It’s a fact that successful entrepreneurs who make a mistake once, will learn their lesson and capitalise on it the second time around.
It’s also a fact that many entrepreneurs are already on their second time round.
This doesn’t mean that they’ve failed or don’t know how to make things work, it’s just that they learned how to deal with their initial stumbling blocks and turn them into eventual successes.
What can we learn from the mistakes made in business? Here are six valuable lessons.
1. Hard work alone won’t work
Hard work counts for a lot, but it’s not the be all and end all. The most successful entrepreneurs work smart by delegating out the tasks they know someone else can do better, to help the business succeed. That leaves them free to deal with the nitty gritty and let others get on with their specialisations.
2. Accounts don’t lie
One task that should never be delegated to anyone else is looking over the business accounts. At the very least, this should be done by management and a professional accountant. Accounts are the beating heart of your business; they tell you how you’re doing and predict the following financial year’s prospects.
3. Be tough and discipline yourself to negotiate
Always discuss everything as a team, and consider everyone’s arguments and no matter how difficult it seems, negotiate with principle. Principled negotiation is essential in finding a way forward in business that will suit everyone involved. Consider the following points as you debate.
Firstly, will what you decide to implement increase sales? Secondly, will it increase profit margins and revenue? If you can answer yes to both, you’re on your way to success.
4. What’s your focus and your purpose?
Deciding what your focus is, and your purpose will keep you on the path to success. Write it down, keep it somewhere prominent in your work space so that you, and everyone around you, can see it and feel motivated by it especially on days when things might seem tough.
5. You shouldn’t ever stop undertaking market research
Never take your eye off the ball when it comes to market research and keeping abreast of trends. Markets change constantly, and with that so do businesses. The more you can learn about the wants and needs of your customers, the better placed you are to serve them. It’s a continual process and one that needs to be regularly monitored and updated.
6. Your instinct is usually right, but you’ll need back up
Always trust your instinct. A gut feeling is rarely, if ever wrong. If the core of your business is based on strong morals and values, then it’s important to follow your initial instincts and work with them. However, that isn’t the be all and end all. Never blindly move forward without any real focus. At the back of your mind should always be key financial targets and your profit margins. The steps you need to implement should be workable and should always benefit your business.