Mistake To Avoid
- Author:
- John Hays
- Business:
- Hays Travel Ltd
- Published:
- 10/11/2008 11:14:00
We’ve also gone on business ventures that were strategically just wrong. We did a joint venture with Newcastle United which wasn’t financially disastrous, and I’m not saying this because I’m a Sunderland supporter, but it diverted resources away from the business into areas that weren’t going to be a long term proposition for us. We could have used that time and effort to develop the strands of the business that have become really important to us.
There’s loads of examples of mistakes, where we started something, got halfway up and thought, this is a bit of a cul-de-sac. You’ve obviously got to try and make a success of things, but if you can see after a certain period of time that it’s not going to work, don’t try and justify the initial mistake. Just say, whoops, got that one wrong, and avoid making the same mistake in the future.