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What Is Your Biggest Blunder As An Entrepreneur?

Discussion in 'General Business and Entrepreneurship' started by T J Tutor, Apr 14, 2016.

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  1. T J Tutor

    T J Tutor Member

    So, as a business person and entrepreneur, what is your biggest blunder ever?

    For me, I have to say it was not keeping one of my companies in the 80's on a path of constant change. I allowed the company to locked in on a narrow product line that was aging along with legacy clients in the computer industry. I didn't react fast enough to changes in the industry and had to turn it over to my junior partner.

    I spent a year reflecting on how this happened and it was a hard set of lessons learned for me. I am a bit obsessive now as a result. I am constantly staying ahead of the curve these days and sometimes I have to stop and take a breath when I get hypervigilant.

    What's your biggest business blunder?
    Ladyferoz likes this.
  2. Corazon

    Corazon Member

    When I was peddling clothing items to my colleagues in the office, I gained confidence that's why I put up a boutique in front of my husband's ancestral house where we stay. A week after the launching, we immediately noticed the lackluster reception of the populace. And it did not reach a year before we closed shop.

    My biggest mistake is the lack of plans. I didn't have any plans whatsoever. Since I had a supplier and the boutique is the retailer, I thought clients will come in naturally. Looking back, a good research on the market will greatly help in the strategy of the marketing. But mere lack of clientelle means it is not a good venue for a business.
    Ladyferoz likes this.
  3. pwarbi

    pwarbi Member

    I'm sure we can all point to things in the past that looking back we wish we had done differently.

    My biggest regret is not dealing with a potential client because he was rude and obnoxious at our first meeting. He turned up late, insulted one of the girls in the office, looked down at our operation as if he could go elsewhere and it was us begging him for work, when in fact he needed us more.

    After that meeting I pulled the plug on the deal and refused to do business with him again. Unfortunately for me, that backfired as his independent car dealership that he owned, was bought out by one of the biggest dealers in the land so the amount of work we could have got off them would have been more than all our other clients put together.

    I like to think back and see it as I stuck to my principles of not working with an ar**hole but at the same time by doing that deal we'd have been a lot better off financially.
  4. JohnHolling

    JohnHolling Serial entrepreneur, Investor, Mentor Administrator Moderator Member

    @pwarbi That's an interesting story. It's ironic, because some of my biggest mistakes have been catering to people who I should have "fired" as clients. I have learned that it takes up so much more time (and that time is hard time!) to deal with unreasonable people.

    Your story of it coming back to bite you is a bummer but definitely not typical. It's important to give people plenty of chances, but at some point, cutting ties with a person who is toxic is better for everyone.

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