This article is a divergence from the norm. Over time you must have read books and articles on business success or attended seminars where you are taught how to succeed in business. This article is different. It is straight hard talk based on Donald Keough's Ten Commandments for Business Failure. Donald Keough, a former president of the Coca-Cola company tells you how to fail. Hear him:

"After a long time in business, I've never been able to develop a set of rules or a step-by-step formula that will guarantee success in anything, much less in a field as dynamic and changing as business. What I can do however is talk about how to lose. I guarantee that anyone who follows my formula will be a highly successful loser".

Below are highlights of ten blunders most business owners make all the time:

◾Quit Taking Risks


It's tempting to remain in the comfort zone and quit taking risks when you've recorded some success in your business. When you quit taking risks because you do not want to make mistakes, you're one step away from failing. Mistakes even huge and costly ones are the price you have to pay if you want to remain in business for long. Innovation remains the hallmark of any successful business venture.

◾Be inflexible

Your ability to adapt to changing situations will determine how long you will remain in business. If you are not dynamic and flexible, you would soon out of business.

◾Isolate Yourself

Another sure step to failure is to isolate yourself from staff, managers, customers and distributors. Just sit in the comfort of your well-furnished office with several Personal Assistants, Secretaries and a "do-not-disturb" sign on your door. You'll be the last to know when things are going wrong. It is important that you go round to see how your workers are doing, try to know the names of the people who work with you, answer your own phone and even make your own coffee.

◾Assume Infallibility

When you shy away from your mistakes, you're on the brink of failure. If you pass the buck, blame the economy, the weather and everyone else except you, you're on the road to ruining your business.

◾Play the game close to the foul line

Never achieve success by destroying your own values and principles. Let your customers, staff and the board of directors know you for the right thing.

◾Don't take time to think

Don't fall to the temptation of just focusing on the huge paperwork on your desk. Take time to think things through. When there's a mistake, analyse and evaluate objectively to know the reasons for your mistake. Remember being busy is not the same as being effective.

◾Put all your faith in experts and outside consultants

If you rely heavily on outside expertise taking in the opinion of experts and consultants hook, line and sinker, failure may not be far away. Take responsibility for the future of your business. Do not delegate important decisions to outsiders.

The three other tips are available on www.bookconvo.com. These three tips could set you apart from your competitors.

Nice. But still, nothing new.

babatundeizbad:
Nice. But still, nothing new.

I agree that these points may not be entirely new but some business owners and top executives still make these mistakes