A friend of mine recently shut down his restaurant business.
It was painful to watch him go through it.
I still remember how excited he was when he first started the business.
I still remember his vision to expand the business into other cities in the country.
I still remember how much time, energy and money he sacrificed for that business.
But it wasn’t enough.
This is the unfortunate reality that many entrepreneurs have to face.
Up to 80% of new businesses fail within 5 years.
That’s a very high casualty rate.
But we don’t always see them.
They close down quietly, and cry and lick their wounds in silence.
After almost a decade of working with entrepreneurs, here’s one interesting fact I have found:
Many businesses fail due to self-inflicted wounds.
Sometimes, it may not be the economy, or the government, or your friends who are to blame.
Unfortunately, it’s usually the combination of bad decisions and innocent mistakes that bring down many failed businesses.
What can you learn from this?
In this week’s episode of the podcast, I share 5 of the most common mistakes that can kill a business.
Sometimes, it is wise to learn from the mistakes of others, rather than from yours.
The lessons in this episode should be enough for the wise.