Business Lessons Learned The Hard Way

Even though I had been in business before, CornerBLUE has been a life-changing experience. In the 6 months that it has been around, I have probably made over 100 mistakes. The good thing, however, is that I recognized these mistakes and have been able to learn from each one.

There are so many things that you don’t think about when it comes to starting and managing a business. There are always little things that need to be done that keep coming up and take away from billable hours. It is something that is overlooked, but ends up eating away at your hours.

The biggest gamble is working with other people. In much the same way that a romantic relationship is a big decision, so are business relationships. Having to spend so many hours with another person and having to come to a decision on so many issues can put a strain on the best partnerships. A good friend, a close family member, or an intelligent acquaintance all seem like great business partners. However, the way a person acts as a friend has nothing to do with how a person acts in business. It is very hard to get two people together who have the same mindset, work ethic, skill set, and outlook on the business. It is even harder to sustain this relationship. Most partnerships fail, and I experienced first hand why this happens. If it is even remotely possible, go at it alone. While great partners can immensely help a business become a huge success, a bad or even mediocre partnership will only drag you down.

Even with business-to-business partnerships, there are a lot of details that need to be discussed. A lot of times an idea is presented and everyone gets excited. In the midst of the excitement, a lot of reality-checks are ignored and details overlooked. After a few months, you will often ask yourself, "What the hell was I thinking?" Make sure everything is written down on paper, and don’t agree on the first terms presented. There is always room to negotiate a better deal. Five years down the line when that extra percentage helps you earn thousands more per month, you’ll thank yourself (and hopefully me) for spending a little extra time negotiating.

Business involves a lot of detailed work that is sometimes mind-numbingly boring. If you aren’t interested in accounting, you are going to dread keeping your books up to date. If you aren’t much of a salesperson, the thought of cold calling and meetings are going to inject fear into you like a shot of adrenaline into your heart. If you don’t know how to manage people, you are going to find yourself constantly doing all the work and not delegating enough, which in turn heavily limits your growth.

You don’t have to be the best at all these things right now, but you do have to be willing to learn and ask for help when needed. There are many people that can guide you towards success - you just need to look for them. A good mentor can save your business from bankruptcy. Surround yourself with experienced people that can help your business grow. You’ll be surprised at how many wonderful advisers are willing to offer advice, set up an important meeting, and just be there when you need someone to talk to.

All these things need to be learned the excruciatingly hard way: by making mistakes firsthand. No matter how many business books you read, or lectures you attend, or audio books you purchase, you will make mistakes, and they will be big mistakes. It isn’t a bad thing, just something to be conscious about and, most importantly, something to learn from.