"A smart man learns from his mistakes... a brilliant man learns from others mistakes."
If you read and listen to as many business, entrepreneurial, wealth, and personal development stuff I do, these lessons were already taught in there... Why I still made the mistake - I don't know. Maybe because I thought "I'm too smart for that" ... Maybe it's the same reason when someone tells you not to push the big red button... you just have to push it!
So today I'd like to share some of the major lessons I have learned along my trip to the fast lane. Some simple things the could have led to failure (or possibly still could!). It's my way of venting number one, and number two I sure hope someone like me is out there reading this post saying "Damn, I don't really know if he's right or not but instead of risking it, I'm going to do something else." Ha ha... so here we go.
Goof #1 - Purchasing a Franchise:
I paid a helluva lot of money for nothing much. It goes back to me being the passenger in the fast lane, not the driver... Sure wish I would've read that post a long time ago... ha ha. On top of not getting much for a ridiculous franchise fee and royalties, it has totally confined my creative process. The whole reason being an entrepreneur is to create and expand and grow and find better ways of doing things! But with some of the limited confines of a franchise that certainly isn't possible.
Goof #2 - Buying into some of RK's stuff. (Or at least taking it the wrong way)
What I mean by this is his constant reinforcement of "you don't need good credit to do this, you don't need this to do that." While it is all true - I sure would be in a better position if I had worried about it. Although I am on my way to becoming very successful, the road ahead will be a little bumpy because of not deciding to pay a bill or two that my arrogant teenage brain thought wasn't necessary, hell I don't need good credit anyways!
Goof #3 - Creating a ME centered business.
I ended up creating a business where I am the center of the universe. It's a beautiful architecture where everything has to be done by me. Of course it was my own damn fault but I definitely learned the lesson. While I LOVE what I do and I couldn't imagine myself doing anything else all day I see that I have developed quite the prison for myself. It will be years before the business will allow me to take a week's vacation! (at least I've applied this lesson to business number 2 now!)
Goof #4 - Having a partner that has say in the management of the business.
While the investor was required for me to start at such a young age for this B&M business it certainly isn't the greatest thing. When we have a disagreement he has controlling interest because of the financing. Although this is temporary and there have not been any issues, this could quickly lead to a downfall of the company if my partner decides to shut down the business or leave.
So from what I have learned so far, and althjough it may change some day, I think I will stick to
1. Non-franchise companies
2. Do what I know is best in the long run.
3. Create the systems BEFORE the business opens it's doors.
4. No partners, or if there is a partner or group of partners they would have no say in the management of the company.
I'm sure some of you have run into similar things. Any thoughts?
If you read and listen to as many business, entrepreneurial, wealth, and personal development stuff I do, these lessons were already taught in there... Why I still made the mistake - I don't know. Maybe because I thought "I'm too smart for that" ... Maybe it's the same reason when someone tells you not to push the big red button... you just have to push it!
So today I'd like to share some of the major lessons I have learned along my trip to the fast lane. Some simple things the could have led to failure (or possibly still could!). It's my way of venting number one, and number two I sure hope someone like me is out there reading this post saying "Damn, I don't really know if he's right or not but instead of risking it, I'm going to do something else." Ha ha... so here we go.
Goof #1 - Purchasing a Franchise:
I paid a helluva lot of money for nothing much. It goes back to me being the passenger in the fast lane, not the driver... Sure wish I would've read that post a long time ago... ha ha. On top of not getting much for a ridiculous franchise fee and royalties, it has totally confined my creative process. The whole reason being an entrepreneur is to create and expand and grow and find better ways of doing things! But with some of the limited confines of a franchise that certainly isn't possible.
Goof #2 - Buying into some of RK's stuff. (Or at least taking it the wrong way)
What I mean by this is his constant reinforcement of "you don't need good credit to do this, you don't need this to do that." While it is all true - I sure would be in a better position if I had worried about it. Although I am on my way to becoming very successful, the road ahead will be a little bumpy because of not deciding to pay a bill or two that my arrogant teenage brain thought wasn't necessary, hell I don't need good credit anyways!
Goof #3 - Creating a ME centered business.
I ended up creating a business where I am the center of the universe. It's a beautiful architecture where everything has to be done by me. Of course it was my own damn fault but I definitely learned the lesson. While I LOVE what I do and I couldn't imagine myself doing anything else all day I see that I have developed quite the prison for myself. It will be years before the business will allow me to take a week's vacation! (at least I've applied this lesson to business number 2 now!)
Goof #4 - Having a partner that has say in the management of the business.
While the investor was required for me to start at such a young age for this B&M business it certainly isn't the greatest thing. When we have a disagreement he has controlling interest because of the financing. Although this is temporary and there have not been any issues, this could quickly lead to a downfall of the company if my partner decides to shut down the business or leave.
So from what I have learned so far, and althjough it may change some day, I think I will stick to
1. Non-franchise companies
2. Do what I know is best in the long run.
3. Create the systems BEFORE the business opens it's doors.
4. No partners, or if there is a partner or group of partners they would have no say in the management of the company.
I'm sure some of you have run into similar things. Any thoughts?
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