Mistakes Young Business Professionals do not have to make

As a young business professional, you have several things going for you. Determination, drive, health, strength and the opportunity to learn from other people’s mistakes. This last factor can decide the limits of your success potential. Ronn Torossian, CEO of 5WPR, looks at 4 business failures and breaks down the lessons you should learn.

Never ask a question you don’t want answered…

In perhaps one of the worst Twitter ideas ever, JP Morgan announced the “askJPM” campaign. The intention was to open a dialogue with consumers in order to win back trust and respect. What the company got was rage, snark and yet more rage.

Refuse to adapt: Blackberry once ruled the smartphone universe. Now the company is a distant also-ran. Why? Simple. They completely refused to adapt to what consumers are looking for today and they vastly underestimated the crossover appeal of business applications for consumer smartphones.

Miss your chance…

Ever heard of “Nouncer?” Most people probably haven’t. See, it’s the forerunner of Twitter that never actually got off the ground. Nouncer was in development long before microblogging even existed. The developers didn’t know how to explain it to consumers until AFTER other microblog services were released. Then they just used those business models to explain their own. “See, it’s just like…” is never a good way to introduce your “new” idea.”

Work outside your ability…

Overto was an Internet service that grew quickly. At least, according to its founders, who said the company grew until they reached a level where they could no longer reach people “effortlessly.” They needed marketing savvy. Unfortunately, they didn’t have any, so the company tanked. To succeed you must have all the angles covered. You can’t just be great at ideas or tech or development or distribution; you have to be equally good at all of those things. One weak link is all it takes to crash and burn. The lesson here is to be sure your team is strong in all areas before trying to build something. Otherwise it will just fall down around you … no matter where the “weak” link happens to be.

Don’t take this list lightly. Those who stopped here just for entertainment are likely to miss the lesson and learn the hard way anyway. Don’t be that guy (or girl). Be the person who takes your potential and adds it to the wisdom of those who have made the mistakes you don’t have to. Don’t just stand on the shoulders of giants, watch out for the potholes that tripped up anyone who has traveled the road you’re on before you.

 

Discover more from Ronn Torossian

Ronn Torossian’s Professional Profile on Muck Rack
GuideStar Profile for Ronn Torossian Foundation
Ronn Torossian’s Articles on Entrepreneur
Ronn Torossian’s Blog Posts on Times of Israel
Ronn Torossian on SoundCloud

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Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company's growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke Media, a top three NYC PR agency by O'Dwyers, one of Inc. Magazine's Best Workplaces and being awarded multiple American Business Awards, including a Stevie Award for PR Agency of the Year. With over 25 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected public relations executives. Throughout his career he has advised leading and high-growth businesses, organizations, leaders and boards across corporate, technology and consumer industries. Torossian is known as one of the country's foremost experts on crisis communications. He has lectured on crisis PR at Harvard Business School, appears regularly in the media and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. Torossian's strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, a Top Crisis Communications Professional by Business Insider, Metropolitan Magazine's Most Influential New Yorker, and a recipient of Crain's New York Most Notable in Marketing & PR. Outside of 5W, Torossian serves as a business advisor to and investor in multiple early stage businesses across the media, B2B and B2C landscape. Torossian is the proud father of two daughters. He is an active member of the Young Presidents Organization (YPO) and a board member of multiple not for profit organizations.