What Was Your Biggest Mistake In Starting Your Own Business?

Users who viewed this discussion (Total:0)

Small to Feds

MVP
Member
Top Contributor
Joined
Jul 2, 2017
Messages
147
Likes
230
Points
43
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.
 
Joined
Mar 28, 2018
Messages
11
Likes
14
Points
3
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.
 
Joined
May 27, 2018
Messages
14
Likes
21
Points
3
I'm with Bolton. I did not start taking meaningful action quickly enough. Too much analysis, and not enough direct action.
 
Joined
May 16, 2018
Messages
46
Likes
6
Points
8
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.
 
Joined
Sep 14, 2017
Messages
24
Likes
14
Points
3
With a tight budget, it was hard to proceed my business further. Though we took great decisions. We didn't' have much luck though.
 
Joined
Jun 21, 2018
Messages
22
Likes
13
Points
3
My first mistake was not moving out of the basement and buying a real building.
My second mistake was not buying the top of the line machines the first time.

Both items slowed the speed of our growth.
 
Joined
Jun 26, 2018
Messages
12
Likes
6
Points
3
Not realizing that time and budget are my two biggest enemies!
I wish I could go back in time to give myself this advice....never start a product from scratch if you're a startup, believe me there are so many options available now just make sure you utilize them wisely.
you could save both time and budget by hiring a team of experts or freelancers to make your product or best option you could acquire a white label dispatch software to do the work. if interested you can check out Cab Startup to get to know about white label solution.
 
Joined
Jun 24, 2018
Messages
8
Likes
5
Points
3
I had made a lot of mistakes. Did business without planning, research and without sufficient capital, lack of patience even without skill and research, and failed every time drastically, Now online I am putting effort, knowledge and have patience because this is my passion. In the past businesses, the failing reason was an absence of passion.
 
Top