Business owners often learn from their mistakes, but it doesn’t hurt to learn from the failures of others, too. Forbes has pulled together a list of expensive mistakes you should avoid.
Don’t make wildly optimistic sales forecasts. Test and adjust your projections, based on experienced advisor input and industry norms, rather than the Google high exception. Excel spreadsheets can easily project dramatic growth, with no connection to reality.
Don’t hire people who like your ideas all the time. Flattery feels good, but it doesn’t pay the bills. Look for the thoughtful challenge to your ideas, and practice active listening, when you are selling your vision. High three-digit intelligence has value.
Don’t focus too much on the competition. It’s always more productive to focus on making your offering successful, rather than killing your competitors. Doing things like dismantling their leadership team, or highlighting their shortcomings is lose-lose.
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