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Leatherneck
08-30-2008, 11:43 AM
This is the first thread I have started since I was the biggest bone head that got my threads moved. Sorry for my ignorance. :eek: I don't know what I was thinking I guess, or I didn't think at all is more like it.

I guess this question could go in three catagories so lets try this one.

If you had a chance to go back to day one when you started your business what would be the (one thing) you would or wouldn't do? Remember choose only one.

My choice would be too slow down a notch with trying too grow too fast. There was a few things I did that I had too, but there might of been a few other things I could have maybe waited a bit longer.

KristineS
08-30-2008, 01:12 PM
I don't own the businesses myself, but I know one thing I wish the owners of the businesses for which I work had done was more research. Particularly market research. Also, testing of the latest, greatest products which were supposed to make us millions. They tend to leap before they look sometimes and it makes difficulties down the road.

Harold Mansfield
08-30-2008, 02:00 PM
My business is online, and the one thing that I did not listen to before jumping in and building a bunch of sites, was to do research.
My biggest mistake in the beginning was putting together sites that I thought would be successful, instead f what would sell.

I think that when all of us start out, we want our ideas to be successful because we are so passionate about them, but in reality it is really not the product as much as the execution, organization and research.

If you have the drive and the dedication, it will apply to any product or service with the proper planning and research.

Experience definitely matters, but not as much as research.
Research the market, and the competition.
Research who is looking for it.
Research how they buy it.
Research how to solve their problem.
Research how to speak to them.
Research how to find them, or get them to find you.

I think I made my point :)

Aaron Hats
08-30-2008, 06:20 PM
My choice would be too slow down a notch with trying too grow too fast.

Bingo! That's what I would do. Slow down and pay for the growth as you go, keep little or no debt.

orion_joel
09-01-2008, 12:12 AM
The one thing for me if i looked back to when i started my business would be that i would more carefully consider the business that i went into. While this may still lead me to the business i am in now, i think i would be maybe more aware of what the business actually involves to make it work.

Aaron, i do think that a little debt can be of great benefit as long as it is managed correctly and not used to buy things that are not essential for the business. I have known of some very successful businesses that used debt to grow very quickly and now operate debt free, but there are just as many if not more that misuse debt and fail miserably so it does require good debt management, and knowing just what it is going to cost your business.

DannySantos
09-03-2008, 04:05 AM
I would have chosen a different person to go into business with! :P

Of course that ones personal to myself, but he turned out to be a real..... well I probably shouldn't post what he was :)

But in regards to what we actually did, I would have to say (possibly for the first time!) that there was too much planning! We really did go overboard on it, which meant we didn't have enough time for the doing.

So if I were to start again, I would have been more active earlier on

vangogh
09-03-2008, 04:08 AM
This might come under the research category a little. I wish I had been more focused. Not so much my own personal focus, but I wish I had done a better job narrowing down my market. I think I wasted time in the beginning trying to attract clients where it wouldn't have been a good fit.

One other thing I wish I had been better at doing is following through on some of my ideas. I've had a few over the years that I just let sit only to watch someone else take the same or similar idea and do well with it. In the beginning I didn't always trust my ideas, but I've learned since to trust in them and follow through more.

Steve B
09-03-2008, 07:00 AM
I think patience can hurt you. If you have a good idea you can analyze it to death and miss all those months or years of income. Not to mention, the whole opportunity might pass you buy if someone else gets to the market first. You've got to have guts and be willing to fail.

I also wouldn't agree to a blanket statement to avoid debt. Debt should be figured into your business calculations with an appropriate cost and the appropriate and realistic risk associated with it. If the analysis justifies taking on the debt - then there is nothing wrong with that. For instance if you can borrow $20,000 and have a 95% chance of making $50,000 with it - I don't think I'd be afraid of taking on the debt and I sure wouldn't be patient - I'd be heading to the bank that day.

orion_joel
09-04-2008, 01:28 AM
Steve B, i totally agree on the debt issue. Even though i have had more then enough money to finance every single purchase for my business, i have used debt every single time, either though supplier accounts or credit cards. It has in fact lead to making more money almost every time, over costing anything. It more so comes down to avoiding 1 bad debt and 2 expensive debt.

BillR
09-08-2008, 05:11 PM
In my case I wouldn't take on business partners where no one had controlling interest. I am in a business with 3 owners all of which have 33% ownership.

It's like herding cats.

I am going to correct this very soon. I'll be posting quite substantially about it when the time comes.

Ad-Vice_Man
09-15-2008, 11:16 AM
In my case I wouldn't take on business partners where no one had controlling interest. I am in a business with 3 owners all of which have 33% ownership.

It's like herding cats.

I am going to correct this very soon. I'll be posting quite substantially about it when the time comes.

hmm who gets the extra 1%?

blogdog
09-15-2008, 09:51 PM
Hmmmm... let's see here. Where to start?, I've made many mistakes. All have been incredible lessons.

OK, here's one: I would be quicker to fire employees who cause trouble. Get rid of 'em that day, make 'em pack a box and walk 'em to the door. Otherwise you've got poison in your well.

BillR
09-16-2008, 11:32 AM
hmm who gets the extra 1%?

Okay so it's more like 33.33333333% each.

Ad-Vice_Man
09-16-2008, 03:07 PM
ahhh gotcha.

Maybe you could buy back a portion from the other two so that the majority holder is you, but it would take both of them together to over rule you... IE you take 40% then each of the others has 30% each. This effectively gives you control over most things (ie the mundane, day to day operational decisions) but allows the other two some leverage for the bigger deal stuff.

orion_joel
09-16-2008, 05:55 PM
Blogdog, that is a good point. While depending on how they are employed i guess there is something's you have to be careful with when firing, i do think that at least taking action against employee's that do the wrong thing needs to be something that happens fast.

Especially in circumstances where it is something that they know is wrong and other employee's see it happen and see that it may not be pursued like it should be. This can just lead to trouble and employee's feeling they are not being treated equally.

BillR
09-22-2008, 02:23 PM
ahhh gotcha.

Maybe you could buy back a portion from the other two so that the majority holder is you, but it would take both of them together to over rule you... IE you take 40% then each of the others has 30% each. This effectively gives you control over most things (ie the mundane, day to day operational decisions) but allows the other two some leverage for the bigger deal stuff.

It's more a question of roles in the company. Basically I've been in the trenches with customers for 11 years. I want out. I have effectively no job advancement opportunities for myself personally due to a number of factors.

It's not necessarily my partners fault or mine - it's just the way the business is going is not what I envision for myself. So I'm going to move on and do my own thing. I want a clean break with no drama and without anybody getting really upset over me leaving.

That's probably a pipe dream :)

greenoak
10-12-2008, 09:44 PM
hate to admit it but our business is in year 30....what i wish id done different is have higher profit standards....i tend to ok things at too low a profit ....this worked in our early days when we were all wholesale and had tremendous turnover....but its not like that now....and sometimes we have put out big effort for not enough return....
sometimes the inferior profit idea was the best idea, or seemed to be...
i sure like to have lots of baby ideas floating around, i hate to stomp them out too early.... which has helped us survive im sure...
ann