Failing Before Succeeding: Learning From Your Mistakes
Sometimes the biggest lessons we learn are from failing, and that’s all right. When you make a mistake, you have the opportunity to grow, if you are open to the message that’s there. Here are some common mistakes entrepreneurs make, as well as the lessons to be learned:
Mistake 1: I Tried Doing it All
I’m willing to bet nearly every person reading this post can relate to this one: you don’t have the capital to hire help, so you do it all yourself. But then that becomes a habit, and you’re soon swamped. You have more to do than you can possibly devote time to, so everything suffers and is half done. Learn the lesson of delegating quickly, otherwise you’ll sink in quicksand. Get help for anything that doesn’t come naturally to you, or takes an inordinate amount of time. You don’t have to hire a full-timer; even a freelancer or intern can help take some of your workload.
Mistake 2: I Tried to Be All Things to All People
It’s counterintuitive: the more services you offer, the less successful you are. But when you really zero in on your niche and limit your offerings, people flock to you. The more you offer, the less of an expert you seem. The less you offer, the more people think of you as the go-to brand in your industry. If you’re spread too thin, trying to please all of your customers by offering too wide a variety of products or services, reel it in. Ask yourself which products you really love selling, and which your customers buy the most of. Toss out those that are time-wasters and that deter you from your goals.
Mistake 3: I Didn’t Market When I Was Busy
I get it: when things are good, you don’t see the point in looking for more business. After all, what could go wrong? (famous last words) I think the recent recession is a great illustration: many people were like the grasshopper in the old fable just before bad times hit: rather than preparing for the worst, the way the ant did, they just rested on their laurels, sure nothing bad would happen. As a result, many businesses failed. Even when times are good, keep marketing. Keep making sure your brand has a solid and consistent presence online. You can never do too much marketing! Then when times are lean, you’ve still got people knocking on your door.
Mistake 4: I Stopped Learning
After running a business for a while, you start to feel like you own the world. You know your industry inside and out, and no one can teach you anything. Wrong. Raise your hand if nothing has changed in your industry in the past 10 years. Anyone? Anyone? Not only are new regulations and trends happening in your industry, but technology is constantly changing the game as it relates to how you run and market your business. Read blogs like this one. Attend conferences and webinars. Read business books. Never be so egotistical that you feel you can’t be taught anything new. Don’t fret when you make mistakes; just take the lessons that are waiting for you and be open to change. Remember that the important thing is learning from your mistakes.
Have you caught yourself making some of these same mistakes lately? How will you make your failures instructive and put yourself on the path to success? Tell us in the comments below!