Wednesday, September 10, 2014
Even the smartest entrepreneurs screw up
One gal started without a business plan and sold 80% of her equity for "peanuts." The office space she chose was not near her clients.
Another lesson is don't forget your spouse. The business owner traveled, ate nice meals, talked to interesting people while his wife languished at home with the kiddies. He created more weekend outings for the family.
One guy was offering analysis but without working for a client company, he did not know they did not have time to read all that stuff.
Yet another man was so tight with a dollar he had to fix every piece of equipment in his restaurant--time waster.
The owner of a podiatric medical center had so many rules and benchmarks, his employees could not meet any of the. He learned not to sweat the small stuff.
Check on contractors--one woman hired one so busy he never came over.
Always be selling--not just creating to sell later.
I published a newsletter called CHEAP RELIEF for 14 yrs. Once, I offered a free issue in a magazine called FREEBIES--if people sent a stamped envelope. Thousands did--and it was weird--little one-cent stamps with kittens all over them, utility envelopes turned inside out and reused--and I got no subscribers even though I spent $150 to print all those issues. Inserting them in these envelopes hurt my shoulder there were so many--we called it my Freebie Shoulder.
Oh, yeah--it dawned. The magazine was called FREEBIES--they weren't going to PAY.