Avoid easy mistakes in Business

If you ever wanted to start a business and read even the most uninteresting resources about it, you know that most small businesses will fail within their first couple years… not half of them, MOST of them. If that doesn’t scare you, it should.

But if you take a second to think about, why is it that high? Don’t you think there are reasons that make it so? There must be common grounds to all these businesses that make them all go down.

Be flexible
This is probably one problem many businesses who fail have. There is so much stress beforehand to the business owner that planning is the key to success, that everything needs to be prepared in advance in order for the business to prosper, that we forget what happens if the business plan fails. It is of course true that we need planning, but planning does not mean to be rigid like a rock. You can at the same time have a plan, and at the same time acknowledge that it can fail.

Being able to be disciplined and be rigorous with your objectives is very important, but so many people think that as soon as they deviate from the plan, they lost their focus and increase their chances of failure. You have to be flexible in business. Everything changes in this ruthless world of business, there are competitors at every corner, and the game is in constant evolution.

Alternative Plans
You need to have a plan A, a Plan B, a Plan C and as many other plans as necessary depending of the business you are in. If you are in the online business, you know that nothing changes as fast as the internet. Just lately Google started banning people whose sole plans were to make money with arbitrage. These people who were making up to the six figures monthly saw their accounts banned, just like that. If you don’t have alternative plans, you can miserably fail even if you are the master in your field, because your field can disappear in an instant.

Planning to be good in one area of a business is just asking for trouble. Master as many things as you can, and ask yourself, “What will I do if this fails?” and write down your answer. If you don’t have an answer, even after a few days, do not start that business. It is very possible that the business idea is very good, original and promising, but if there are no exit plans, the grade passes from A+ to F.

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