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The 7 biggest mistakes I made building an 8-figure/year company:
1. Hiring people who just want a paycheck
One of our employees was passed over for a promotion she deserved at the Zoo.
We hired her as retail director and our formerly break-even brick and mortar stores now make 6 figures each year
She wanted to prove herself, not the money
One of our employees was passed over for a promotion she deserved at the Zoo.
We hired her as retail director and our formerly break-even brick and mortar stores now make 6 figures each year
She wanted to prove herself, not the money
2. Doing Everything
Early on it's fine if you are the whole company. That's your job. Only you believe so you do the work.
But at some point you have to delegate. I delegated too late and we might be bigger today if I just focused on the big picture stuff.
Early on it's fine if you are the whole company. That's your job. Only you believe so you do the work.
But at some point you have to delegate. I delegated too late and we might be bigger today if I just focused on the big picture stuff.
3. Not Choosing
The hardest decisions are usually the least important.
A is slightly worse than B. But not THAT much worse.
The only wrong decision is C) not choosing
The hardest decisions are usually the least important.
A is slightly worse than B. But not THAT much worse.
The only wrong decision is C) not choosing
4. Not leveraging software
Software is KING. A good software that costs you $1,000 on Upwork can turn into $100,000/year worth of value for your company.
I did this early on but I wish I did it earlier. You need sleep. Software doesn't.
Software is KING. A good software that costs you $1,000 on Upwork can turn into $100,000/year worth of value for your company.
I did this early on but I wish I did it earlier. You need sleep. Software doesn't.
5. Not doing what people hate to do
Doing what others won't is, by definition, a blue ocean market.
There's a problem (demand). But only you are available to solve it (limited supply).
Meaning you can charge whatever you want.
Doing what others won't is, by definition, a blue ocean market.
There's a problem (demand). But only you are available to solve it (limited supply).
Meaning you can charge whatever you want.
6. Not perceiving risk the right way
Poker taught me this early on. You NEED to risk money.
Instead of putting the money in a "safe" place, it HAS to keep circulating and making you more.
Sometimes the more you spend the more you make.
Poker taught me this early on. You NEED to risk money.
Instead of putting the money in a "safe" place, it HAS to keep circulating and making you more.
Sometimes the more you spend the more you make.
7. Taking the money, not the long money
Before cutting your not-so-profitable deals, ask yourself:
"Can this open a door to better deals in the future?"
If it can just hold on to it. Keep the connection alive. One day it will pay off.
Before cutting your not-so-profitable deals, ask yourself:
"Can this open a door to better deals in the future?"
If it can just hold on to it. Keep the connection alive. One day it will pay off.
Thanks for reading.
By the way, I have nothing to sell here. Just want to share the lessons I learned the hard way (so you don't have to)
You can follow me @ColemanWhitsitt if you want them
See ya,
Coleman
By the way, I have nothing to sell here. Just want to share the lessons I learned the hard way (so you don't have to)
You can follow me @ColemanWhitsitt if you want them
See ya,
Coleman
