Learning from your biggest mistakes

[Karl Thew]

Well most of us know that some of the best learning is done through the realisation of mistakes.

I'm interested to hear from some of the more experienced businesspeople on this forum share their biggest mistakes, and what they learnt from them.

[Paj]

Hi Karl,

My biggest mistake was when I was setting up a franchise with a friend many years ago. The issue we had is that we did not set down at the beginning the business structure and who was responsible within the structure. We kept crossing over into each others area of work. We are still friend but I learnt a valuable lesson.

Peter

[stevenhudson]

Hi Karl

Not sticking to the plan……the old saying goes if you don’t have a plan then you plan to fail…..my mistake is not so much as not having a plan but sticking to it……hence on the white board written at the top in big letters “STICK TO THE PLAN”.

[Karl Thew]

Hi Karl,

My biggest mistake was when I was setting up a franchise with a friend many years ago. The issue we had is that we did not set down at the beginning the business structure and who was responsible within the structure. We kept crossing over into each others area of work. We are still friend but I learnt a valuable lesson.

Peter

I am yet to go into a business venture with a partner, but I can imagine it would be very hard to learn to work together, and allow each other to look after separate parts of the business. I think it's kind of what has put me off doing it that way

[Karl Thew]

Hi Karl

Not sticking to the plan……the old saying goes if you don’t have a plan then you plan to fail…..my mistake is not so much as not having a plan but sticking to it……hence on the white board written at the top in big letters “STICK TO THE PLAN”.

I have to agree on that one. It is very easy to veer away from the plan. I also believe that your plan needs to have a level of flexibility to alter the strategy to suit the market, without completely changing the plan

[Lori]

Sticking to the plan is so very important. But not only that, TAKING ACTION on the plan is a big one for me. I have been a bit of a procrastinator and not so good with decisions, so while I'm not decision making, time flies by, my thoughts are in the right frame and nothing happens!

"Never confuse motion with action". Benjamin Franklin

Love the whiteboard idea Steven. I have affirmations, sticky notes and a vision board on my desk and in my office. I'm even about to get a tattoo reminding me to take action! Words I live by and it's changed my life.