I am a person of self-belief. I was full of confidence when I started my own business. I used to purchase some items from foreign countries and sell it online to earn the profit.
My business was doing really well. I invested every penny in my pocket to enlarge my business. But soon, an incident occurred that changed my life. I was no longer the same person I used to be. I was torn apart by the loss I suffered. But, this was a big lesson for me to learn in my life. It took me some time to overcome the loss, but I did.
Loss and profit are a part of every business, but sometimes it can take the form of disaster. I will show the mistake I made which should not be done in any business.
Actions I took in my business which should be avoided:
- I blamed others for the loss: Instead of blaming myself, I blamed others for my loss. My business was going on smoothly and I became a bit of irresponsible. The reason for the loss was my lack of taking responsibility to run my business.
- Not having enough fund: I started my business and invested even the last penny in my pocket on it. It became really difficult for me once my business resulted in a loss. I didn’t save any money for future expenses and for paying my employees.
- I carried on with my Amazon business without setting a goal: My business was based on the prevailing market. I used to sell products that were popular. I didn’t set it up with a goal or acted to achieve a particular goal. Most of the times, setting a goal becomes important.
- My business lacked advertisement: To make a business successful advertisement is the most important thing. I spent less time thinking about advertising or promoting my business. My business was going on well, but due to my mistake, it collapsed.
- I undervalued my products: Initially, I had no knowledge about the charge which should I take on one product. I didn’t consider all the facts that aid to the fixation of the price of a product. The most important point which aids to the success of any business is the price of a product which is fixed including the profit margin.
- I didn’t make good use of my social networking sites: It is clear that social networking sites have taken a hold of the society. I make the biggest mistake of ignoring this fact. Later, I realized that I could have used it for my business purpose.
In the above part, I have mentioned only the mistakes that hurt my Amazon business a lot. There are other small mistakes which I didn’t mention. I realized these mistakes by going through a rough patch in my life. I have mentioned the most dangerous mistakes that can lead to the loss of any business. It is the best practice to avoid such mistakes.
Life gives human beings many opportunities, but once broken apart it is difficult to stand again. It is better to take care from the beginning and prepare well for such situations.