I studied 177 self-made millionaires for 5 years, and I learned that there are 10 common business mistakes to avoid
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- Thomas Corley is the author of "Rich Habits: The Daily Success Habits of Wealthy Individuals," and "Rich Kids: How To Raise Our Kids To Be Happy And Successful In Life."
- After studying 177 self-made millionaires for 5 years, Corley says there are 10 common business mistakes that many of them who are entrepreneurs and business owners make.
- These mistakes include a lack of company vision, not caring about customer feedback, weak marketing tactics, and over-staffing.
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Many business owners and entrepreneurs were part of my Rich Habits Study (51%).
I consider the information they shared with me about their daily habits revolutionary and invaluable. Interestingly, many of the mistakes they made in growing their business were critical to their future success.
Business mistakes stand out like missing teeth. They are so obvious after the fact. You wonder how you could have ever been so silly. But making mistakes is part of being a successful business. In fact, every successful business has a mouth full of missing teeth.
These mistakes offer a learning experience that can never be reproduced in a classroom. Mistakes are the real-life business MBA.
Because business mistakes cost you time and money, avoiding them means you can spend your time and money on things that help grow your business.
Below are some of the common business mistakes the self-made millionaires in my study made and, hopefully, you won't:
1. Poor quality
2. Lack of customer/client feedback
5. Lack of vision
6. Failing to keep up with your competition
7. Your product/service is not a commodity
8. Poor marketing
9. Not understanding customer/client wants and needs
10. Failing to meet customer/client expectations
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