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"How Not To Fail A Business"

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What is the reason for the failure of your business? As an entrepreneur, you might have dealt with this question before. Your answer can be various. It can be the limited capital, it can be that your competition is better funded, it can be that the public is not ready for your product, and many more reasons (sometimes, obnoxious reasons) you can think of.

But in reality, the answer is just one: you. It's one or more of your bad decisions, intentionally or not, that leads your business to failure. That's the harsh truth, and no matter how you want to blame others or the situations, deep down you know that it's the absolute truth.

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But, a successful entrepreneur is not the one who never makes mistakes, but rather those who react to their failures wisely and continue to grow. To achieve that, here are a few simple tips:

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1. Don't Run Out of Money

Although we listed it above as one of the common obnoxious reasons any entrepreneur make, a cash-flow problem can seriously endanger any business. However, remember that the center of this story is you. When a liquidity problem comes up, even in the slightest way, act on it.

2. Hire Slow, Fire Fast

Be careful when you're hiring, and make sure you get the best candidate possible. On the other hand, fire a bad employee as fast as you see the problem. If it's still not fast enough, recognize the problem faster.

3. Your Most Valuable Asset is Your Employee

Otherwise, take care of your good employees. The cost of losing a star employee can be extremely detrimental to any business. Keep your best employees motivated, compensated, and challenged in a healthy way.

Give credits where it's due. You will only be successful when your team is successful.

4. Embrace Humility

When you don't know something, don't act like you know it. A good leader is not the one who knows it all, but the one who knows what he really needs to know, and the one who can delegate the things he doesn't know. Nothing is worse than a delusional leader, period.

5. Your Business is A Business

And not an extension of your personal finance. Keep your business separate from your personal life and finance. Although attachment is good, making yourself too attached can hinder your judgment. Remember, you can be wrong, and your vision can be wrong. When it's time to pivot, pivot. Even worse, when it's time to pull the plug, pull the plug.

6. Trust Your Instinct, But Hone it First

There are many things unquantifiable and unpredictable in the business world, and sometimes trusting your gut is a really valuable decision-making tool.

However, no one is born with the right business instinct, and it must be honed with experience, learnings, and sometimes, failure. Hear critics and feedbacks, and don't hesitate to ask and search for mentors. Learn endlessly. Like the old saying, you stop living when you stopped learning.