Momentum
This small business mistake is part of a collection excerpted from Gary Schine's book 101 Small Business Mistakes
Momentum
First time entrepreneurs and would-be entrepreneurs make the mistake of thinking that a good start and a few lucky breaks will spell long term success. While a good start and the lucky breaks will help launch a venture, they will not insure continued success.
Well managed businesses, both large and small, must constantly adapt to changes in the world. New competition enters the marketplace, technological changes happen almost overnight, and customer needs and wants change. The successful entrepreneur will stay on top of changes in the environment and will always be searching for ways to adapt to the changes and to improve his or her company.
I have seen many entrepreneurs attain success after a good deal of hard work. They then decide that the hard work has finally paid off and they can sit back and reap the reward of their efforts. Unfortunately, years or even months down the line it becomes clear that the success without the hard work will be short-lived.
Business success doesn't come easy. When it does come, it does not continue on auto-pilot. A business requires constant attention, reevaluation, and rejuvenation.
Other Business Mistakes and Misconcetions
- Failure to Prepare a Business Plan
- Myth-- A New Business Must be Based upon Uniqueness
- Overspending
- Momentum
- Starting a Business for Reasons other than Market Demand
- Entering into Partnerships without Clearly Defined Roles
- Not Putting Partnership Agreements into Writing
- Organizing A Small Company as a Large Company
- Misconception-- A Product Can Be So Good, It will Sell Itself
- Not Understanding Your Product's Benefits
- Believing That Experts Have Magic Answers
- Not Pricing Based on Benefits to Buyer
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