In life, everybody created has a special purpose on earth; some follow these visions and end up fulfilling that purpose (visions/dreams) while others derail and end up being nobody.
Those of us who make it to the top either achieve it by building a name for themselves (employer/entrepreneur) or helping others achieve their goals (employee).
I want to explain on what I mean by employee and entrepreneur, an employee also works for someone, runs the persons business and manages it. He can be a manager, director etc. but the entrepreneur builds from the scratch and turns it into a business for others to also benefit from, either through employment opportunities, investments etc.
The greatest fear of venturing into any business will be to minimize risk and losses, but the higher your risk, the higher your profits vice versa. I have seen businesses rise from small and huge ones fall like a pack of cards and then I wondered what could be the cause. Below are some of my findings made on mistakes that cause failures of both the business and the entrepreneur:
1. Learn to build a business that will be separate from you - a business is an entity on its own; therefore the owner shouldn't build for the sake of himself.
2. Never use your business to build you - Some entrepreneurs feel because the business was built by them they use it to project their image, with this kind of attitude you will mismanage your business allowing the fame and glory of your business to run you over.
3. Do not take what belongs to your business for your personal use - learn never to take money from your business for your personal use because it ruins the business, money invested yields returns but the one spent nothing.
4. Motivate your staff and put back into the business its returns - Learn to motivate your staff, because without them your business can never be a reality, if your staff notices that you mismanage funds for your use then you are asking them to also do the same, rather when they get rewarded for hard work everybody is happy.
5. Create a teamwork spirit among you and your staff - When you give specific role among you and staff, make them believe in team work because it achieves better results, let everybody know working together will yield better results.
6. Let everybody enjoy the glory of success and failures in the business - every success in your business let everybody enjoy the gains it brings because without them it would never have come true, and when it come to losses let everybody see their mistakes so they can make amends.
7. Learn to delegate power to your staff when you are not around or directly involved with the business.
8. Never make anybody feel inferior or less important to your business, because each and every ones role is important to your business.
Those of us who make it to the top either achieve it by building a name for themselves (employer/entrepreneur) or helping others achieve their goals (employee).
I want to explain on what I mean by employee and entrepreneur, an employee also works for someone, runs the persons business and manages it. He can be a manager, director etc. but the entrepreneur builds from the scratch and turns it into a business for others to also benefit from, either through employment opportunities, investments etc.
The greatest fear of venturing into any business will be to minimize risk and losses, but the higher your risk, the higher your profits vice versa. I have seen businesses rise from small and huge ones fall like a pack of cards and then I wondered what could be the cause. Below are some of my findings made on mistakes that cause failures of both the business and the entrepreneur:
1. Learn to build a business that will be separate from you - a business is an entity on its own; therefore the owner shouldn't build for the sake of himself.
2. Never use your business to build you - Some entrepreneurs feel because the business was built by them they use it to project their image, with this kind of attitude you will mismanage your business allowing the fame and glory of your business to run you over.
3. Do not take what belongs to your business for your personal use - learn never to take money from your business for your personal use because it ruins the business, money invested yields returns but the one spent nothing.
4. Motivate your staff and put back into the business its returns - Learn to motivate your staff, because without them your business can never be a reality, if your staff notices that you mismanage funds for your use then you are asking them to also do the same, rather when they get rewarded for hard work everybody is happy.
5. Create a teamwork spirit among you and your staff - When you give specific role among you and staff, make them believe in team work because it achieves better results, let everybody know working together will yield better results.
6. Let everybody enjoy the glory of success and failures in the business - every success in your business let everybody enjoy the gains it brings because without them it would never have come true, and when it come to losses let everybody see their mistakes so they can make amends.
7. Learn to delegate power to your staff when you are not around or directly involved with the business.
8. Never make anybody feel inferior or less important to your business, because each and every ones role is important to your business.
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