Biggest Epiphany and Biggest Mistake

[nradam123]

I am new to this forum and I find a TON of value here. I feel an overwhelming sense of positivity as i read the threads here. I am glad that I found this resource and the book, and i hope to contribute to the community as well.

Basically I wanted to make a thread where you guys answer 2 questions.

1) What was the biggest mistake you made when you began business?
2) What was the biggest epiphany (Or AHA moment) that changed your game when you began business?

I think these questions will help a lot of beginners avoid traps that they might be making. Also care to elaborate if you have the time.

Regards
Adam

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[SteveO]

Biggest mistake was getting caught in a downturn while highly leveraged.

Biggest epiphany is that the market swings wildly. Buy low when NOBODY thinks it is a good idea. Sell high when EVERYONE says to hold on. Buck the trends...

 

[Deleted20833]

Biggest mistake: not making finding a mentor a priority
Biggest epiphany: Stop caring what anyone who isn't important thinks about you (easier said than done)

 

[nradam123]

Biggest mistake was getting caught in a downturn while highly leveraged.

Biggest epiphany is that the market swings wildly. Buy low when NOBODY thinks it is a good idea. Sell high when EVERYONE says to hold on. Buck the trends...

I have zero idea about stock market. I have read the book "Fooled by randomness" by Nassim Taleb and it was an amazing read, but also made me think twice about jumping into shares.
All i know is 2 things my friend said - he never predicts the market and always just follows it. Plus he sells before market crashes and buys at the bottom.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[nradam123]

Biggest mistake: not making finding a mentor a priority
Biggest epiphany: Stop caring what anyone who isn't important thinks about you (easier said than done)

Hmm.... interesting.
You see, I took this live fast, die fast jump 5 months ago and quit my job with 4-5 months of savings and now I am living quite... with limited resources :/

One of the greatest doubts I have is "Am i doing this right?". I keep jumping and dabbling around different ideas. I know that I can be wasting my time, I dunno. Do you recommend that I should find a mentor? Like how badly ...

 

[AgainstAllOdds]

Biggest mistake was trying to force a winner because I thought there was value when the market was telling me there wasn't.

Biggest epiphany: the best money is in industries with the least glamour.

 

[Dwight Schrute]

Biggest mistake: Trying to be perfect on the first try. Avoiding mistakes = Avoiding feedback

Biggest epiphany: other people's money, other people's resources

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Ninjakid]

Biggest mistake: chasing money. That led me to a bunch of other dumb decisions which included starting businesses for the sole intent of making money, and quitting my job which was my only source of income at the time when I knew nothing about business, but thought I did.

Biggest epiphany: Dollar amounts aren't as significant as the scale and value of a business. "It's not about the money, it's about sending a message." -The Joker.

 

[Charnell]

Biggest mistake: Hitting an awesome wave, and instead of making it bigger, coasting on it until it hit the shore. In other words huge boost in income and sitting back instead of continuing to do what was working.

Biggest epiphany: I'll tell you when I get one worth sharing.

 

[nradam123]

Biggest mistake was trying to force a winner because I thought there was value when the market was telling me there wasn't.

Biggest epiphany: the best money is in industries with the least glamour.

Awesome. Sometimes you have to drop an idea which you are in love with just because the market is not accepting it huh? I hate heartbreaks but sometimes you gotta go through it.

Biggest mistake: Trying to be perfect on the first try. Avoiding mistakes = Avoiding feedback

Biggest epiphany: other people's money, other people's resources

Gold. I also agree with the mistake. I think my perfectionism is a form of escape, I do it even with playing Guitar when someone ask me to. Thanks for reinforcing the idea. And the epiphany ... hmm, can you elaborate on that? I feel like thats more of a taking Vs giving thing. Lets say you get an investor, you have to exchange 30% of your company for their financial support. I feel like everything is an exchange, from money to relationships.

Biggest mistake: chasing money. That led me to a bunch of other dumb decisions which included starting businesses for the sole intent of making money, and quitting my job which was my only source of income at the time when I knew nothing about business, but thought I did.

Biggest epiphany: Dollar amounts aren't as significant as the scale and value of a business. "It's not about the money, it's about sending a message." -The Joker.

You just scared my a$$ off
I am on your mistake boat right now, but I am not going to give up. One positive thing is that I am in India and I can live with relative ease here without money for the time being because it is not as expensive as in other countries.

Biggest mistake: Hitting an awesome wave, and instead of making it bigger, coasting on it until it hit the shore. In other words huge boost in income and sitting back instead of continuing to do what was working.

Biggest epiphany: I'll tell you when I get one worth sharing.

I understand your mistake bro. I had a similar thing with my first business. And good luck with finding the epiphany

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Dwight Schrute]

I do it even with playing Guitar when someone ask me to.

Haha, I feel ya. Drummer here.
A few years ago, every time I got asked to play a solo, I tightened up and went from "playing" the instrument to "working" it.
It's essential to relax and stop giving a shit.

And the epiphany ... hmm, can you elaborate on that?

Sure!
No need to think all that far into investors and banks...

For example:

Pre-sell your idea online.
Set up a net30 agreement with your producer.
Boom.

None of your money spent(except maybe a little in the presell), other people's resources used.

 

[OscarDeuce]

Biggest Mistake - Saw the .com crash coming years out, did nothing to alter my course, and took a drumming.
Biggest Epiphany - It doesn't matter what the rest of the world believes, if your analysis points the other way, head that way. You're probably right - it's okay to be a contrarian.

Cheers,
O-2