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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

    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

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

    Chiedo Member

    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

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

    abdulkaddir Member

    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

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

    Peyton White Member

    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

    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

    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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