2/8/2021 Tip: The Biggest Mistake Entrepreneurs Make | Growthink

2/8/2021 Tip: The Biggest Mistake Entrepreneurs Make

Today’s Quote

“All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.”
~ Sun Tzu

 

Today’s Tip

The biggest planning mistake entrepreneurs make is to NOT admit their mistakes.

For example, if you launched a product that the market isn’t accepting, at some point you need to admit the product was a mistake and move on to the next one. And you certainly don’t want to keep investing in that product. But rather, invest in new products.

We all make mistakes. It’s OK. Admit the mistake quickly. Address the situation and plan for something new.

 

Today’s Resource

The right plan…

The right strategic plan for your business includes:

1) the best strategy to follow

2) a written roadmap so there’s no confusion as to what your team needs to accomplish and when

Our strategic plan template allows you to quickly create a winning plan.

In no time, you’ll have a strong plan to follow so your company wins.

Why play the game of entrepreneurship if you’re not going to win?

Create a winning strategic plan <–

 

Trivia

Today’s Question: Which famous restaurant entrepreneur helped Colonel Sanders bring Kentucky Fried Chicken back from the brink of failure?

Previous Question: What classic children’s toy was initially used as a weapon?

Answer: The yo-yo.

Wooden disks on strings date back to about 500 B.C., when they were used to catch small game by hunters in the Philippines.

Donald Duncan, after vacationing on the islands in the 1920’s, saw the potential for fun in the devices and the “yo-yo” became a hit in America.

This is a great lesson in the art of “repurposing” — recognizing and marketing a new use for something that already exists. You should always keep your eyes open to identify such opportunities.
 

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