What's The Biggest Mistake You Did When Expanding A Business?
We have a lot of successful entrepreneurs in our community, while some members are just starting out. Can you share the biggest mistake you did when trying to grow your business? What did you do to overcome the challenge?
Greg Rogers Founder and CEO at REthink HQ
The single biggest is a bit of a 'how long is a piece of string', however what can be answered easily is, what's the ONE thing to be totally focused on, if not, that's where the BIG mistake will be.
It is ONE thing but it revolves around a number of themes.
WHY. You have to know this. Forget the how and the what. Start with the WHY or otherwise BIG mistake. Check out Simon Sinek.
PURPOSE. What is your purpose. What are you here to do. What's your true passion, what do you love to do.
Kerwin Rae has a great video on this.
What do you do, that you love so much, that if you could, you would still do it even if you weren't getting paid?
Answer that, find a way to commercialise it, or otherwise BIG mistake.
VISION. No, not about not having vision. Vision is sometimes referred to as the 'BIG PICTURE', a picture is static. Having a true vision is not, because it will change over time. The BIG mistake with vision is leaving it one dimensional, you actually have to work at it and toward it.
VISION is tied into the WHY which is tied into your PURPOSE, without these they are all potentially and equally the BIGGEST mistake that anyone at any point of their business journey can make.
And man have I screwed this up over time! Trust me.
But get this right and you WILL grow your business because you WILL attract a tribe/community because they get you; your WHY, you're living your PURPOSE and they can see your VISION and what it means for them.
The answer to overcoming all of this, the BIG mistake.
This is a ONE word answer............................MINDSET - having the MINDSET that it's going to be easy is a BIG mistake. Being in business, being successful in business is HARD work.
The biggest mistake I made and many others have made as well, is growing too quick.
My favorite, oldest and most successful client, has grown his business continually for 12 years now and he's turning over something like $ 30 million now, but he grows slowly and steadily... he has 8 stores now, and in a few years he will have 12 or so, but he never opens a new store until the last one makes profit and unless the criteria he uses to assess a new opportunity are all perfectly alligned. He's walked away from many opportunities, simply because he wasn't confident enough they would work... many people have told him he should grow faster... but he won't and he makes more money than he knows what to do with and his staff love him and his customers love him and he loves his life....
Biggest mistake I made is to grow before I was ready