Ok, going back to this article and the reason I chose this topic …
I was recently interviewed by an author who is writing a book about entrepreneurs from all around the world, and this was her questions: Mona, what are the top 3 mistakes that you have made in your business?
I picked my top 3 mistakes and shared it with her and I decided to share them with you too, here they are:
“I will record my expenses later”
This is a big one - At first, I wasn't a very big fan numbers and making sure that I recorded or even kept track of our finances. We found out after a while in a very devastating way, what a bad idea that was. Doing business without knowing your numbers is like driving with a blindfold on… not a good idea!
“She has great skills, let’s hire her”
During the first few years, I used to believe that you could only get good work done if you had a big team… and we would constantly invent positions that needed to be filled. And we would take a liking to everyone who walked through the door, so we ended up hiring a lot of people without really knowing or understanding if their ethics and culture matched our own. And inevitably, when it didn't, it letting them go was a painstaking process that would take months longer than it needed to and often ended up with a lot of resentment.
“That sounds like a great idea, let’s turn it into a business”
Oh my gosh…. I cringe when I think about the different number of projects we started and considered turning into spin off businesses. If only I had focused on just one single business instead of jumping from idea to idea…. You see, as an entrepreneur the first few weeks of a venture are always very glamorous and exciting. It's only after that excitement that the mundane work that is required to turn an idea into a business begins, and many people chase that thrill, jumping from one idea to another without ever seeing anything through. While this might feel… it also means that none of the ideas ever mature to fruition.
Like I said, this is just a tastes of the many, many mistakes I made as an entrepreneur. I will be discussing this topic and specifically 5 things you can do to start and grow a successful business during a live Free Masterclass on September 4th at 4 pm GST (12 pm GMT). Consider this a business meeting with yourself, block the time off in your calendar, dedicate the 90 minutes for this free session and make sure to implement the learnings immediately!