7 Mistakes to Avoid When Starting Your Business

by | Apr 16, 2018 | Podcast | 0 comments

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Episode Brief Description

There are many pitfalls that come when starting a business.  In this episode, we talk through 7 that you should seek to avoid.

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Key Insights & Timestamps

  • [00:53] – Welcome
  • [04:10] – Assuming your idea is great idea
  • [07:50] – “Ask those tough questions first.” – Tom
  • [08:36] – “I was the Dream Crusher.” – Ariana
  • [09:13] – Don’t sweat the small stuff
  • [13:22] – Getting your personal finances in order first
  • [15:58] – If you are not good with personal money, odds are you will not be good with business money, either – address this beforehand
  • [17:54] – Not getting your spouse or significant other on board
  • [18:26] – “You are going to create a lot of extra issues on top of business issues if you don’t approach the subject with your spouse first.” – Ariana
  • [22:50] – Underestimating how difficult owning a business will be
  • [25:20] – Not knowing why you are starting in the first place
  • [28:01] – Not knowing where to find your customers
  • [33:29] – Homework
  • [35:22] – Toms Bookshelf

Your Homework

Ariana’s Homework

Tom’s Homework

  • Go through this list of 7 mistakes and see which ones you are currently doing. See where you could better focus and re-adjust.

Tom’s Bookshelf

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Key Insights

  • Covering the top 7 mistakes many new businesses face
  • Assuming the business idea is a great one, without proper research beforehand
  • Sweating the small stuff
  • Not taking the time to get personal finances in order first
  • Not talking through plans with spouse or significant other
  • Clearly understanding how difficult it will really be
  • Not clearly understanding WHY you really want to own a business in the first place
  • Not knowing ahead of time where you will find your customers

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