Entrepreneur magazine has written a great article on the 7 Lethal Business Mistakes to Avoid.
Here is a quick summation of the article that can be read here.
Whatever words you may utter if your business collapses (most probably unprintable in this column), the failure can often be traced back to some "famous last words" you once said, if only to yourself. Here are some painful examples:
- "My customers will be loyal to me."
- "If I offer people something they need, they'll buy it."
- "I really don't have to market, because if I do a good job, the word will get around."
- "My business has no competition."
- "I don't have partners or employees, so I must do everything myself."
- "If I make enough and sell enough, and there's money in the checking account, I'm successful."
- "I can't really afford a lawyer, so I'm going to do my own contracts."
Have you ever found yourself saying any of these "famous last words?"