What Was The Biggest Mistake That You Made in Your Business?

I was recently asked by a university professor who is using my book “Don’t Let Your Dream Business Turn Into a Nightmare” in her course in entrepreneurship, what the biggest mistake was that I made in my business.

As those of you who have read my blog are aware, my book is an account of my experience as the founder of one of the first spas in the world for men, called The Men’s PowerSpa

So what are some of the possible answers to the professor’s question

One could say that the biggest mistake that I made was in starting a business that I had no previous experience running.

Or, in hiring a “business consultant” to write the business plan for men, rather than writing it myself.

One could argue that the biggest mistake I made was underestimating the amount of time and money that were needed to build the business into profitability.

Or, that I hired too many staff members in the beginning, or the wrong people.

It may be that my biggest mistake was in my choice of location.

It could be that my prices were too high, or not high enough.

As you can see, there are a number of answers that I could have given to the professor who asked me what the biggest mistake was that I made in my business.

But, so far, I have not mentioned the answer that I gave her.

What was the biggest mistake that I made in my business?

Having investors who did not accept that making mistakes is part of the learning process, especially if the business that you are launching is based upon a novel concept, as mine was.

In my view, and in my experience, no matter how hard you try to avoid them, mistakes will happen in business.

It is part of the process.

And the biggest mistake is to regard them as mistakes and to point fingers.

Accept them, correct them, overcome them, learn from them and move on.

If you cannot do that in your business, I do not believe that you have any chance of succeeding.

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