7 Business Blunders You Should Swear Not To Make

A blunder and a mistake are slightly different. A mistake could be a decision, but a blunder is a process, which we let ourselves into knowingly or unknowingly. And in our conscious minds, practically none of us would want to commit to such blunders, the impacts of which are irrecoverable. Great entrepreneurs such as Elon Musk and Deep Patel know these mistakes too well and they’ve learned from them. So, here’s a list of blunders you must vow that you would NEVER, I repeat, NEVER make them.

Management and Leadership are NOT the same

Leadership is all about ideas, on the contrary, management deals with execution. A successful leader envisions goals, establishes relationships and performs all the necessary activities to seek funding. Of course in the initial days, you will have to perform both the tasks by yourself. But later, when your business is flourishing, its best to carry on with leadership and hire people for the management.

Waiting indefinitely for next round of funding

Running out of finances is the last thing you would want for your business. So if there’s a drift towards relaxation after your seed funding, believe me, the day is not far when you will have to stop operations. After the seed funding, you have got a lot to prove. And keeping in mind that venture capitalists are more risk-averse to fund the second level, you need to start early, or else, you will have to shift your workplace to your dining table.

Not preserving your online heritage

A website for your business is a must in today’s era. But what most of us fail to understand is, it does not make it any different from traditional business. Like in traditional business, the perseverance of heritage is a part of your daily schedule, why would you let your online heritage to hang out in the dry? If you do not preserve online heritage, people wouldn’t know your journey, your roots and especially where you are coming from. And trust me on this, it is not going to serve you any good at all.

If you are wondering how to do all of this, here’s a guide on how to archive website.

Looking out for publicity too early

There are a lot of incidents where startups seek early publicity or PR, that puts them in the spotlight but due to lack of efficiency, fall down with equal measure. What’s the takeaway in it for you? Don’t look out for PR before you are ready. You will not only exhaust your resources but also disappoint your prospects.

Inventory is VERY low

This is a big point of discussion, because of the contradiction in thoughts. It might call for higher investments to maintain your inventory level high at all times – but, believe me, its worth it. Because, what would you sell if you don’t have anything? You can’t just keep waiting for your inventory to arrive when the orders are flooding. It can leave an irrecoverable long-term impact.

Not considering ‘hiring’ anytime soon

So, here’s the truth believe it or not – you can’t do everything on your own. So, if you are just waiting and waiting to be financially dependent before you make a hire, there are high chances that you would just miss out on all the expansion opportunities. They don’t come knocking at the door, and when they actually fall in – you would not have enough manpower to back it up. So, look out for fresh talent and develop an effective employment program, before it’s too late. Hiring is must, period.

No flexibility in business plans

Being a visionary and keeping a plan of every little thing before the final execution, is fine, but remember, a plan is just a list of things that did not take place (or is about to take place). Most of the times things will not pan out as you have envisioned, and it is completely fine. You will have to face failure, but remember, it is the part of the process. Lacking agility and being stubborn will make things worse. Think on your feet and be quick to react and fix problems. I am not saying you have to reinvent yourself – the destination remains the same, but what difference it would make if you could change the path? (just because the situation demands!)

The consequences of making a blunder can be horrendous, your share prices will drop, your revenue might reach the bottom of the graph, you could lose your company, your reputation, brand name and so much more. So the next time you begin to doubt your decisions, remember what’s at stake!a

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