Some entrepreneurial mistakes are simply unavoidable.
It’s true. No matter how well prepared you think you are as an entrepreneur, those pesky mistakes are bound to happen. The only sure thing that you can do is to learn from them and make sure that it doesn’t happen again in the future. However, mistakes aren’t always that bad.
Now let’s play a game!
For each of the 5 mistakes below that you’ve made add 1 point. Total all your points up at the end to determine what type of entrepreneur you are or at what level you’ve reached in your journey!
Lack of clear vison
Having a clear vision of your new venture means that you anticipate the good, bad as well as the ugly. Let this constantly be a reminder of where you want your business to be in the future. It’s important to have both short-term and long-term visons as to mentally strive to want to reach that level. You should treat this as a source of motivation through the bad and ugly times!
Lack of planning
If you fail to plan, then you better plan to fail. Adequate planning will be the key to your success. Your next best idea will not always be sunshine and roses. What new entrepreneurs fail to plan is a contingency strategy. You’ll need to know how to still manage during times of negative profits (net losses), and economic downturns as well. At the same time, you’ll need to plan for change and be ready to accept it. This is probably the only thing that will remain constant as you plan for the future of your business. Don’t make the mistake of not changing your business plans once change does come along.
Lack of resources
Adequate resources are the muscle of your planning. You should always make sure that you have enough of them to carry out your strategy. It’s true that not all entrepreneurs will be able to afford such resources in the beginning of their journey. This is where you’ll need to get a little creative. However, during the planning stages, be sure to acquire enough capital to carry out the most basic functions of your business.
Not admitting to mistakes
We’ve all been there. Having to admit to one’s mistakes will not only build the integrity of your business but also your personal character. YOU SIMPLY WILL NOT ALWAYS GET EVERYTHING RIGHT. Furthermore, no one that makes mistakes themselves will expect you to. The best that you could do is be open-minded enough to consider all aspects of a decision. Don’t rush to a conclusion based on limited facts!
Not accepting defeat
Now this is a tough one. No one wants to admit that their idea simply just didn’t work. Maybe I should have planned better? Should I have had more resources? Maybe this just wasn’t the right time for my idea? Entrepreneurs that have experienced defeat may have asked themselves one of those three questions. It’s okay to fail but, it’s not okay to keep fighting a battle that you’ve already lost.
So how did you think you do? Find out below what type of entrepreneur you are or at what level you’ve reached in your journey!
These people are typically just starting out in their journey. They are careful to not take too many risks as a lot is already at stake. The majority of all businesses typically do not make it past the first two years. There is still a lot more that will need to be learned in the coming years.
This entrepreneur may have surpassed the two-year mark. They’ve made a few mistakes but have rebound and used those lessons learned to their advantage. They are meticulously doing a balancing act of the types of risks that they will take in the future.
These types of entrepreneurs have seen and done it all. They are perhaps the most accomplished because they didn’t let their failures stop their progression. Risk-takers get a bad rep as they are seen as people who have made the most mistakes. It’s not always the amount of failure that you have racked up, rather life’s lessons that you’ve gained from them.
Comment your results below and share any experiences that may help the next entrepreneur on their journey!