Worst Business Mistake to Date

**Gene** · 02-01-2009 11:49 AM

What's the worst mistake you've made in business up to this point?

**Shadesz** · 02-01-2009 11:52 AM

Being scared to mess up.

Oh, and mixing biz with family.

**buynick** · 02-01-2009 01:48 PM

Not reinvesting profits back into the company and remaining stagnant when things were doing good. Always be improving!

**SIMPLEROBB** · 02-01-2009 01:49 PM

Not making enough mistakes.

**Gene** · 02-01-2009 02:27 PM

Yeah, that sounds like it could be easy to do. You get into a good position, and you think you've got it made, and begin becoming obsolete.

Originally Posted by buynick

Not reinvesting profits back into the company and remaining stagnant when things were doing good. Always be improving!

**Phranksizzle** · 02-02-2009 12:53 PM

I would say my worst was my location. But I guess it all worked out for the better. I'm getting a new location!

**LookingforSuccess** · 02-02-2009 03:01 PM

I would say my worst mistake was micromanaging, it only took one bout of flu to cripple my business as I had not structured it to operate without me.

**rogercbryan** · 02-02-2009 03:11 PM

Wow.. I've made so many it drives me nuts...

1- Singing contracts with vendors before testing their services (PepperJam - DO NOT USE THIS COMPANY!)

2- Not laying a proper financial plan before starting a new company. I budgeted $25K to start my book store and it took more like $60K to get it going. I was lucky I had the money or I would have had to close the store.

3- Thinking that I'm smarter then everyone else. I would never ask for help and when given advice I'd always do the opposite just to prove everyone wrong. I must have wasted 5 years with this attitude.

4- Working for someone for 4 years who always wanted to listen to my ideas but never wanted to make a move on any of them.

5- Trying to start and Internet Auto Auction using someone else's software. They closed six months into the project costing me and my partners $50K and giving us a bad name with a few clients. I think the manager we had on that project died of a heart attack three months later as well. Yikes... that might have killed him...

Well, in a quest to make millions we have to make a million mistakes... don't fret.. keep fighting and you'll make it!

**mthomas** · 02-02-2009 03:38 PM

Nice topic.

I'd say not starting soon enough--over-preparing with the planning and analysis and not jumping right in and starting the business.

**thebayareabeast** · 02-02-2009 05:01 PM

AT&T is robbery. nuff said.

**David.J** · 02-03-2009 02:24 PM

I don't consider anything a mistake just a learning curve!

**Gene** · 02-03-2009 02:53 PM

Another great way of putting it!

Originally Posted by David.J

I don't consider anything a mistake just a learning curve!

**srivijaya** · 02-03-2009 04:00 PM

Good question!

I could have taken less money out of my profits, than I did.

I have been lucky so far. However, considering I have only been for two years into business, I am sure there will be some 'learning curve'. I have this urge to experiment on new ideas. I am hoping God will help along the way and even if I do make mistakes, they are not going to be too costly.

To me, this is the year to watch out.

My family is supporting, which is another positive thing.

Srivijaya

**BrendanMcGann** · 02-03-2009 07:50 PM

not trusting my self enough

**TylerBakerllc** · 02-03-2009 10:41 PM

Purchasing a REIT interest on margin. It's been 2 years and cost me over a quarter million dollars. The money lost pales in comparison to what it cost me in lost time and wasted efforts. The money is the tangible aspect and you can recover from that. When a mistake contributes to lost time/productivity, that is when it really gets expensive. It's awful hard to run to Home Depot and buy some time... In my opinion, that's the worst aspect of any mistake.]

-Tyler