Growing up I always admired Michael Jordan. In my opinion, he is the best basketball player of all time. At the time he was playing professional basketball, I never imagined him making mistakes. But recently, I came across a quote where he said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
Air Jordan couldn’t have said it better. Even the greatest fail in some aspects of their career or business along their way to success.
Although MJ’s sentiment is spot on, here are three mistakes to avoid when building your business.
1. Assuming Growing Big Fast Is Best
Many people believe that quickly growing their company with numbers and employees is always a great thing and will make them more successful. But this isn’t always the case. Many times people learn this the hard way and fail fast after thinking that having a lot of people in-house would make them more profitable and successful. They fail financially and have smaller profits because of all the other costs involved.
As a small business owner, it often makes more sense to build strategic partnerships and mutually beneficial relationships. This allows you to keep your overhead costs lower and not have the stress of numerous employees as you begin to grow your profits. You won’t have to worry about everything else. Working with other businesses that might be bigger or offer more back-end support allows you to do what you do best, while at the same time utilizing the strengths of the other partner companies. Growing your business with key partners is often way more profitable than growing fast within.
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