Entrepreneurs are often dubbed as dreamers. But we all know there are good dreams and bad dreams, also known as nightmares. The biggest fear of every business owner & entrepreneurial leader is when there is a lack of success, in others words – failure. Here are 5 classic situations, which can help you avoid failure.
A bad idea
If your business idea was a house, how strong would you want the fundament to be? I guess it should be the project’s strongest link. A bad business idea is a waste of time. An example of a bad business idea is when you try to copy a program, but don’t even think about fixing its bugs. Basically, you just recreated an existing service with a different name and try to make profit of it. Why would one stop using WhatsApp and start using your messaging service, if it’s got nothing new to offer, lies within the same price class and in the worst case has less users?
Lack of skills in executing
Theory is when you know everything but nothing works. Practice is when everything works but nobody knows why.
Make sure your venture doesn’t include both. Nothing works and nobody knows why. If it seems that way, hire someone.
Know your limits. Working 18 hours daily because you want to reach a certain goal within the next 6 months makes you look good in front of your friends, but how are you progressing? Scientists say that one’s performance can drop by 50% due to overstraining. Just working in a office without a fan because you want to save as much money as possible can drop your performance by 30%. Work smart – not only hard.
Don’t fear failure
When it comes to business, fear is
If you want something you have never had, you must be willing to do something you have never done.
When should you quit? Well, let me ask you the opposite. When should you start? The truth is that nobody can tell what’s the perfect thing to do. But there’s an unwritten rule. It states that you should always give it your best so that you can live without regrets even after abandoning the project. You won’t be satisfied with the result, but with you effort.