Novice entrepreneurs feel the need to succeed on a daily basis. Many of them are desperate to get a foot in the door straight out of college. The attitude is commendable, and it’s a savvy way to make inroads in the industry of your choice. No one likes an employee who coasts by with no motivation. However, many seasoned entrepreneurs have stated cons to this way of thinking. The fact that the novice entrepreneur has yet to learn the importance of failure, may send them spiraling when faced with it head on. Learning how to turn business failures into business successes take time, patience, and years of trial and error that many millennials are not prepared for. Below are four misconceptions that novice entrepreneurs should be aware of.
Sign, Sealed, Delivered, It’s Yours
Well, it isn’t quite yet. The contract still has to be signed but it’s basically over the line. It would take a miracle to prevent the deal from going through. What happens next? Disaster strikes and you fall at the final hurdle. Overconfidence leads entrepreneurs to assume things to be fact when they aren’t yet. The first time this happens to you, the anger and embarrassment you feel will help you see that nothing is a guarantee.
Turn To Chapter 7, Please
Bankruptcy is possibly the ultimate failure according to seasoned entrepreneurs. The game is up and the doors are closed – what could be more final? Of course, having legal contingencies in place can help minimize the damage caused by bankruptcy. In fact, it’s far from a let’s save what we can. Bankruptcy is about learning from past financial errors and making better decisions. In the future, you’ll be frugal with cash and analyze every penny. Resources available at the Dove Law Firm.
Dumas’ Anti Motto
The Three Musketeers had a famous saying: “one for all, and all for one.” However, in business, this isn’t always the case. Trusting a colleague can be a recipe for disaster depending on how well you know them, and well you communicate. If you plan to go into business with some, be sure you take the time to get to know them and develop a level of trust.
The Patagonian Wilderness
On Patagonia’s website, the clothing company has an array of flashy outdoor wear for the avid hiker. And, some people buy the gear because it’s hip and fresh. However, that wasn’t the initial business model. In the beginning, the company provided climbing pitons, the kind that mountaineers use. However, the failure of the original business strategy was the success of the brand as a whole. The moral is not to be linear. When you see a second, more lucrative opportunity, be prepared to change course.
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