Business Mistakes

Four Mistakes That Inhibited My Small Business Success

Notice the difference between what happens when a man says to himself, “I have failed three times,” and what happens when he says, “I am a failure.” – S. I. Hayakawa

 

BusinessClosed-FranFisherCoachI used to own a small business. It failed. Here are the four main mistakes I made that contributed to its failure:

My Business Mistakes

  1. My business launch was under capitalized from day one. I had no reserves to start with. I didn’t establish the habit of setting aside reserves. I lost market share over time because we couldn’t stay visible enough. When the event of September 11, 2011 happened we didn’t have the reserves to survive the financial set back.
  1. Poor job of screening and hiring. I wasn’t clear on the qualifications, skills, or role responsibilities needed for the jobs we needed to fill, so I didn’t hire the right people for the job. I didn’t have job descriptions for my employees, so they weren’t clear on their expectations.
  1. OverworkedEmployee-FranFisherCoachI kept people too long when it was clear they did not fit or weren’t performing up to par. I was afraid of the burden on the rest of the staff to be short-handed. Sometimes this cost a loss of morale, because I was tolerating poor performance from one of their peers too long!
  1. I didn’t utilize outside resources, partly because we didn’t have the money to pay for professional services, but also because I let my business partner insist that “we can do it ourselves.”

If You’ve Made a Business Mistake…

If you have made mistakes, there is always another chance for you. You may have a fresh start any moment you choose, for this thing we call “failure” is not the falling down, but the staying down.” – Mary Pickford

My business failed, but I didn’t! I succeeded in gaining a master’s degree equivalent of personal and professional learning. My next venture…well I made mistakes, but they weren’t the same ones!

I hope you can learn from my mistakes, but also ask yourself this question…Inquiry: How well am I learning from my own mistakes?


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