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Why Businesses Fail
Article 6: Failure To Seek Advice

The same strong-willed confidence necessary for success can also be an entrepreneur’s undoing.

Self-assuredness can inhibit entrepreneurs from seeking helpful advice—a fatal blind spot at any stage of business development.

“A lot of times it’s an ego issue,” observes Bette Otte, a Southern California marketer and business counselor. “Even when people seek advice, they tend to shrug it off.”

Otte describes the mindset as an, “If-I-didn’t-think-of-it,-it-won’t-work” attitude. It’s severely limiting—and failure prone.

To overcome this inhibition, swallow your pride and ask for help. Here are some resource ideas:

  • Pay for expert help. If you are setting up an interoffice network, don’t be shy about seeking professional consultants, rather than climbing the learning curve yourself while simultaneously running your business.

  • Make buddies. Circumvent pricey fees by ingratiating and flattering experts whose opinions you value. Free advice is available, but you must ask.

  • Call the SCORE (Service Corps of Retired Executives) office (www.score.org) for invaluable expertise in many disciplines, all free. Sponsored by the SBA, SCORE counselors form a network of volunteer business executives and professionals for troubleshooting and counseling.

  • Get a mentor or coach. These come for free and for fee. The plus is the ongoing relationship. Also, Otte explains, entrepreneurs reason that, “I’m not really stupid asking questions if I have a mentor.”
     

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Why Businesses Fail
Here are some websites with more information about Why Businesses Fail:

American Marketing Association

Edward Lowe

www.inhousecorp.com

http://www.business-plan.com/

SCORE
 
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