What mistakes have you made in business?

[Brendan]

I was offering some advice over at the flying solo 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!

[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