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ENTREPRENEURIAL TRUTHS
My 6 Major Business Mistakes & 11 Valuable Lessons from 2024

As I navigated my journey in business, I realized that entrepreneurship isn’t a straight path; it’s a dynamic process that requires resilience, adaptability, and a growth mindset. Through years of experience in business development, strategic investing, and scaling startups, I’ve learned the critical importance of leveraging opportunities and making data-driven decisions. Whether it’s identifying profitable investment ventures, mastering financial management, or building strong business networks, every decision plays a role in long-term success. My journey has taught me that embracing failure, learning from mistakes, and staying committed to your vision are key drivers of sustainable growth and financial independence. If you’re passionate about business growth, smart investing strategies, and the entrepreneurial mindset needed to thrive in today’s economy, this is the roadmap I wish I had when I started.

 

𝐓𝐡𝐞 𝐯𝐢𝐝𝐞𝐨 𝐜𝐨𝐯𝐞𝐫𝐬 𝐭𝐡𝐞 𝐬𝐩𝐞𝐚𝐤𝐞𝐫'𝐬 𝐤𝐞𝐲 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐥𝐞𝐬𝐬𝐨𝐧𝐬 𝐟𝐫𝐨𝐦 𝐦𝐢𝐬𝐭𝐚𝐤𝐞𝐬 𝐦𝐚𝐝𝐞 𝐢𝐧 𝟐𝟎𝟐𝟒.

𝐇𝐞𝐫𝐞’𝐬 𝐚 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐢𝐱 𝐥𝐞𝐬𝐬𝐨𝐧𝐬:

 

𝟏. 𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐚 𝐒𝐞𝐜𝐨𝐧𝐝 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐓𝐨𝐨 𝐒𝐨𝐨𝐧: The speaker launched a second business before fully stabilizing the first, which led to distractions, loss of momentum, and eventual failure. The key takeaway is to focus on one business until it's automated and doesn’t require constant attention.

 

𝟐. 𝐋𝐚𝐜𝐤 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞: The second business, a lead distribution company, failed partly because it required technical expertise that neither founder had. Outsourcing core product development proved ineffective, highlighting the importance of having in-house expertise for technical ventures.

 

𝟑. 𝐎𝐯𝐞𝐫𝐜𝐨𝐦𝐦𝐢𝐭𝐭𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐚 𝐓𝐡𝐢𝐫𝐝 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬: Starting a third business—a digital advertising agency for painting companies—further diluted focus and resources. The failure reinforced the need to avoid diversifying out of boredom and to commit fully to one business at a time.

 

𝟒. 𝐎𝐮𝐭𝐬𝐨𝐮𝐫𝐜𝐢𝐧𝐠 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐀𝐝𝐯𝐞𝐫𝐭𝐢𝐬𝐢𝐧𝐠 𝐈𝐧𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲: Repeated attempts to outsource digital marketing failed due to budget mismanagement and a lack of foundational knowledge. The speaker plans to personally master digital advertising to manage and evaluate future outsourcing efforts effectively.

 

𝟓. 𝐏𝐫𝐞𝐦𝐚𝐭𝐮𝐫𝐞 𝐂𝐑𝐌 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭: Attempting to build a custom CRM system too early in the business lifecycle was costly and inefficient. The lesson learned is to rely on established CRM solutions until the business reaches a stage where custom development is truly necessary.

 

𝟔. 𝐖𝐞𝐚𝐤 𝐋𝐞𝐠𝐚𝐥 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭𝐬: Ambiguities in partnership contracts led to legal disputes, emphasizing the importance of strong, clear legal agreements. While prior contracts provided some protection, the speaker realized the need to improve legal literacy and ensure bulletproof agreements in all business dealings.

 

𝐎𝐯𝐞𝐫𝐚𝐥𝐥, 𝐭𝐡𝐞 𝐯𝐢𝐝𝐞𝐨 𝐫𝐞𝐟𝐥𝐞𝐜𝐭𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐜𝐨𝐬𝐭 𝐨𝐟 𝐝𝐢𝐬𝐭𝐫𝐚𝐜𝐭𝐢𝐨𝐧, 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐟𝐨𝐜𝐮𝐬, 𝐭𝐡𝐞 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐢𝐧-𝐡𝐨𝐮𝐬𝐞 𝐞𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐫𝐨𝐥𝐞 𝐨𝐟 𝐬𝐭𝐫𝐨𝐧𝐠 𝐥𝐞𝐠𝐚𝐥 𝐚𝐧𝐝 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐟𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐠𝐫𝐨𝐰𝐭𝐡.

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