While it is important to learn from our mistakes, it is better to learn from the mistakes of others, or by standing on the shoulders of giants as Newton said. Here are some ways in which to avoid making mistakes:
1) Keep your monthly fixed costs as low as possible, and make your number one priority to arrange an equal amount of regular income on a regular monthly basis to cover this amount. More businesses go bust due to poor cash flow than anything else!
2) Thoroughly research and work in your mind and bounced off other trusted people, your idea. Market test it as much as possible while keeping the idea as quiet as possible.
3) Get a business plan on paper. Go to (1) above, and set in stone a solid plan for achieving this. After you hit break even continue it on to the next target, and so on. I just used the magic word there, ‘target’. you MUST be sales orientated in business as the owner, if you are not then you are failing in your main duty which is to ensure the continued existence of the business.
4) Do NOT care what others think about you, i.e. what car you drive etc. ALL of this will change if you stick to the plan and keep your focus on short term targets and longer term goals.
5) Keep your focus, decide what the targets are, work out how to get them, and focus on doing that. If you need £1000 a month to pay the bills, then this is what you MUST do. If you lose focus of your core objective, you are going to lose out big time, and end up failing.
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