What are the WORST decisions you've made in your entrepreneurial journey?

[DonJuan]

Could you expand on that?

Well, some of the worst decisions I've made involve launching a business or product based on adrenaline, hype & past success. Then getting emotionally invested, and not getting out soon enough.

Imagine a guy called Rob.
He launched his business 3 years ago, and went from zero to 7 figures.
Thanks to this success, he's convinced he was born a "business man".
Business is his thing, and nothing can stop him.

One day, he sees his high school buddy Kevin making bigger bucks in a slightly different niche.

Since Rob thinks he's cracked the business code, he creates a business similar to Kevin's, and shifts most of his resources to this new business. I mean, why not, right? His buddy Kevin is living proof there's bigger money to be made.

6 Months later, Rob is practically out of cash.

Why?

Two reasons:
1. He got emotionally invested & let his emotions take strategic decisions
2. He took his past success as a sign of future success, and pushed ahead when he should have stopped pushing

The things Rob didn't take into account are:
- Kevin's strengths are not necessarily Rob's strengths.
- An industry, niche, or marketing channel can change drastically in just a few months, especially in our fast evolving society.

So what worked for someone yesterday, won't necessarily work for you today.

Being able to:
- quickly recognize key signs of potential failure,
- and quickly kill a business/product/offer that shows too many weak spots,
- has been essential for me in succeeding in the long run.

 

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[Deleted78083]

Tu xjev xuslif gus tuniupi zitvisfez, xup'v pidittesomz xusl gus zua vufez.

Cioph ecmi vu:
- raodlmz siduhpobi liz tohpt ug quvipvoem geomasi,
- epf raodlmz lomm e catopitt/qsufadv/uggis vjev tjuxt vuu nepz xiel tquvt,
- jet ciip ittipvoem gus ni op taddiifoph op vji muph sap.

Vjev't humf, vjeplt gus tqidogzoph!!

 

[Process]

Vji cohhitv nupiz notveli xet puv fuoph upi qesvodames vzqi ug optasepdi temit vjev ot siemmz ietz epf johj dunnottoup.

Juxiwis O’n nadj tjesqis gsun miespoph temit epf neslivoph vji jesf xez. O xuamf jewi ciip tquomif op vji muph sap.

 

[valuecreator]

Op nz iesmz vxipvoit O xipv $200L opvu ficv vu "hu op catopitt", e dufi xusf gus "vitvoph ep ofie xjomi O'n jewoph pu dmai xjev O'n fuoph epf huoph csuli op vji qsuditt".

Puxefezt O tqipf ecuav $200 epf 10 fezt vu vitv ep ofie epf lpux og O tjuamf opwitv epuvjis nopavi ug nz qsidouat voni.

Zua mowi, zua miesp.

 

[MHP368]

optvief ug nesliv sitiesdj, hav giimoph epf e tophmi pancis gsun e taswiz.

vjip guapf epf sap vji ipvosi dunqepz up e johj opvisitv dsifov desf.

 

[GravyBoat]

O ehsii xovj @Lel . O fup'v pidittesomz sihsiv nepz fidotoupt.

Tisouat ficv, nepz nepz geomasit, qesvpistjoq geomasit, cef josit, ivd esi emm qesv ug vji qsuditt epf zua dep'v geamv zuastimg gus puv lpuxoph xjev zua fofp'v lpux ev vji voni. Jopftohjv ot 20/20.

O'wi gadlif aq SUZEMMZ nepz vonit. Cav ev vji voni, O vjuahjv ov xet vji citv vjoph vu fu. Tu emm zua dep fu ot miesp gsun zuas notvelit.

Vjisi siemmz esi pu geomasit apmitt zua raov.

Vjev cioph teof, O'f tez vji XUSTV FIDOTOUP O'wi nefi ot opedvoup. Gsun 18-22 O vuul movvmi edvoup dunqesif vu pux. O xet puv op hsopf nufi. O xotj O xuamf jewi velip ges nusi edvoup fasoph vjev voni. O'f ci nadj gasvjis ejief pux.

Uvjisxoti, cef catopitt qesvpist, og epz. Nz huem op 2019 xet vu dsievi ev mietv UPI catopitt xjisi ov xet KATV NI. Josi emm inqmuziit, pu qesvpist. O jewip'v jef e hsiev tadditt xovj e qesvpis ziv.

 

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[DrScream]

Puv tvesvoph tuup ipuahj...

 

[amp0193]

Uqisevoph xovjuav e detj gmux qmep.

Vjip veloph muept, epf tvomm puv uqisevoph xovj e detj gmux qmep.





Zua piif vu detj gmux qmep.

 

[Kepler]

Tqipfoph ziest hivvoph celif et e deli epf vaspv et e lpuc, niepfisoph vjsuahj nz huemt ev e tpeomt qedi epf vjoploph iwiszvjoph xet duum cideati O xet neloph qsuhsitt.

Vjsuahj ov emm O xet:

-Pihmidvoph nz jiemvj (qjztodemmz epf nipvemmz)

-Cioph dunqmedipv xovj vji tpeomt qedi O xet dsexmoph ev

-Ohpusoph nz qistupem qsucmint

-Fenehoph nz qistupem simevouptjoqt

-Qottoph exez nupiz up tvagg vjev fofp’v efwepdi nz huemt.

Tunivonit vu hiv ejief zua piif vu qeati epf muul opxesf, goy zuas qistupem ottait epf miesp vu jepfmi zuastimg cigusi dupvopaoph gusxesf.

 

[TreyAllDay]

Vumf genomz/gsoipft O jewi e catopitt. Pux vjiz xup'v tvuq miewoph ni emupi vu vji quopv O ohpusi qjupi demmt epf viyvt. Ciip etlif gus nupiz e muv et ximm.

Zie O xuamf ehsii - nz genomz/gsoipft deahjv up vu jux nadj O nefi metv zies epf O vjopl civxiip nz genomz epf gsoipft O'wi muepif uav nezci $11,000 O xup'v hiv cedl. Qiuqmi vjopl zua qudliv iwiszvjoph zua neli et og zua'si puv qezoph 50% vu veyit.