As an entrepreneur, you should constantly look for ways to improve your company, your employees, the daily operations, and each operating division. Take off the blinders and heed the warning signs things are going south. Most entrepreneurs are too wrapped up in the daily grind to pay attention — this is where a strong board of directors or network of mentors is important.
In a recent column, Entrepreneur publishes five warning signs your business will fail. If you agree with any of these statement, pack it up — the ship will eventually sink. We comment on a few below:
- Purpose: If you begin your entrepreneurial journey thinking it’s going to end with a huge payout, your priorities are in the wrong place. Instead, as mentioned in the column, focus on delivering a quality product will lead to the true gateway to your financial success.
- Support: Dependence on other people leaves you at their mercy and that’s a method that can easily fail.
- Confidence: Have the drive to achieve goals shouldn’t be confused by having a false sense of hope. This is where your network and mentors step in — you should rely on those folks for those constant “gut checks”.
- Value: “If you want to be a success at a venture, create a product that adds immense value for your audience.”
- Time: Success doesn’t happen overnight.