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What mistake has led to the biggest improvement in business for you?

JWM

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I hope for this thread to be continuously added to over time to show mistakes are being made everyday in our daily pursuits and how we learn from them.

Being in the early stages of my current business project, many mistakes are being made and learned from on the regular. I ensure there is a lesson learned from these mistakes and some are more valuable than others.

What mistake have you made that has led to the most valuable change to your business, process or goal you are trying to achieve?

As for me, due diligence in my decision making process. I blew money on an early business opportunity where I had not done my research and allowed emotion to take over. Due diligence and proper research is essential, im glad i prioritised it early.

I would love to hear what your mistakes have been.
 

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Champion

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For me it was being sued by 2 lawyers simultaneously for having incorrect/incomplete terms & conditions on my ebay listing.

The whole thing ended up costing me around 3000 dollars (which was a lot of money for me at the time) as well as a few sleepless nights and lots of stress.

It taught me to never skip or take shortcuts in business and to always build your business through a limited liability entity.
 

Strm

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When I started with my first project I thought that B2C customers need and want to know all the boring detailed info about the products. But mostly they don't. I didnt got much feedback because most of them didn't care. That made me work on my copywriting and presentation skills, which has been invaluable. Emotions have huuuuge part in business. Lesson learned!
 

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Nearly losing the company because we extended too much credit to a client that eventually folded in the crash. Now we get deposits / money upfront / really chase our A/R.
 
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JWM

JWM

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For me it was being sued by 2 lawyers simultaneously for having incorrect/incomplete terms & conditions on my ebay listing.

The whole thing ended up costing me around 3000 dollars (which was a lot of money for me at the time) as well as a few sleepless nights and lots of stress.

It taught me to never skip or take shortcuts in business and to always build your business through a limited liability entity.
That sucks, especially in the early days. Do you mind me asking what it was that was incorrect in your T&C? I understand if you want to keep that private?
 
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JWM

JWM

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When I started with my first project I thought that B2C customers need and want to know all the boring detailed info about the products. But mostly they don't. I didnt got much feedback because most of them didn't care. That made me work on my copywriting and presentation skills, which has been invaluable. Emotions have huuuuge part in business. Lesson learned!
I'd agree woth that. Just yesterday I was looking for a new mobile phone as I require a dual SIM. I noticed the product pages only showed the flashy images and fancy cameras etc. The specs for the phone were hidden away down underneath all that and had to be expanded. I guess that fits in with wjat you're saying.
 
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JWM

JWM

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Nearly losing the company because we extended too much credit to a client that eventually folded in the crash. Now we get deposits / money upfront / really chase our A/R.
Yes, thats something we ensure we do before any work commences. Although we only take deposits based on the type of work and the cost of the job.
 

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I’ve made most of my big mistakes in importing.

Number one lesson I’ve learned is don’t view the discounted quote for freight that you get from your supplier as final.

Of course I knew that I would be hit with customs... I had already calculated it.. what I hadn’t calculated was that the warehouse it went to would be incompetent, hold my inventory for weeks, charge me thousands of dollars for overtime storage, and throw exorbitant fees on to every single little thing they did.

I spent about $5k extra on that one shipment - and it was a small shipment.

So, now I just keep it simple and use Freightos. I also get all of my labeling done by my supplier now too... which I should have just done from the beginning.
 

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