Thread: 5 mistakes new business owners should avoid

I've made a lot of money and lost a lot of money along the way. The true mark of a winner is getting back up and LEARNING from the mistakes...and not repeating them.

Here are 5 mistakes new business owners should avoid

1. Beware business coaches -There are a lot of individuals out there in your industry and niche that claim that they will make you filthy rich...if you just hire them and buy all their products. While some education can come in handy, especially if you are new to the game, there is no guarantee of getting a ROI from whatever you give them.

2. No, this MLM won't be different- I've invested in two MLMs. One, I made my money back and then some, since it was directly related to my main biz. However, if I had to do it all over again, I would have just manufactered the products myself. The second MLM was related to investment education, so I reasoned it was worth it...it wasn't. I could have learned the same stuff at the library and I'd be $3000 richer right now.

3. Money can't buy you Love- Once you get some cash in your pocket it may be easy to want to flaunt it. Bad idea. You will attract fake people that love your money, and not the real you. How do I know? Experience. Suits and luxury cars are great, but only get it when you can pay for it in cash.

4. All Business Owners are NOT created equal - There are a lot of networking groups out there, and its easy to get into going to networking meetings for 'business reasons'...let me illustrate this point with a story. When you are child and you can't swim, the public pool can be a mysterious, exciting, and incredibly intimidating place, but once you know how to swim, its not nearly as scary. In fact, once you can swim, you'll probably notice that out of everyone at the pool, there may be only two good swimmers, and they are hanging out at the deep end. A lot of business owners are simply hanging around in the shallow end of the pool. They don't have any innate ability you do not. You've got to overcome your fear of drowning and seek to learn from the guys swimming effortlessly at the deep end. Remember, at some point, you've got to dive in and start swimming.

The other lesson is to be aware of who you are surrounding yourself with -- get around warm, supportive people, and not haters or small minded, dream crushing chickens.

Masterminds are great for support.

5. Beware your Ego- Success can be your worst enemy. Keep finding people that are a little better than you at something and learn. There is always room to improve. Hire/work with the best people, not just 'yes' men and women.

Great post. These are some really valuable points. Number 1 and 2 yes, agreed. People go around calling themselves business coaches who never made a dime in business. And yes, every MLM will claim to be different, come with their own quirks and claim to be "unlike anything you've ever seen" or "unlike those other guys because of X, even though we do Y and Z almost exactly the same."

Excellent post Trent.

Unlike many, I don't hate MLM, but I don't really love it either. You work your tail off for a slim margin and then hopefully, make some money........eventually. But I don't hate them either. I am actually part of one presently, only because I can make a few bucks at it and don't really have to work all that hard. Its Amsoil. It's a product I use anyway. That said, it's the only one.

And while money can't buy you love, I have learned that if you daily drive a beat up Geo Metro, the only women that are willing to be seen in the car, are the ones that are just as comfy in the local trailer park. There are 2 ends to this spectrum. lol

Originally Posted by CEBenz

And while money can't buy you love, I have learned that if you daily drive a beat up Geo Metro, the only women that are willing to be seen in the car, are the ones that are just as comfy in the local trailer park. There are 2 ends to this spectrum. lol

LOL at the Geo Metro reference.

Originally Posted by Trent

LOL at the Geo Metro reference.

don't ask how I know.......

I told my friend already - if You want to meet a girl and find out her true self (and You have quite sum of money) then:
a) even if You have Lamborghini in Your garage - buy a car as normal as it can be and with minimum 10 years (perfectly, if it would be little damaged and chipped here and there) i.e. Toyota Starlet, Ford Fiesta
b) rent a small apartment witout luxuries so if You really want - You can get her there if You want or You can say that You live with Your mother (joke, better not)

Why is that? C'mon, You guys know it. It's of course for those, who seeks long-term relationship. If You're not - get You Lambo out, but in today's world it's always good to be step ahead and find out who's who really quick.

Maybe I'm too preventive, but if You have big time money You should carefully choose Your partner in this. I personally live by this so I don't have to think much later.

Originally Posted by ClintonSkakun

Thank god I'm a bachelor HAHA! I have a long term relationship with the person who loves me the most, ME!

But yeah, if you want a long term relationship, you have to look like the marrying type and drive a Honda.

Yeah, I have long term relationship too I wrote it because I found that since I have flashy car I get attention from other girls - for fun maybe it's good, but knowing that girl comes to e only because I HAVE something is really pulling me off.

So, Fastlaners, when You will get rich - appear scarce

while money can't buy you love, I have learned that if you daily drive a beat up Geo Metro, the only women that are willing to be seen in the car, are the ones that are just as comfy in the local trailer park. There are 2 ends to this spectrum. lol