Every day while you are running a business you need to make various decisions, from minor adjustments to critical judgments. Learn how to make wrong decisions and make sure not to make the same mistake twice.
Self-centric Observation
Just because you can do it or you know about it doesn't mean that everyone will have the same skills as you do. Let's look at a debate surrounding a select font size feature on web pages. Some might think it's not necessary because "today's internet users can change the font size in a browser." On the contrary, numerous studies show that the majority of people have no clue about changing font size in their browser. Phrases like "today's internet user" and "in this day and age" are only used for supporting self-centric observations, so watch out when you say them! And, make sure to study all the facts before making any decisions.
Denial of Reality
Psychologically, people tend to deny bad news. There is even a word for this, "unbelievable," found in the English dictionary. The same psychology applies while running a business. For example, everyone realizes when profits go down, but instead of accepting the bad news, many people deny it by making totally irrelevant excuses, such as "It's summertime; people must be busy camping," and they actually believe that everything is going well. If you are running a business, there will be days, weeks, or even months full of unexpected (and sometimes bad) news. When bad news becomes apparent, you have to accept it.
Wishful Thinking
Once you have accepted a piece of bad news, you also have to do something about it. Saying to yourself, "I haven't made a profit yet, but if I don't give up, someday I will make a profit" is just wishful thinking. Of course, not giving up is a good thing, but you will never make a profit by continuing to do something that doesn't make a profit. You need to find out exactly why you are not making a profit, and then eliminate the cause. Your problem won't just go away by wishing upon a star.
© December, 2009