We all learn from the mistakes as mistakes are the integral part of progress but sometimes businessman may make mistakes that affect business in a adverse way. Some of them are discussed below -
Not having realistic goals –
When a businessman starts new business, the excitement level is obviously high in initial days. One might make mistake of setting unrealistic or unattainable goals. In business, one has to progress step by step. Taking a big step can really affect adversely on business.
Taking marketing for granted –
Sometimes, even after producing a good product & having good service, the business fails to make impact because of not doing enough marketing. Many business make this mistake that they only focus on developing the products but marketing of the same is equally important.
Underestimating competitors –
Many times, entrepreneurs get so overconfident about their products/services that they neglect their competitors totally. When one works hard to make their products best, one is bound to get overconfident. But one must not forget that others are also putting the efforts to survive in the market.
Not Adapting to changes –
Today’s world is improving & growing world. Everyday new technology, trend comes to market. In order to survive in the market, one must adapt to these market trends, changes. One just can’t stick to conventional methods, technologies or the products may be rejected by the customers in no time. The best example of this mistake is “Nokia refusing to have Android in their phones.” Nokia was one of the largest mobile phone selling companies but it refused to take Android in their phones. As a result, their sale fell so down that they had to sell the company to Microsoft.