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.
Have you derived lessons from real life experiences that helped you run your business? Send an email to firstname.lastname@example.org .