Lack of Product Focus
Not focusing on a specific product line, results in many Entrepreneurs spreading their resources thin, as they attempt to be everything to everyone! This is usually caused by a need to make more money, or by copying what other Entrepreneurs are selling. Any product that’s hot on the market is immediately introduced in the business, regardless of fit or relevance to the business’ vision or purpose.
Below Average Sales & Marketing Ability
Every business succeeds by selling enough products at a profit that covers all expenses and more! The Entrepreneur’s ability to move products off the shelf, determines the business’ survival & success, or its dismal failure!
Failure To Accept Good Advice
Nobody is perfect and no one knows everything, therefore the Entrepreneur must be humble enough to accept good advice and constructive criticism from others! This allows the Entrepreneur to learn from mistakes and to improve product performance, or customer service. Therefore, don’t be a know-it-all. People will stop giving you advice & let you sink or fall into the fiery fires of business.
Trying To Grow Too Fast Too Soon
A solid business is built steadily but surely! Rushing to make millions, driving the latest vehicle, living in a mansion, or becoming number one, always lands entrepreneurs in deep financial pits & trouble.
Poor Planning
For a business to succeed, it needs to be planned for in advance. Entrepreneurs who skip the planning part, and start business transactions without following a well-laid out business plan, will find themselves starring failure right in the face!
In Conclusion
Join me in the next post as we look at the second segment of the presentation 5 Habits Entrepreneurs Must Adopt If They Are To Succeed. Cheers, see you in the next segment.
This is adapted from Danisele’s Presentation on the 27th of May during our weekly Hustlers Friday Sessions in our WhatsApp Groups. To be part of the group, you can join it by clicking below:
Motimagz group 1 link : https://chat.whatsapp.com/Fy0dbgh6Llb0pMH3RK9XHF
