My 3 Biggest Startup Mistakes (Cost Me Millions)
Alright, so here’s the deal.
Some entrepreneurs wear their battle scars proudly.
Not ashamed by any means. It’s just not a topic I’ve been racing to the studio to record.
Because as a mentor, there’s a responsibility I carry to be transparent about my biggest f*uck ups in the hope that someone smart will heed my warnings and save themselves the months of frustration (or millions of dollars) that I lost because of my own strategic blindspots.
Entrepreneurial alchemy is all about turning costly mistakes into profitable lessons.
And today, I want to give you the raw material for the former, in hopes that you’ll ONLY have to experience the fun part (the sound of your digital cash register going off).
From aggressively defending my vision to customers to sacrificing long-term stability for short term growth, I’ve made some pretty epic mistakes…
… and whether you want to laugh at my failures or learn from them (probably the better bet), I invite you to do so in the video below:
Here’s your takeaway:
Despite making these 3 super costly mistakes, I DID RECOVER.
Mistakes in of themselves are rarely deadly to your company.
The only thing fatal is a flawed mindset that blocks you from recognizing the error and creating systems and processes in your day-to-day that prevent them from happening again.
And while I’m sure these 3 costly errors have given you plenty to reflect upon…
LET’S MAKE THIS POST EVEN RICHER
What about you?
Have you made some costly mistakes in your own journey as an entrepreneur?
Whether big or small, I’d love it if you could share it with me in the comments below so that as a community of ambitious, growth-oriented entrepreneurs we can continue to learn, win and profit.
To our costly f*uck ups (and the fortunes they help build),
P.S. Mistake #3 (4:05 of the video) may seem like the most obvious… yet it’s probably the most difficult to avoid.
Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get the free 3 videos to grow your business here.) He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.