4 Deadly Investing Mistakes
A Success magazine article titled “4 Deadly Investing Mistakes,” explained that most investment missteps are pretty easy to overcome, but there are four that are so huge they can COST YOU “hundreds of thousands of dollars in net worth” over a lifetime.
As I read, it occurred to me that these mistakes don’t just have an adverse effect on personal investment practices, they also apply to mistakes some owners make when it comes to investing time and money in their businesses.
Mistake No. 1 – Being a Nonstarter
You started a business, but in the years that followed, have you remained status quo? Or did you invest in new ideas, continue to learn best practices, and capitalize on industry advancements? If you haven’t devoted resources to keep your company moving forward, you risk becoming obsolete.
Mistake No. 2 – Waiting Until…
You intend to start, but never jump in. If you’re waiting for the perfect time, it may never come. Too often it’s…”after I get the new person hired, after our busy season is over, after we get that loan paid off…” The best time to advance your business is now or you risk being at the back of the competitive pack.
Mistake No. 3 – Fearing Failure
This mistake is playing scared. Of course there’s no guarantee that any investment will pay off big, but playing small on the sidelines will most certainly cost you money. If investing in progress makes you nervous right now, start small and build. Read a book, take a class. Remember, every journey starts with a single step.
Mistake No. 4 – Expecting to Get Rich Quick
Most investments in your business will take time to pay off. That requires patience. You need to be clear on your goals, implement well-thought out strategies and most important, follow through. In the end persistence will pay off.
You don’t have to be an expert to avoid these deadly mistakes; just smart enough to know that investing in yourself and your company could likely make this your best year ever!
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