YOUR BUSINESS SPRING 2019 - 40

Avoiding mistakes

1 Don't get caught in
the moment

This is one of the biggest mistakes
an entrepreneur can make - running
with your idea or opportunity
and spending time and money on
developing it rather than taking a
step back and thinking to yourself, "Is
my idea really a viable business?"
It's natural when you have an idea,
or are presented with a business
opportunity, to get excited. It is,
however, vital for you to do your
research. Know the market. Do
your due diligence. Think carefully
before taking the plunge.
When I took over the high-street
sandwich chain Benjys, I lost
£100,000 a week for six months
before I had the conviction to shut
it down. This was down to me
getting too excited by my idea and
jumping in without researching
whether it was a viable business.
Do your research. I was overly
enthusiastic about the idea and lost
sight of the fundamentals. I had no
food sector knowledge, no retailing
industry knowledge and did not
take sufficient due diligence. I made
more of an emotional decision rather
than a commercial one. I was too
hasty in making that decision and
didn't take my time to consider it.

2 Check the regs

Another mistake I made early on
was not knowing how companies
were regulated -and by that I mean
company laws and regulations.
Never assume, and always
check and review yourself as
you're the one signing it off. Don't
just nod and say yes unless you
absolutely understand the issue.
All too often we are embarrassed to
ask questions because we don't want to
look silly. This can be quite dangerous,

40

because unless you understand what
you're signing off, you could cause
yourself big problems in the future.
Ultimately, you're the one
responsible for your business,
not those whose services you are
paying for. This is a common error
entrepreneurs make. One year, we
miscalculated our PAYE. The following
year, the Inland Revenue informed us
that we owed them money. I turned
to the accountants and told them they
must have got the accounts wrong.
My accountant retorted, "We produce
the accounts - you're responsible
for checking them and signing them
off." He was absolutely right.

3 Analyse your mistakes

Every entrepreneur will make a
mistake in their career. Whatever
yours is, the key is analysing what
went wrong. Identify why the problem
arose, identify the flaw, then work on
making sure that you do not repeat it.
Some mistakes can be easily
rectified, others will result in certain
ideas or businesses coming to an end;
the important thing is to remember
that a setback doesn't equate to failure.
Behind every successful entrepreneur
there are stories of big mistakes.
Remember - you're not judged by
the mistakes you make but by how
you deal with and learn from them.



YOUR BUSINESS SPRING 2019

Table of Contents for the Digital Edition of YOUR BUSINESS SPRING 2019

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https://europe.nxtbook.com/emp/EMP/jobsandcareerswinter2020/21/jobsandcareerswinter2020
https://europe.nxtbook.com/emp/EMP/yourbusinessmarch2020/yourbusinessmarch2020
https://europe.nxtbook.com/emp/EMP/YOUR_BUSINESS_Spring2019
http://europe.nxtbook.com/emp/EMP/2016SixnationsGuide
http://europe.nxtbook.com/emp/EMP/NationalExpress
http://europe.nxtbook.com/emp/EMP/SixNationFeb2015
http://europe.nxtbook.com/emp/EMP/National_Express_2013
https://www.nxtbookmedia.com