Learn from business coach Robin Waite how solid planning, understanding numbers, and seeking expert advice can help entrepreneurs avoid failure and more.
In a recent episode of the Cafe & Networking podcast, host Tom Reaoch sat down with Robin Waite, a fearless business coach and bestselling author, to discuss the common reasons why businesses fail and the steps entrepreneurs can take to avoid these pitfalls. The conversation shed light on essential aspects of business planning, pricing strategies, and the role of unbiased advice in the success of any enterprise.
Tom Reaoch, widely known as the "King of Networking," is a motivational speaker, author, podcast host, and business mentor. With extensive professional experience in Brazil and globally, Tom specialises in helping individuals increase their profits through strategic relationships. He is the author of the book Seja Executivo e Não Executado!, where he shares valuable tips and strategies for personal and professional success in an ever-changing world. As the host of the podcasts Café & Networking, Talk 2 Brazil, and BBN Brasil Business Network, Tom interviews entrepreneurs, business leaders, and startups, offering insights into business both in Brazil and internationally. Passionate about learning from and being inspired by the people he meets, Tom invites others to connect and turn their pitches into success stories. You can also follow his insights on networking, personal branding, motivation, and leadership via LinkedIn.
According to Robin, most business failures can be traced back to one simple problem: lack of planning. Entrepreneurs often get excited about their ideas, and after sharing them with friends and family, they rush into building a product or service without proper research. Robin emphasised that many budding business owners miss two critical questions:
Skipping this foundational step leads many businesses to launch with high hopes, only to face the harsh reality of market disinterest. Robin argues that the key to avoiding this pitfall is numbers — a concept many entrepreneurs struggle with.
Business, as Robin explained, is all about numbers. From profits and losses to conversion rates and overheads, numbers provide the backbone of any successful business. Yet, many entrepreneurs overlook this, especially those who are dyslexic or feel intimidated by numbers. Robin insists that this is no excuse.
For example, if an entrepreneur wants to generate $100,000 in revenue selling a $1,000 product, they must evaluate whether they can actually deliver 100 units of that product. Often, this simple calculation shocks business owners who realise they lack the capacity to meet their financial goals with the resources they have.
A crucial part of planning is understanding the balance between pricing and capacity. Robin shared a common scenario where entrepreneurs realise that they don’t have the capacity to sell the number of units required to hit their financial targets. In these cases, the solution often involves increasing the price of the product or service.
For instance, if a business can only deliver 20 units instead of 100, the price needs to increase accordingly — in this case, fivefold. This kind of clear-eyed calculation is essential for long-term sustainability.
Another critical point Robin raised was the danger of copying competitors. Entrepreneurs often look at other businesses in their industry, see their pricing, and assume that they must follow suit. However, Robin warned that this can be misleading. A competitor might appear successful, but without understanding their profit margins, business structure, or long-term viability, copying them could mean replicating their mistakes.
One of the most significant mistakes entrepreneurs make is relying too heavily on feedback from friends and family. While this advice may come from a good place, it's often biassed. Robin explained that friends and family might either enthusiastically support the business idea without fully understanding the challenges, or discourage the entrepreneur out of fear.
Instead, Robin advises entrepreneurs to seek out neutral, experienced voices. Coaches, mentors, and business experts bring an unbiased perspective to the table, providing valuable insights that can help avoid common pitfalls.
Robin Waite is known for his fearless approach to business coaching. He explained that his goal is to help business owners fear the aspects of their business that hold them back just a little less. A common example is pricing — many entrepreneurs are terrified of raising their prices, worried they will lose customers. Robin encourages gradual steps. He suggests testing higher prices incrementally to gather valuable data on customer reactions.
By creeping just slightly out of their comfort zone, business owners can learn to make bolder moves and develop the confidence they need to succeed.
Robin Waite’s conversation with Tom Reaoch highlighted some of the most common reasons why businesses fail and the strategies entrepreneurs can use to overcome these challenges. From better planning and understanding numbers to seeking unbiased advice and conquering fear, Robin offers practical, actionable insights that can help business owners build a more successful, sustainable enterprise.
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This Scorecard has been designed to show Coaches, Consultants and Freelancers their blind spots and provide instant, actionable steps on how to increase their prices.
