We all study success stories of successful entrepreneurs to understand what was done right. Here is another perspective – studying the failures. By knowing what went wrong and why, you can avoid repeating those mistakes. Learning what kind of decisions took down certain businesses can be a good place to start with.
Chris Mittelstaedt, the founder and CEO of The FruitGuys, feels running a business is like flying a plane. Many a times you will have to rely on your instincts and make instant decisions. Chris relates to the flight lessons he learned from his father to managing a business in his article, ‘ How Not to Crash and Burn in Business .’ Using real life examples, he gives these five tips to fellow entrepreneurs:
- Do not take decisions when you are emotional. Have a clear head before you sign off on important decisions.
- Recognize and resolve issues when they are still minor.
- Know the basics of your business well and run it the right way. Do not lose your focus during crisis.
- Learn to predict circumstances and avoid getting hurt.
- Watch out for pitfalls. Create checklists and indicators that can warn and safeguard you against mistakes.