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What Was Your Biggest Mistake In Starting Your Own Business?

Discussion in 'Planning Your Business' started by Small to Feds, Feb 24, 2018.

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  1. Small to Feds

    Small to Feds MVP Member Top Contributor

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    For me it was in not realizing that we all must deal with our personal value systems in business ownership.

    I spent 36 years in the Military Industrial Complex and learned a great deal from the large and small companies for whom I worked. This permitted me to be quite successful in my own consulting firm for 10 years at the end of my career.

    But I found that I did not have the gut desire to become rich and I always paid everyone else before I paid myself - not necessarily a recipe for success. My value system was not suited for small business ownership.

    The most fulfillment I have had in my professional career has been in forming my own non-profit organization in retirement to assist veterans and small businesses free of charge and supporting two other organizations in doing so.
     
  2. Julia Sta Romana

    Julia Sta Romana Member

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    Worrying about everything that could go wrong. It made me indecisive and afraid to make meaningful decisions.
     
  3. Chiedo

    Chiedo Member

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    My biggest mistake was starting and growing entirely focused on the service I was providing with the primary focus as opposed to the people I was providing the service for as the primary focus.

    We used to do work for EVERYONE.

    I'm your typical story of geek gone entrepreneur. It took me years before I realized I needed to focus on defining a target audience instead just doing work for anyone who would pay.
     
  4. Bolton

    Bolton Member

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    Not taking enough action at first.
     
    Mike Branton likes this.
  5. abdulkaddir

    abdulkaddir Member

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    Well in my opinion my mistake was to handover extra rights to employees and then getting played by them.
     
    Mike Branton likes this.
  6. Brad Young

    Brad Young Member

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    To lease ownership over key business responsibilities to my first hires...
     
    Mike Branton and Peyton White like this.
  7. Peyton White

    Peyton White Member

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    I agree with you Brad Young. It will be a bit risky to lease. This will add only to a burden in managing a business.
     
    Mike Branton likes this.
  8. Mike Branton

    Mike Branton Member

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    I'm with Bolton. I did not start taking meaningful action quickly enough. Too much analysis, and not enough direct action.
     
  9. Daniel Jameson

    Daniel Jameson Member

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    Everybody makes mistakes, especially when someone starting a new business. When you are starting a new business, there are so many things you need to consider before moving further.
    Some of the big mistakes happen while you are starting a new business like hiring in a hurry, Taking On Projects I Didn’t Love, Making Important Decisions Too Quickly and so on.
     

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