8 Mistakes Entrepreneurs Make that Lead to Business Failure

Eight Deadly Mistakes of Wanna-Dots – Complete Guide



Small Business Mistakes and Failures – Fully Explain

We tell you about Business related ideas and ways to grow your business. And today we will do some Business related discussions with you, we will give you premium content today, we will tell you about some of the mistakes Lead to Business Failure and also in their relationships. If you don’t make those mistakes, read our full post for that.

Strategy Traps

#1 Anchoring Trap

Anchoring trap means that the line we hear first, that line is made the foundation and the rest of the words are heard on the basis of that first word. The first line we hear with Disproportionate Weightage is based on the setup.

Then you miss the engine of that car and the quality of the transmissions of that car. Because Anchoring Trap is for you – Meter Reading or Manufacturing Year.

Example: If any of your employees tell you, sir, I can’t come tomorrow, then one of your words comes to mind, “I can’t come tomorrow.” Then you look at that place specifically and listen to the rest of the words, you don’t pay attention to the rest of the words but you can understand that word first at first.

#2 Status Quo Traps

Status Quo Traps means letting go of the current situation, maintaining the current situation, your mind does not go to the alternative.

Sometimes this happens when you go to a salon and have your hair cut. This means that every time you cut your hair, you cut your hair to the person you are waiting for. If he is busy, you wait for him. If he doesn’t come then you go again the next day because you cut his hair near him, but it’s Status Quo, you maintain status, you don’t change because we don’t have the guts to change, sometimes it happens that his There are better salon shops than ever, but you feel like the hand is set to the one you cut.

#3 Sunk Cost Trap

Sunk Cost Trap is if you ever make a mistake and if you lose money for it then you have to fix it, if there are many mistakes in doing business then you should not take that mistake, You keep trying to correct the mistake without trying to correct it. You say that I have invested a lot of money – Kodak made the same mistake. The Kodak company invested a lot of money in film cameras, and the Kodak company kept investing in film cameras, then 1 billion revenue in 1975, when Kodak could not go digital camera – because Sunk Cost became a trap, because the company invested a lot of money in film. At the time, the company seemed to be on camera.

#4 Confirming Evidence Trap

Confirming Evidence trap means that you keep looking for the Evidence of the thing you like, it is called ‘You see, I said it ….’ Trap. Whenever there is a mistake and if it is your favorite thing or if you get it and give advice first, you say that look, I said it, if I did what I said, nothing would happen.
Example: If you give a guideline to someone and that person doesn’t follow that guideline and he makes a mistake, then you just say, ‘Look, this is what I said.’ If you do, there are many more things that you ignore, you just keep looking for the information that supports your choice, your bias becomes towards all the other evidence.

#5 Framing Trap

Framing Trap is when you tell him the truth in a way that makes you believe it. You tell the truth halfway through and you also believe that it is true.
Such as –
  • Incorrectly stating A Problem
  • You continue to ignore him completely true
It’s more real estate and MLM companies, they know their MLM company is running, their products are very expensive, they know how fast the company is not growing, yet they will say “nowadays everyone is joining MLM in this Corona market, the company is growing very fast”. You may not think that we are against MLM, but they frame the word in such a way that lies can be shown to be true. Those who do real estate business may not be growing their property then they say a lot of properties are being sold now the market is very high, everyone knows the market is not running real estate, but they will frame you in such a way that the market is very big, it is called Framing Trap. . You say the word in such a way that you get involved in it yourself and you keep believing it.

#6 Overconfidence Trap

Overconfidence Trap means that when you are very passionate about a word, you become very excited, then your overconfidence becomes that word, and then you start ignoring the rest of its shortcomings, it is called IKB syndrome. IKB syndrome means I Know Better Syndrome. This is the biggest mistake. You always find this opportunity that you are smarter than everyone else, wherever you go people appreciate you a lot, it is called winning too much trap. When you win a lot, if someone gives you feedback, you start criticizing. What is your old success becomes the enemy of your future success, because you start to see all the situations from the perspective of your past success.

#7 Recent Event Traps

Recent Event Trap means that there has been a recent coin accident before, which is why when you move forward you see everything the same way.
Example: If you have recently had an accident on the road, you will be careful to cross the road in a strange way the next time you cross the road. Or if any of your relatives or family members have a big accident, you will think of sleeping at night and it will irritate you, because it is a recent event trap.

#8 Do-it-All Trap

Do-it-All Trap means you want to do everything and you think you’re an expert at something –
  • We will do everything
  • We are barely big experts
  • We will win every category
  • We will take every channel
  • We will make geography bigger for me
  • We will bring every product
  • We will take all the consumers
Then you just don’t understand where you need to focus exactly, if you want to do everything together it won’t. You have to create real value, you have to pick the one where you can say the most, the success of every job does not match. Not every task is done alone, do what you can and you can increase it.
If You Don’t Want To Make Mistakes In Your Business, Follow The Steps With You Don’t Have To Face Mistakes.
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