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Biggest Lesson From 2007

Discussion in 'General Entrepreneur Discussion' started by kimberland, Dec 31, 2007.

  1. kimberland
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    kimberland Bronze Contributor

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    Yeah, I know, another New Year's thread
    but I like to use this time of year
    to recap major lessons
    (mistakes of the day significant enough to become mistakes of the year).

    So what was your biggest lesson learned in 2007?
     
  2. kurtyordy
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    kurtyordy Bronze Contributor

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    always trust your gut no matter how many 'experts' are telling you it is wrong. (this only applies to those with seasoned guts with a track record. Newbie guts still need tested)
     
  3. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Focus, Focus, Focus, Focus.... oh, and I was forgetting... Focus.

    I applied this for the first time in my life (stopped looking at many many ways of making money and concentrated in the multis as my plan said I should). The results were positive.
     
  4. kimberland
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    kimberland Bronze Contributor

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    Okay, obviously I should list my own.

    My biggest was on partnerships.
    I had a few significant partnerships end this year.
    I "lost" two blog partners,
    I switched financial advisors,
    etc.

    I recently read a great article on chief restructuring officers
    http://www.reportonbusiness.com/ser...tory/specialROBmagazine/home/?pageRequested=1
    and a common refrain in it was that
    management doesn't react quickly enough to challenges.
    They wait too long.

    I was guilty of that also.
    I knew the partnerships were going to end
    but I held on, giving the situation/people "one more chance."
    It lost me readers, it lost me money, it gave me headaches.

    Next time when my gut tells me that's it,
    that's it.
    I move on it.
     
  5. Megan H
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    Megan H New Contributor

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    I learned that sometimes, no matter how much money is involved, it isn't enough to offset the negatives. I got really clear on what's important to me, and why.

    Megan :thumbsup:
     
  6. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    ALWAYS have a spare diaper and cleany wipes on hand! :)

    -Russ H.
     
  7. kurtyordy
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    kurtyordy Bronze Contributor

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    Russ that is a huge one. Another is to always have the spare ready before you remove the old one. Those little buggers love going when they feel the fresh air.
     
  8. Redshft
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    Redshft Contributor

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    Research a partner before doing business and don't let a failure scare you away from success.
     
  9. Yankees338
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    Yankees338 Bronze Contributor

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    I'd like to second andviv's lesson on FOCUS. This has been huge for me. I've started putting together plans and tried to get my ideas organized. This is tough for me because I'm usually lazy and procrastinate, but I've seen the results.

    And not just in practices related to business. In school, it's helped me immensely. I was always gifted in school, but always came up a bit short because I didn't finish my work or care enough to pay attention. The ability to focus is still something I definitely need work on, but I can see my progress already.
     
  10. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Correction:

    I was lazy and used to procrastinate (fake it till you make it, or neuro Linguistically program yourself) ;)
     
  11. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Yes, yes, yes! Such good lessons!

    I also heard a great quote the other day- "Thank goodness for brick walls! These walls keep everone from trying to do what you want to do. You can just look at a wall and realize how great it is because it will stop some people, but it won't stop you!"

    Other lessons learned:

    1. Focus is important. There is a fine line between being a great muti-tasker and being a total spaz.

    2. Organization is important- it is the crux of any serious business.

    3. Listening to what people say is critical if you want to stay in business and have happy customers. ...Not just keeping quiet until it is your turn to talk, but really listening.

    4. Focus on the expenses, not necessarily the income.

    5. A good business partner is the only kind of business partner to have!

    6. Watch your vocabulary. Is it a problem or a temporary situation? Is it an obstacle or an opportunity to check your attitude?
     
  12. S928
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    S928 Contributor

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    Three important things I learned: single families aren't the way to go (too expensive to maintain), seperate external influences from decision making, and finally count my blessings more often.
     
  13. tchandy
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    tchandy Contributor Read Millionaire Fastlane

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    I think the best line is to Just Do It like the old Nike commercial says. It is too easy to think about something and let it slip your mind. Write down what you want to accomplish and hold yourself to it. You'll feel much better in the morning.

    Tom
     
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  14. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    Kimberland - ditto. Those were very similar to my lessons too.

    We did a family "ceremony" last night - write down what is unacceptable and what we want to "don't do" and then burn them up in the fire pit. I had two: (1) Never let a weak person into the team again. I did it with partnerships and with people I tried to "rescue." It all backfired on me this year. The part I feel so badly about is that the people who stuck with me through all this had their lives made a lot harder because I kept dishonorable people and people who lacked courage around. They hurt the business and they hurt my family. (2) If I still feel the need to help someone in the future, just don't count on them to ever repay the money, repay the friendship or in anyway acknowledge the fact that I helped them. If by some chance, they do, it's a gift.

    I hate that those were my lessons because it sounds so bitter. I'm still struggling with that. But, man, i do not want a repeat of 2007 again!

    Oh, one more - hire services and expertise, don't create partners.
     
  15. kimberland
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    kimberland Bronze Contributor

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    Wow, you summed up perfectly my major life issue.
    I always tend to bring home strays
    (because I was once one and still often feel like one).

    I brought one into our home a few years ago.
    This year, I learned that this former guest stole his mother's identity
    and went on a major shopping spree.
    If he could do that to his own Mom,
    he could have done that to me... and my hubby.
    The thought that I put my security craving, hard working hubby at risk
    made me a little bezerk.

    I doubt I'll give up on my rescue missions
    (too much a part of me)
    but I won't ever again mix them with the people I care about
    and I'll protect myself first.
     
  16. tbsells
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    tbsells Contributor

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    My job is residential real estate sales. After several consecutive record years I began to take it for granted. I got lazy, overconfident.....a little lax in providing service to clients and customers. What used to be excellent service slipped a little, then a little more. In 2007 buyers were not plentiful and financing for them was hard to come by. It got alot tougher. I learned to not take business for granted and that the old adage "If we don't take great care of our customers someone else will" is very true.
     
  17. Redshft
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    Redshft Contributor

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    Follow
    One
    Course
    Until
    Successful

    An acronymn Robert Kiyosaki used in "Why We Want You To Be Rich" Coauthored with Donald Trump.
     
  18. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    My lesson: "How can I..." rather than "I can't..."
     
  19. dhuang
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    dhuang New Contributor

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    That absolutely has to be my lesson learned for 2007. I was going to venture into something that I wanted to do, but I kept doing research as to how I would accomplish it, and eventually let the research prevent me from doing.
     
  20. Andrew
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    Andrew Contributor

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    Delegation, its so easy to waste months sweating the small stuff when I should have been focused on scaling the business in all directions. I've resisted having too big of a team, but I am working on adding more employees for 2008.
     
  21. thecoach
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    thecoach Contributor

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    I made a ton of changes in 2006, so this was kind of the first full year of my 'new life' so to speak so I learned a lot. 3 lessons I learned this year...

    #1 - Started the year off great with my business and didn't think it was going to slow down, then it did....paycheques got smaller (by a lot) and money got really tight for a while. On the good months, don't forget to plan for the bad ones...

    #2 - Trust your guy instinct. Made a couple decisions this year, some worked out well and some didn't, but almost all of the 'right things' I should have done matched my initial gut instinct.

    #3 - Keep habits and systems. If it's working, keep doing it. Don't quit or coast becuase it's going well and you think you can take a break for a little while.
     
  22. camski
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    camski Contributor

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    Going hand in hand with the partner discussion, I learned that it is great to want to take others with you on the road to success, but you can only lead them. you cannot push, carry or drag them without them hampering your progress. Your will can only carry one person.
     

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