This article highlights the 8 dumbest business decisions but also illuminates how easy it is to make logical decisions that make unarguably make good business sense today but fail to consider potential. No business should constantly live on the edge of risk but there should definitely be room to take risks. You can read the full article here.
What about you, any dumb business decisions that seemed wise at the time?
Posted via web from Marketing, Musings and More from Karen Swim
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Karen, A frequent occurrence. But, if you don’t make mistakes, you’re not taking enough risk. One thing I did wrong was my initial business plan for my entrepreneurial venture, Word Sell. I started out concentrating on business cartoons, but I didn’t adequately survey the market or assess the opportunity in advance. Had I done so, I would have quickly determined that the revenue and profit potential were slim indeed. Instead, I dove right in and essentially wasted the first three or four months of my business. Luckily, experience proved to be a good teacher and I changed directions, focusing on business blogs. I didn’t research that one very carefully, either, but in this case I had my instincts and previous work experience behind my decision, whereas cartoon work was totally foreign to me.
.-= Brad Shorr´s last blog ..5 Great, Free Keyword Research Tools =-.
Well, luckily for me, I’ve never fallen prey to making a really dumb business decision. (With the possible exception of writing that last sentence, that is…) Ah well. :-\
.-= Robert Hruzek´s last blog ..Signs of Life =-.
ROFL! Well, it could also be the smartest business decision you know just in case a future employer is reading.
Brad, I don’t think you’re alone in your experience. I spent a lot of time and energy on “Just For Men” which was going to be a gift service that men could use for the women in their lives. Each gift would also have a customized card written by yours truly. When I look back at the materials, it makes me wince, but like you I realized my misdirection early on, corrected and moved on to a whole new set of mistakes.
Karen,
I once attended a seminar where the speaker related how a few decades ago he and his wife were looking at a fast-food franchise, where a company which was ‘apparently big in the US was setting up in Australia.
Heeding the advice of his friend, that this was a fad which would not last, the speaker passed up the opportunity. That ‘fad’ is more commonly known as McDonalds, and decades later the speaker was still spewing about how he missed the opportunity to get in when the cost of the franchise was nowhere near what it is today.
.-= Andrew Heaton´s last blog ..Toyota Part 2: Behind the poor response =-.
Hi Karen – I loved these stories. Firstly they make my own business mistakes feel smaller. Secondly, it’s good to know that the know it all big wigs can get it wrong and the little guys can go on to outshine them.
I have made too many business mistakes to think about – some small and some resulting in massive financial loss. And I wish I could say I can look back and laugh at them all (not easy with the big mistakes) but I’ve definitely learned something from them.
Andrew – So sorry I missed this comment that’s an incredible story! I would kick myself for that one too but it would also make me more aware (at least I hope) of prayerfully considering other opportunities even if they looked like a fad. Well, on the bright side, at least he’s not contributing to unhealthy food.
.-= Karen Swim´s last blog ..Age of Conversation 3 – Available Now =-.
Cath, I agee, it made me feel better too and I have made some BIG mistakes! But, those mistakes, painful as they are do serve to help us learn and grow. No one who ever made it big did so without some failure, so I think we’re in great company!
.-= Karen Swim´s last blog ..Age of Conversation 3 – Available Now =-.