What mistakes have you made in business?

[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.

[Barbaragabogrecan]

I think the biggest mistake i ever made in business was that i didn't give much time to it for establishment, now at this point of time i realise besides suffering from heavy losses i should have given some more time to it. I was naive at that time when i first jumped into my business.

[janettfung]

not quick enough in getting VC money.
the economic environment is worse for small business. Need to get quick money to get established

[Rigmonkey]

In the early days, it had to be not tying customers into a binding contract and getting knocked for money on my writing. I only have two customers on my books that aren't contracted now because I've learned to recognise the goods guys, the bad guys and everything else inbetween. One is an Australian client who made all the right noises in the very first mail I received from him and I knew he was the real deal straight away. Earned my respect within seconds and our business relationship has never looked back.

The other is an English lad who went out of his way to review a single project I completed for him on an advanced payment agreement despite the fact I never asked him to do it. He's not only a customer, but has also grown into a close personal friend.

Everybody else gets the standard contract. It protects my work, guarantees my income and sends the rip-off merchants running to the hills.