The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

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

JWM

Bronze Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
147%
Apr 14, 2018
81
119
Australia
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.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

Champion

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
103%
Apr 12, 2019
682
701
Hamburg, Germany
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

Mamba Mentality!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
221%
Feb 4, 2018
340
751
32
Estonia
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!
 

ZCP

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
336%
Oct 22, 2010
3,952
13,267
Woodstock, GA
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.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

JWM

Bronze Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
147%
Apr 14, 2018
81
119
Australia
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?
 

JWM

Bronze Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
147%
Apr 14, 2018
81
119
Australia
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.
 

JWM

Bronze Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
147%
Apr 14, 2018
81
119
Australia
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.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MitchM

Act. Then Adapt.
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
228%
Nov 15, 2016
490
1,116
28
Atlanta, GA
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.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top