Forums: Discussions for entrepreneurs and small business.

Hi-

I`m writing an article about the mistakes people make in business (as entrepreneurs) and would love to hear from SUN members about some of theirs.

Respond here, send me a private message or email me at rflavin @ megapathdsl.net

Thanks,
Ron

Money. Money is always the problem ... a lack of cash flow kills new businesses.

I started prototyping a product before I even had the design complete.  And since then, the design has changed some.  I now need to start over.  Basically, I blew a couple grand on a partial prototype that I won`t be using.

I was so gung-ho excited to make the dang thing that I moved to fast for my own good.  I chock it up to a lesson learned.

Ron,

Is this a book or an article? I think I could fill a book myself!!! However, I think I have learnt hugely more from the mistakes than the successes I have made.

I shall PM you.

Andrew

Agreed...along that same line was paying a CPA for an hour of his time ($250) for basically nothing. As a single person LLC, later I felt that TurboTax would have sufficed. Oh well...

Peter
psychicbazaar.com
Help without the hype

Had a bad experience working with family members. Definitely a good idea to avoid working with people close to you as oftentimes, losing a good pal isn`t worth the risk.




-------------------------

Green Minded Eco-preneur

www.solarcynergy.com | www.solarblvd.com

"an idea without action is a lost opportunity"

Some of my instincts were on target, some were way off the mark.  After more than a year in business, I started working with a business coach. Had I to do it over again, I would have brought her in early in the process.

But I agree with Andrew - I learned much more from my mistakes than my successes.

Loaded question... lots of mistakes made or Lessons Learned as I prefer to call them!  Not sure which to list here, but here are some... 

1. going in 50 different directions with no narrowed focus
2. spending more time focusing on a partner company`s biz model, rather than our own core biz model
3. assuming customers will sign up fast, so happily spending money fast in anticipation
4. providing tons of free services, time, products - to the wrong audience
5. drastically miscalculating how much money is needed to survive till the 1st customer check comes in

cheerio,

-m-

  It seems most of us reading this forum have made the same mistakes.  I agree with money as it is always an issue.  Here are some other mistakes I have made or as they have been called lessons learned.  BTW, I have been in business six months and have yet to turn a profit, so I am definitely learning as I go.

1.  Not realizing how much money it took to get started.

2. Expecting instant success.  Afterall, everyone buys on the Internet and eBay.

3. Did not plan far enough ahead and did not effectively anticipate potential problems.

4.  Finding a good supply of vendors, including dropshippers.

seniorbusiness

My biggest mistake is that, as cheerio said, provide tons of free services and time to the wrong clients.