Building a business from the ground up is no easy feat, but if you're young and bright enough, nothing's impossible.
If you are in the midst of starting your own business and wondering what to do next, take heed of these three famously bad business decisions to avoid making the same mistakes...
Decca and The Beatles
Back in 1962, a mop-topped quartet known as The Beatles wandered into the office of Decca records to audition for a deal. They were swiftly rejected as the exec thought they sounded too much like a currently popular group called The Shadows and told manager Brian Epstein, "We don’t like your boys’ sound. Groups are out; four-piece groups with guitars particularly are finished." They signed to EMI instead - and in case you've never heard of them, the band sold a boatload of records. Too bad Decca.
The lesson: Don't be hasty in business. Take the time to think things through and do your research before making any final decisions.
Kodak and their unhatched digital nest egg
Kodak is still synonymous with photographic snaps the world over, but even though they are huge, they could have been bigger. In 1975, The Eastman Kodak company developed the first digital camera, as well as the core technology for the world's first cell phone. Rather than striking quick and changing the face of the world as we knew it, they proceeded to sit on their creations and of course, were beaten to the punch by their rivals. Say cheese!
The lesson: If you have an innovation, make sure you get the ball rolling and let the world know about it. If you hesitate, someone else will take away your glory and the full extent of your success as a result.
Mars and the Extraterrestrial
Everyone loves an M&M or two. In 1981 Amblin Productions called up Mars with a simple cross-promotional offer: we'll product place M&Ms in our upcoming big-budget flick and in return for the free promotion, you promote the movie on your product packaging. Mars said no. Reese's stepped in and reaped endless amounts of promotional rewards. Oh, what was the film, you say? It was ET. Yeah, ET!
The lesson: Don't ever turn down solid promotional opportunities and never be too proud to take a little help from the right people - you'll be the one who suffers if you don't.