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Learning from your business mistakes

Discussion in 'General Business' started by ChrisHeggem, Mar 23, 2011.

  1. #1
    As humbling as making a mistake can be, it can often provide a great learning experience (even for others).

    I think it would be helpful for the group to share mistakes that they have made or have witnessed and share the lesson learned. Who knows, sharing your experience might help others from making the same mistake. :)
     
    ChrisHeggem, Mar 23, 2011 IP
  2. techslip

    techslip Peon

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    #2
    I think a lot of businesses make the mistake of not listening to the customers who have negative feedback. Negative feedback should be encouraging and a way to figure out what your business is doing wrong and how you can improve it. Customers are always the #1 priority because they earn you the money.
     
    techslip, Mar 24, 2011 IP
  3. Justin_Dupre

    Justin_Dupre Peon

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    #3
    I learned to do a better research of demographic target and the keyword before jumping in a new niche. I witnessed a lot of beginners making the same mistake of not taking action, inpatient, and not knowing how to cope with information.
     
    Justin_Dupre, Mar 24, 2011 IP
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  4. seankaye

    seankaye Peon

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    #4
    My biggest mistake was letting my business become something I didn't want it to be because "that's what was supposed to happen"...

    Basically had a good, small software company with 4 people and a comfortable income. Our product took off and customers started demanding more. This was when I should have gotten out, instead we made a massive re-investment in re-writing the system from scratch. We went from 4 to 60 staff in under twelve months. The business was making more money, the product was doing well (like all software, it was a difficult birth) and I was miserable. I was working 16 hour days, not taking any vacations, eating badly, not exercising and ignoring my family.

    I then just mentally checked out. I didn't care anymore, I'd go in my office and close the door all day. It wasn't the business I wanted to run and it made me a person I didn't want to be.

    So I got out... It has taken me a year to recover.
     
    seankaye, Mar 24, 2011 IP
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  5. MayaLocke

    MayaLocke Peon

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    #5
    The biggest mistake I have made is to choose too narrow or too large of a niche. I think determining the size and potential of a market before you start is critical.
     
    MayaLocke, Mar 28, 2011 IP
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  6. ChezBiz

    ChezBiz Peon

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    #6
    I'm an SEO. I think the biggest mistake was missing major keywords and having to go back to fix the site architecture (this was a long time ago). Prepare prepare prepare!
     
    ChezBiz, Mar 28, 2011 IP
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  7. REGroupCA

    REGroupCA Peon

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    #7
    I also think that mistakes are out best teacher. We learn a lots from our mistakes and never try the thing in future.

    Thats why mistake is also a good thing.
     
    REGroupCA, Apr 1, 2011 IP
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  8. Seiya

    Seiya Peon

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    #8
    "theRealKiyosaki Robert Kiyosaki
    To be successful faster, you must fail faster. Failure leads to success."

    Very true, just remember the lessons learned and don't be afraid of failing. One of my own biggest mistakes I tell everyone about is not being careful who you outsource work too... cost me dearly!
     
    Seiya, Apr 3, 2011 IP
  9. supernoobice

    supernoobice Peon

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    #9
    Great lesson man. I think I somehow understand how you feel. I don't like it when the vision I want for my business is being criticized by other people. In the end, its me that's going to be handling it in a few years time. And loving your business and work - life balance in general is something that most people forget once the money starts rolling.

    The biggest mistake I made so far probably is hiring mediocre employees.
     
    supernoobice, Apr 3, 2011 IP
  10. john newland

    john newland Peon

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    #10
    I didn't do what I needed to do. I had started a business in sales training. In order for me to have been successful, I needed to do a lot of prospecting and cold-calling. I allowed the negativity of my family members regarding cold-calling to keep me from calling out as actively as I needed to.

    My lessons are (1) there will sometimes be loved ones that are negative, and seem to want you to fail. Do not allow them to affect the decisions you make!!, and (2) you most likely know exactly what it takes to make your business successful. Do that, regardless of anything else. make it successful!
     
    john newland, Apr 4, 2011 IP