3 Reasons Why CEOs Make Big Business Mistakes

3 Reasons Why CEOs Make Big Business Mistakes

There are probably business people including CEOs, founders, business owners and entrepreneurs that you admire and would like to follow similar business paths. You’d like to experience their level of business success. Be in the same place they are. You look at what an individual has accomplished and say to yourself: That’s amazing! It would be so great to have that much success and recognition.

It would seem as though those business people always get it right.

Yet nothing could be further from the truth.

The most successful CEOs, founders, business owners and entrepreneurs have gotten it wrong many times.

3 Reasons Why CEOs Make Big Business Mistakes

There are two types of business people:

  • The people who get it wrong but they’re careful to never make the big mistake that puts
  •  The people who are successful in business but make the big mistake that puts them out of them out of business. Only to then bounce back into business again and never make the big mistake again.

As a CEO, founder, business owner or entrepreneur, you don’t want to make the big mistake – and you want to make the least mistakes possible in order to succeed and prosper like those other business people you so greatly may admire.

Here’s how CEOs, founders, business owners and entrepreneurs can prevent making the big business mistake:

  • Base business decisions on facts: This is something many business people don’t do! Instead business decisions are made from an emotional or ego point-of-view.

When it comes to ego, yours or a co-worker, be very careful what you think. To be successful, you certainly need to find the right fit with the people you work with in order to get along with others but sometimes the ego can get in the way, consciously or unconsciously. Ego can get in the way of your business decisions.

Other times you may make business decisions without the facts thinking you can just “fake till you make it”. But if you do that too many times without the facts to back you up, you’re guaranteed to eventually make the big mistake.

If and when you do make the big mistake in your business, rather than keep carrying on the storyline of everything is okay, it’s best to admit the mistake to yourself and to others. You’re not fooling anyone as soon enough all will be revealed. Then what?

  • Don’t hold onto anything that’s not working for you:

– If you have an employee that’s not doing their job, talk with and coach the individual. See if you can get the employee’s work to improve. If you can’t, then give the employee the biggest opportunity of their life to find a job more suitable and that they will be happier with at another company.

– If you have a piece of equipment that’s breaking down all the time or no longer equipped to do what your company needs it to do, then go get new equipment. You may have to borrow money to make the purchase so be prepared to make the decision wisely. Don’t make the mistake of being complacent. If you make the mistake of not making intelligent, fact roberbased decisions, you’re chances of success are not great.

Will you make business mistakes as a CEO, founder, business owner or entrepreneur? Absolutely you will! The only way you cannot make a mistake is to climb under your desk, sit there all day and do nothing. Of course, if you do sit under your desk all day to avoid making mistakes well… you’ll be making a mistake just by not doing anything! For business success, you need to be in action and appropriately aggressive with your business knowing you will make mistakes along the way.

You need to have a business plan. A marketing plan. A sales plan.

You need to know what you want to do.

Be aggressive yet thoughtful.

Don’t charge through your day like a bull in a china shop – otherwise, something may needlessly break or go wrong in your business. Think it through, take time to understand and time to reflect.

Look at what other CEOs, founders, business owners or entrepreneurs have done. Look at their mistakes, using those mistakes as a guide to not make the same mistakes. To learn.

Look at your competitors. What do you hear about them? Do you want those same things said about your company?

  • Don’t always believe what you hear: Don’t believe the gossip. Don’t be a gossiper. That’s a BIG mistake!

Howard Lewinter for Nimble CRM

There are many mistakes you can make when running a business.

Remember: Think. Analyze. Don’t make the same mistakes twice. But if you’re not making any mistakes then you’re not doing enough in your business. Eventually your business will arrive at a standstill because you’re not creating and allowing the business to flow or evolve on a daily basis. Your business doesn’t always go the way you’d like it to go.

To your success!

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