What mistakes have you made in business?

[Brendan]

I was offering some advice over at the flying solo (http://www.flyingsolo.com.au/forums/starting-business/1865-getting-my-idea-ground.html) forums earlier today and it made me think that the way other learn is from other peoples or their own mistakes.

For example, if you stopped trying to ride a bike as soon as you fell off, you would never learn to ride that bike.. business is the same.

So, lets offer some advice to others that we have learnt along the way, and hopefully help others not repeat the same mistake.

As per the advice I gave the chap who wanted to start his t-shirt business, my advice is to not over capitalise without understanding your market.

Ask yourself these questions;

- Would the market you target buy your product over your competitors, why? what is so good an unique about your product? what is your USP (unique selling point)?
- Have you researched your market and asked them if they would buy your product, rather than just a hunch? And I don't mean ask friends of family, ask strangers, potential purchasers, shops that sell your idea/product targeted to your market..

The key to a successful startup is understanding your market, what they want, how they want to get it, and how they want to pay for it. - and then give them just that!

[Slade]

Great Idea Brendan.

One of my first pieces of advice I was given was simple, TAKE ACTION!

Don't just sit on your hands and expect everything to come to you and just happen, you need to go out there, take action and make it happen.

Procrastination is very harmful to success

[chimeracc]

My mistake was not understanding about websites and not knowing what design I want for my website. I wasted $3k on a site. Once it got launched I realised it wasnt shopping friendly. Threw it completely away as the developer was inhouse and using their own program. I spent another $3k with a freelance website designer from overseas. I want to make upgrades to my site but Australian designers cost too much and overseas designer can be hard to communicate with. Im still battling through this issue right now.
So my word of advice is do your research, look around for your ideal website, take your time in choosing a website designer and find a reliable designer who is going to be there to support you in the long run.

[chimeracc]

The most common mistake I think people make is thinking they can get rich fast. Sorry to say but "theres no elevator to success, you have to take the stairs" :-)

[chimeracc]

I have started my own blog to share my experiences with everyone Aspiring Entrepreneur! (http://aspiringentrepreneurs.blogspot.com/)

[Brendan]

Blog looks great, are you going to put it on your own domain as opposed to having a blogspot domain?

[JamesGG]

The most common mistake I think people make is thinking they can get rich fast. Sorry to say but "theres no elevator to success, you have to take the stairs" :-)

Define 'fast'...?

[Brendan]

The most common mistake I think people make is thinking they can get rich fast. Sorry to say but "theres no elevator to success, you have to take the stairs" :-)

I would more liken the path to a roller coaster..

[chimeracc]

not sure yet.. so busy just doing this for fun so havent thought more about it yet. lol

Have u got a blog too? Im still waiting for quote for ur request..coming soon .. Sowi :-/

[chimeracc]

fast means no roller coaster lol

[justinsigns]

Biggest mistake I made was to keep an unproductive employee on for the sake of needing someone there rather than do a few more hours a day myself. Cost me alot of money, time and a customer that was with me for 6 years.

After losing that customer I woke up to myself and let him go and now business is great with my own interest rekindled in the business.

I got lazy and started to lose a bit of interest.

[Oztrepeneur]

I think not being 'brave' enough. Like most, I am rather risk adverse. I think there are times I should have just 'gone for it'

[chimeracc]

I did a brave thing this week. I quit my daytime job to focus on my business!!!! So excited yet so scary :-P

[Brendan]

I did a brave thing this week. I quit my daytime job to focus on my business!!!! So excited yet so scary :-P

That's fantastic news.. and shouldn't be in the mistakes section of this site..

I think you need to start a new thread and tell us about how you made the decision to run full time!

[justinsigns]

Good stuff, it is a hard decision to leave your job.

I am sure you you will do well from it.

[abd]

Hmmmm business mistakes, were do I start :)

I think a common one with myself is not being patient. I often have to remind myself that I need to keep enthused for longer then 6 months if i want things to get off the ground.

[lelah_jones]

I think the key to a successful start up is understanding your market, what they want, how they want to get it.

[firstmillion]

My biggest mistake is: Planning a lot and not taking any action. This year, i have decided to take action :)

[thirdisa]

Not taking enough risks and missing out on the good opportunities by playing 'too safe.' I hope it changes this year.

[silkinteriors]

I made two errors this week worthy of a serious scolding.

1. Set up a GoogleAd with a typo in the URL
2. Put our an email address on our website from a business we closed down TWO years ago :confused:

I've learnt an important lesson - pay attention to the detail. And don't do detail at 10pm at night!

[Nicholas Kemp]

Hi there,

I think the biggest mistake I have made several times in the past is in NOT THINKING BIG ENOUGH.

I now try to see mistakes as valuable lessons. The more you make the more success you will have

Check out this video. I am sure some of you have seen it, but it is very inspiring:

http://www.youtube.com/watch?v=OLN2k0b3g70

Cheers,

[aande61]

I think there is too much expectation to make money with 'services' on the web and not enough 'products' ( and the financial investment required). I m afraid just selling on and offering web design etc is very limited as so many people are doing it. You have to have something more original, research it and take the financial leap.