Eric Sink, the founder of the Independent Software Vendor (ISV) company, SourceGear.com, gives some excellent advice in a recent article for the Microsoft developer Network (MSDN) for avoiding the wrong type of mistakes in running your business. While mistakes are inevitable, Mr. Sink gives sound advice to differentiate your mistakes into two different types of mistakes:
Clueless Errors - Clueless errors are the worst mistakes to make. They are the errors where you can't see the bad result coming. According to Sink, these error types will become less frequent over time and as you get more experience in your business. He suggests reading more about your business. Reading will give you more answers to the different problems you might encounter in your new venture.
When you are starting your own business, you will want to ensure you make as few clueless errors as possible. As an entrepreneur, you are responsible for every aspect of your business and it behooves you to become aware of disciplines your venture requires to mitigate the negative effects of these inevitable clueless errors.
Bad Bets - A bad bet is a mistake where you understand the risks involved in your business decision. You are aware of the risks involved, you decide and you are betting on a desired outcome, full-aware of the possibility of adverse results. Mistakes can happen and "you placed a bet that the bad outcome wouldn't happen, and your were wrong."
You are in business and risks are inevitable. As an entrepreneur, you are a natural risk-taker. When you make your business decisions, you want to make calculated risks that will improve your business. Eric Sink suggests making more "non-fatal" mistakes as these mistakes will set you along on your entrepreneurial learning curve and you will learn valuable lessons from your mistakes and help you gain experience to not make the same mistakes in the future.
Challenge your resistance to risk-taking as you may hinder your soul's evolution as an successful entrepreneur.
posted by Silentman, Henry C. @ 13:21 hours MT(GMT-7)
<< Home