I've made a lot of money and lost a lot of money along the way. The true mark of a winner is getting back up and LEARNING from the mistakes...and not repeating them.
Here are 5 mistakes new business owners should avoid
1. Beware business coaches -There are a lot of individuals out there in your industry and niche that claim that they will make you filthy rich...if you just hire them and buy all their products. While some education can come in handy, especially if you are new to the game, there is no guarantee of getting a ROI from whatever you give them.
2. No, this MLM won't be different- I've invested in two MLMs. One, I made my money back and then some, since it was directly related to my main biz. However, if I had to do it all over again, I would have just manufactered the products myself. The second MLM was related to investment education, so I reasoned it was worth it...it wasn't. I could have learned the same stuff at the library and I'd be $3000 richer right now.
3. Money can't buy you Love- Once you get some cash in your pocket it may be easy to want to flaunt it. Bad idea. You will attract fake people that love your money, and not the real you. How do I know? Experience. Suits and luxury cars are great, but only get it when you can pay for it in cash.
4. All Business Owners are NOT created equal - There are a lot of networking groups out there, and its easy to get into going to networking meetings for 'business reasons'...let me illustrate this point with a story. When you are child and you can't swim, the public pool can be a mysterious, exciting, and incredibly intimidating place, but once you know how to swim, its not nearly as scary. In fact, once you can swim, you'll probably notice that out of everyone at the pool, there may be only two good swimmers, and they are hanging out at the deep end. A lot of business owners are simply hanging around in the shallow end of the pool. They don't have any innate ability you do not. You've got to overcome your fear of drowning and seek to learn from the guys swimming effortlessly at the deep end. Remember, at some point, you've got to dive in and start swimming.
The other lesson is to be aware of who you are surrounding yourself with -- get around warm, supportive people, and not haters or small minded, dream crushing chickens.
Masterminds are great for support.
5. Beware your Ego- Success can be your worst enemy. Keep finding people that are a little better than you at something and learn. There is always room to improve. Hire/work with the best people, not just 'yes' men and women.
Here are 5 mistakes new business owners should avoid
1. Beware business coaches -There are a lot of individuals out there in your industry and niche that claim that they will make you filthy rich...if you just hire them and buy all their products. While some education can come in handy, especially if you are new to the game, there is no guarantee of getting a ROI from whatever you give them.
2. No, this MLM won't be different- I've invested in two MLMs. One, I made my money back and then some, since it was directly related to my main biz. However, if I had to do it all over again, I would have just manufactered the products myself. The second MLM was related to investment education, so I reasoned it was worth it...it wasn't. I could have learned the same stuff at the library and I'd be $3000 richer right now.
3. Money can't buy you Love- Once you get some cash in your pocket it may be easy to want to flaunt it. Bad idea. You will attract fake people that love your money, and not the real you. How do I know? Experience. Suits and luxury cars are great, but only get it when you can pay for it in cash.
4. All Business Owners are NOT created equal - There are a lot of networking groups out there, and its easy to get into going to networking meetings for 'business reasons'...let me illustrate this point with a story. When you are child and you can't swim, the public pool can be a mysterious, exciting, and incredibly intimidating place, but once you know how to swim, its not nearly as scary. In fact, once you can swim, you'll probably notice that out of everyone at the pool, there may be only two good swimmers, and they are hanging out at the deep end. A lot of business owners are simply hanging around in the shallow end of the pool. They don't have any innate ability you do not. You've got to overcome your fear of drowning and seek to learn from the guys swimming effortlessly at the deep end. Remember, at some point, you've got to dive in and start swimming.
The other lesson is to be aware of who you are surrounding yourself with -- get around warm, supportive people, and not haters or small minded, dream crushing chickens.
Masterminds are great for support.
5. Beware your Ego- Success can be your worst enemy. Keep finding people that are a little better than you at something and learn. There is always room to improve. Hire/work with the best people, not just 'yes' men and women.
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You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
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