Marking the Miss: 5 Easily Avoidable Business Blunders 39

Marking the Miss: 5 Easily Avoidable Business Blunders

This is a guest post by Sarah Williams.

Hindsight may be 20:20, but in the business world neither your bottom line nor your reputation are immune when it comes to making costly mistakes.

For the past 8+ years my company has been chugging along quite nicely but it is still, even now, carrying the burden of simple business blunders made at its inception.  Unfortunately, being the young, headstrong buck that I was, taking advice from older and wiser heads was not my forte and thus I paid the price of my foolishness.

Hopefully, my hard lessons learned can at least be of some value to others out there who may be thinking of, or who are actually ready to, embark on the exciting yet fraught world of self-employment.

Blunder One: No Staff Training

A great place to start when it comes to disaster prevention is staff training. And whilst there are a number of options for this currently out there, my best results were obtained using Work Active ( They were able to set in place plans, safety procedures and work practises to allow my employees to work safer and more productively.

Don’t leave this until it is too late, trust me on this one.

Blunder two: Poor Product Choices

Let me give you a quick example of what this means:

At a party recently, I was grabbed on the arm by a gentleman, who enthusiastically began to tell me about his new business venture. His intention was to sell quality, handmade corporate gifts which could be retained as heirlooms. As he spoke his passion was obvious, but it was also plain to anyone but him that the $5,000 price tag for these gifts made them a specialised item with an extremely small market base.  In his case, this should have remained what it was, an expensive hobby.

Do your research and follow sales data.

The market is changing constantly and things that were highly sought after only a few short years ago (think watches, cameras and radios to name just a few) have now been replaced by iPhones and other devices.

Blunder three: Bottom Line Burdens

In almost every start up business, the bottom line is god.

Cash flow can dry up very quickly, and staff wages still needed to be paid. With this in mind, the idea of hiring casual staff or consultants can make a lot of sense. A consultant will invoice you only for the hours they have worked which can avoid a number of costs associated with a permanent employee.

Choose wisely and you can find one clever, hardworking, multi-skilled employee is worth four who aren’t.

Blunder four: Not Diversifying

Diversifying benefits your business by not limiting your client base or field of expertise to a narrow range.

If work dries up, then it’s a bit late to start looking for ways to expand.

Let me give a quick example, I started out providing services in the health sector, as it is the field I came from.  With a little vision I could have seen how my talents could have rolled over into any number of other areas but I didn’t. Thus, when the government slowed spending on health, I felt the pinch.

It pays to be a bit versatile!

Blunder Five: Not Planning for Success

Creating a business plan, a budget and forging a contingency plan makes good sense.

It is also a strategic method of forecasting the resources which will be needed in the future,  by calculating the rate of growth you are expecting. Financial blow-outs and market downturns have to be preempted, so their effects can be minimised.  Ignore these at your own cost.

Short of investing in a crystal ball, there is no definite way to avoid all the pitfalls that can arise when running a business.

The best you can do is to make preparations in advance to ensure that any business blunders and their effects are minimised. Hopefully, you can learn a few lessons from my experience, and be on the road to success sooner rather than later.

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What the Richest People in the World Have in Common 6

What the Richest People in the World Have in Common

Getting rich is something everyone dreams about.

For those facing financial hardships, getting rich seems the only way out to tide over shortage of money. For the bourgeoisie – the working class – getting rich conjures up visions of stuff they want to buy for luxury or higher social status. Millionaires also wish to get rich: they want to become billionaires and enter Forbes List of the world’s wealthiest people.

Unless you inherit a fortune or get lucky at lottery or sweepstakes, getting rich can be quite tough.

Yet, there are countless rags-to-riches stories around the world. Enterprises such as Amazon, KFC, Facebook or SpaceX have become runaway successes within a short span. The reason: their founders have several things in common, which is rare among other people.

Here we look at various traits that the world’s richest and most successful entrepreneurs have in common.

The Common Traits of The World’s Richest People

The Common Traits of The World's Richest People

1. Serving People.

“If your only goal is to become rich, you will never achieve it,” said John D. Rockefeller, who laid the foundation stone for America’s giant petroleum industry and his own enterprise, Standard Oil. The same adage holds good today.

Facebook, for example, was launched by Mark Zuckerberg and his roommate, Eduardo Saverin to allow Harvard University students to share profiles and pictures

There are countless such examples of ordinary people striking rich. However, they share one thing in common: serving people. The main objective of launching these enterprises was to make life easier or enjoyable for people rather than earning money.

2. Reading Books.

Microsoft founder Bill Gates, celebrity TV show host Oprah Winfrey, SpaceX and Tesla CEO Elon Musk, Berkshire-Hathaway CEO Warren Buffet and several other extremely rich people of the world have one more thing in common: they are avid readers.

Bill Gates reads at least 50 books every year – an average of nearly four and a half books per month.

Elon Musk owes his success at SpaceX, the project to open space tourism to his love for books and the knowledge he gained from them about rocketry. Oprah Winfrey attributes her success to dozens of books, including some 70 top titles she read on her way to success while Warren Buffet spends about 80 percent of his day reading books.

3. Long-Term Financial Strategies.

A report by CNBC states, all wealthy people depend upon long-term financial strategies rather than short-term gains. They utilized their earnings and savings to invest in safe stocks that would assure gains in the long run rather than indulging in risky trading that can offer high returns.

Such financial planning and decisions ensured they do not lose money. Further, they invested money in their enterprises without the hope of immediate returns.

These wealthy people first focused on building a brand, offering value for people to identify with the brand. And later, popularize the brand through word-of-mouth publicity, which is more effective than traditional advertising.

4. Never Say Die.

Yet another common character trait shared by the world’s richest people is, they are not quitters.

Like every other human on Earth, these wealthy folks also witnessed ups and downs in life. Some of these were so overwhelming most ordinary people would have called it quits and gone in search of easier ventures.

Brian Chesky, Joe Gebbia and Nathan Bleckharczyk, founders of Airbnb, the world’s largest hotels and accommodations aggregator were plagued with financial problems.


Heavily encumbered with debts, bankruptcy was staring at these entrepreneurs in the very eye. Yet, they did not budge. They innovated their service that made Airbnb the world leader in its field today.

Another excellent example is Colonel Harland Sanders, whose recipe for fried chicken was rejected as many as 1,009 times before it was accepted. Col. Sanders is the founder of global chain Kentucky Fried Chicken or KFC.

5. Accepting Criticism.

Most people flee from criticism of any sort. Rather than learning from negative comments arising out of their behavior or work, they take umbrage rather quickly. Yet, they do not bother to amend their behavior or work pattern.

All wealthy people, however, are different. They are willing to be criticized for introducing new ideas or thoughts.

Jeff Bezos, founder of Amazon, rightly says that those who will try and do something new must be willing to draw criticism.

Steve Jobs, founder, Apple, Inc. puts it in even stronger words: “If you want to make everyone happy, do not become a leader; sell ice cream instead.”

The success of Amazon and Apple proves their founders were right when it came to accepting criticism.

6. Out of The Box Thinking.

how regular life looks like and why it won't make you happy

Thinking outside of the ‘box’ or a typical mindset is often impossible for most people. Understandably, because everyone draws their mindset from factors and circumstances they are raised and educated in.

This mindset eventually becomes a formidable fetter for anyone wanting to become an entrepreneur. Generally, most people follow the flock and take professions they falsely believe as best suited for their skills. Others try to follow footsteps of their parents.

The wealthiest people in the world never followed flock or took lucrative professions of their parents.

Mark Zuckerberg’s father was a dentist and mom – a psychiatrist. Bill Gates’ dad was a banker father while his mother was a lawyer.

Despite coming from wealthy families, they chose to follow their passion rather than confine their thinking to the proverbial boxed mindset. Col. Sanders had lost his parents at a young age of six years and had to shoulder responsibilities of his siblings.

Other Examples of What The Wealthiest People Have in Common

As we can see, these qualities or personality traits are common to the world’s richest people. It sets them apart from others. Most of them launched small enterprises with the sole purpose of bettering the lives of people. Their products or services gained popularity because money was never their consideration. Widespread use of their technology, products, and services eventually led them to become wealthy.

These traits are not typical to the US or the western world, as one may mistakenly come to believe. A glance at some richest people in India and elsewhere also reveals, they share the same characteristics with their American counterparts. This amply proves that richest people around the world share something in common, regardless of where they live and flourish.

Another common trait that all rich people share in common is philanthropy.

Since childhood, they believe in giving back to the society and helping the underprivileged. They practiced charity when they were not so rich and continue to donate money for the betterment of the society even after becoming billionaires.

These richest people on the planet never waited to become wealthy. Instead, they were philanthropists since childhood – a trait most other people pathetically lack or try to foist upon themselves to gain popularity.

In Conclusion

It is not easy to become wealthy. Or everyone would become a millionaire. People who do make it to the top have a different way of thinking combined with an undying zest for learning new things and educating themselves.

They do not consider conventional learning at universities as the end of their education. Instead, they try and acquire new skills every day and find ways and means to become better humans rather than focusing on fattening their purses.

The world’s wealthiest people also share one common trait: they are not people pleasers, despite their generosity and willingness to serve the society. Because they know, trying to please everyone will get them nowhere and could mean possible failure.