The Analysis of a Failed Entrepreneur’s Experience Accumulation —— Negative Experience Accumulation System Promotion Article
There is no way out, entrepreneurship is not lonely, not isolated. M8, you can only go forward alone; but human nature: friends, everything is not as you said! Without many friends who are on the same path as you, why not team up and do it together? Let's all share in the joys and difficulties of the entrepreneurial journey!
This is my analysis of my entrepreneurial failure. I want to warn myself, and also inform others: doing more for longer leads to success, which is just the tip of the iceberg that you see. The pasts of several billionaires have become legends, but I want to leave people with its true side, the side of failure. If there are future entrepreneurs, I have some experiences to share:
1. Based on your existing experience, abilities, resources, and funds, consider whether you want to be a sole trader or a legal entity. A large businessman only needs his own ability, while a legal entity depends on an operating system. If possible, it's best to be a merchant outside and a legal person inside.
2. Whether you are a merchant or a legal entity, first enter a relatively sunrise industry. Remember: 90% of companies die due to decision-making errors in choosing their industry, and 90% of the remaining companies die because they cannot fix their corporate systems.
3. When considering your strengths, enter familiar fields. Do not fully invest in unfamiliar areas. If you really must, make sure you have sufficient financial preparation, sufficient hard work preparation, and appropriate partners. Otherwise, exit early.
4. Entering a market, the most important thing is not to consider what problems you want to solve, how much space there is, or how competitors are. You should determine when and by what methods you will solve these issues. If you don't have enough funds, quickly find profitable cash points and large models, and don't be overly attached.
5. Spend less time finding suitable partners, don't rely on luck. As the saying goes, "Success and failure both come from Xiao He," the risks of working with unsuitable partners outweigh the benefits of working alone. And as the leader of an entrepreneurial team, you should be broad-minded, proactive, and treat your partners well.
6. When the company starts operations, you should take the lead. With 20 people, according to the 2/8 rule, there should be 4 real backbone members, and you should focus on external coordination. When you have about 10 backbone members, generals, captains, and soldiers should be cultivated. At this point, you yourself should step back, continuing to support and strictly manage.
7. Management is about punishment and rewards, plus the lubrication of corporate culture. There are no shortcuts in management. The more you invest, the deeper your foundation becomes, and the more complex your system grows. Leaders should build mechanisms, while managers mainly focus on goals, primarily managing people.
8. Leaders are initiators, while managers are followers. Leaders need to be able to listen to candid advice, be good at accepting suggestions, but ultimately make decisions alone, because authority is yours. Once a decision is made, it must be communicated and implemented thoroughly, without flip-flopping.
9. The four most important qualities for leaders are insight, otherwise it's hard to judge people and situations; holistic ability, otherwise it's hard to balance people and situations; talent utilization ability, otherwise you'll die trying to do everything yourself; influence, if you're always influenced by others, you're not a leader.
10. The four essential qualities for entrepreneurs are vision, having dreams gives direction and purpose; passion — passion is motivation and influence; risk-taking — the later you act, the smaller the probability of success and the fiercer the competition; responsibility — responsibility makes you self-disciplined and resilient.
11. For small business financing, compressing upstream and downstream capital is the best strategy; lowering prices, using pre-sales to exchange for cash, leasing houses is the second-best strategy; seeking bank and institutional loans is the third-best strategy; private repayments, internal fundraising is the fourth-best strategy; credit card overdrafts, pawning is the worst strategy.
People often focus on the successful experiences of those who have succeeded, but I feel that while paying attention to the successful experiences of successful people, you must also pay attention to the mistakes made by these failed individuals. Because we need to ensure that as we move towards success, we not only replicate the successful behaviors of successful people but also avoid making the common mistakes of those who have failed. This way, we can better ensure our path to success.
Everything starts accumulating from one drop at a time. Let's all start our "experience accumulation" process together.
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