” Life is too short to make all the mistakes.”
Following are some of the most common mistakes made by business teams around the world. They can be considered the seven deadly sins. These mistakes have been destroying businesses worldwide.
Well, this quote is good in terms of our personal life; we deal with whatever life throws at us. How we respond plays an important role. However in business, this rule doesn’t apply. In business we are responsible for people who depend on us, and we can’t leave that to fate. And therefore we must plan and take action. It may work or it may not work.
Remember HMT watches, they worked everything as life offered them, the entire organisation and its employees worked exactly with the same thought process, they never tried to invent or stayed in tuned with the market, and that is precisely why they don’t exist. What has been a successful product once is not relevant anymore, showing that businesses will always have to predict the way forward. It happened to Nokia too; they stopped looking forward and basked in the glory of their no. 1 position only to be replaced by Samsung and Apple.
This is not really true, if you have more money you can lose more. We have many examples from the recent startup bubbles. It is not money but the progressive hunt to spot something new to sell. A continuous effort to find work that will pay. It is the introduction of new propositions that will work for both customers and clients, something that will solve their problem- even if it is by 30%.
The biggest testimony to this is the number of investors that have lost their money investing in startups.
The number of self-funded start-ups that went bankrupt, and how Lehman brothers, once the biggest financial company, went bankrupt. There are many more stories in Silicon Valley that echoes this painful wisdom.
Opportunities are available all the time for everyone, but why is that only few could spot it. It’s because they are actively monitoring the world of customers, (the ones you have and the ones you can have). You’ll be extremely lucky to get opportunities coming your way without any efforts - everyone else has to keep vigilant and observant of potential opportunities. Levis is one of the greatest example, they went to California gold rush, thinking that people will require tents to stay, only to find that they are too poor to pay for tents, instead they need clothes that will last the harsh weather and work, so they stitched pants with the material that was to be used in the making of the tents.
Keeping yourself constantly busy, does not necessarily mean that you are being productive. Finding time to do things that matter, that makes you more efficient and being mindful are far better than keeping yourself busy. The biggest problem is you keep yourself busy in the monotony of the same routine- and question yourself as to why you are not growing. Nothing changes because the same actions produce same results.
Selling your services short is the biggest blunder in business history that frankly everyone makes. In order to make things cheaper, one forgets that cheaper does not pay the bills of the employees, the cost of production, or to keep the lights on for any business. Bob lost 300 pounds, as he got fitter, he learned to make others fitter, so he opened a gym, with monthly 49$ membership. After 3 years he was all burned out, despite having 120 customers. Only problem, he sold his gym membership for 49$ when others were selling it for 150$. If he made the price competitive, he could pay his employees better, and provide better facility to his customers as the improved pay will keep them motivated to do the work.
Networking is good, but unproductive if you are not able to establish the relationship-which is helping people know who you are in that relationship. People keep in mind who you are, where and when you can be of use. Remember someone called you in the middle of the night for some help? That is what you are for them. MC was the most popular guy in the social circle, he would talk about his connections all the time only to realise later in life that he was only considered a socialite, a happy-go-lucky person who loves to have fun- which is of no value and so no one trusted him with business.
Having a purpose for the business is more important than, just making money. It’s about compelling your organisation towards a problem that the world wants you to solve, and finding the problems in the world that you can solve for people. In 2007, during the era of recession the only lasting business were the ones which had a solid purpose as employees kept going to work even without pay because they believed in their work, and they bounced right back after the recession is over. They kept the fuels on while others shut their shops.