. Listen to your customer’s requirements carefully. If you disagree with a solution, advise them of it. If they still disagree with your proposal, decide whether you can keep your integrity and their business by doing it their way. Always keeping in mind their wants and needs.

3. Understanding whom to please:
- Work hard to please the right people. Market to the right people. For example, don’t spend advertising dollars on people who don’t want or need your products/services. First, find out who are your potential consumers by researching and defining the physical limitations of your business and build a profile of your average consumer. Some of the most successful businesses know exactly who they are catering too. Formulate marketing strategies aimed specifically at those consumers who are interested in your products/services.

4. Don’t give up control:
- Be in charge. Stay in control. After all, who knows more about your business than you do? Utilize the experts, but don’t be intimated by them if their advice doesn’t feel right. Follow your heart and consult your brain.

5. Don’t count your chickens before they hatch
- Assume nothing! We all know what that means. Before announcing anything about your business, make sure it is prepared and completed. Wait for the “the fat lady to sing” so to speak before making any critical announcements about a business launch, new products, etc. Then and only then, let everyone know about it.

6. Don’t ignore problems:
- Every business encounter problems sometimes. Don’t look away, tackle them head on and handle problems in a timely manner. They will not go away, nor will they get better on their own.

Okay, there you have it. I’ve gotten my mistakes off my chest and shared them with you. I’ve learned to not repeat those mistakes and the things I did right helped to ensure a successful career.

Here’s hoping you will too!

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