Connect with us

Success Advice

The Top 10 Million Dollar Mistakes Made By Successful Entrepreneurs

Published

on

Nothing-to-Lose-Everything-to-Gain-Blair-Ryan

In this post I share with you, Ryan Blair sums up pretty nicely in his current bestseller Nothing to Lose, Everything to Gain what his Top 10 Million Dollar Mistakes have been on the way to the top.


Mistakes are good, they are often looked down on as a bad move or the next step to failure. I believe that mistakes are all part of the recipe for success. After starting six Multi Million Dollar companies all before the age of 30 ‘Ryan Blair’, a world renowned serial entrepreneur admits to his fair share of million dollar mistakes, as well as some billion dollar successes.

 

The Top 10 Million Dollar Mistakes

1. Don’t make wildly optimistic sales forecasts. Test and adjust your projections, based on experienced advisor input and industry norms, rather than the Google high exception. Excel spreadsheets can easily project dramatic growth, with no connection to reality.

2. Don’t hire people who like your ideas all the time. Flattery feels good, but it doesn’t pay the bills. Look for the thoughtful challenge to your ideas, and practice active listening, when you are selling your vision. High three-digit intelligence has value.

3. Don’t focus too much on the competition. It’s always more productive to focus on making your offering successful, rather than killing your competitors. Doing things like dismantling their leadership team, or highlighting their shortcomings is lose-lose.

4. Don’t waste time caring what others think. No matter how hard you try, you won’t make everyone happy. Don’t be afraid to follow your vision, learn from your mistakes, and pivot the business, just because someone will see the change as a disappointment.

5. Don’t mix business with pleasure. This is especially true of relationships. Do not fraternize with your employees, and choose your partners wisely. Thou shall not “do your business” where you do business.

6. Be quick to fire and slow to hire. Pull the trigger fast when a new hire isn’t working, but don’t forget to be human and follow all the steps. On the other side, hiring after one interview is like hopping a red-eye to Vegas to get married after one date.

7. Don’t put your company before your people. A company is an entity that can be pivoted at will. Your team of people has a collective passion and intelligence with a real worth that’s hard to manipulate. Make the company fit the people, rather than vice versa.

8. Don’t under-forecast cash needs. When you have people and their families depending on you for their paychecks, and you are out of money, that’s another lose-lose situation. Even if you can find someone willing to help, it’s a very, very expensive proposition.

9. Don’t try to do too much all at once. You hear about all the parallel entrepreneurs, like Steve Jobs running Apple and Pixar at the same time. Make sure you have the aptitude to run one business well, with one product line, before you start a couple more.

10. Never write something you wouldn’t want to come back to you. Every one of us has sent a sensitive email to the wrong party, or had it misinterpreted by the receiver. Save the hard and easily misinterpreted messages for face-to-face calm discussions.

There are more, but I think you get the idea. Of course, the biggest mistake is failing to learn from the mistakes of others, or even from your mistakes. You can only learn from your mistake after you admit you’ve made it. Wise people admit their mistakes easily, and move the focus away from blame management and towards learning. Wise people can become great entrepreneurs. Whereare you along this spectrum?

 (Video) Ryan Blair ViSalus Sciences CEO Success Advice

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances. I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

Success Advice

Why It Can Be Harder for Creatives to Achieve Their Goals

Published

on

Image Credit: Unsplash

Perhaps, like me, you’re a very creative person. A dreamer. An idealist. And you have big goals and dreams you’d like to achieve. If that’s the case, I’m about to share information that will be very beneficial to you. If you’re an aspiring entrepreneur, this information is vital—I know so from experience. (more…)

Continue Reading

Success Advice

How to Achieve Your Goals in Just 90 Days

Published

on

Image Credit: Unsplash

Elon Musk has a great saying:

“Stop being patient and start asking yourself, ‘how do I accomplish my 10 year plan in 6 months?’ You will probably fail but you will be a lot further ahead of the person who simply accepted it was going to take 10 years.” (more…)

Continue Reading

Success Advice

5 Rejected Shark Tank Companies That Are Crushing It

Published

on

Image Credit: Unsplash

People love success stories, especially when the road to success was not smooth and assured. It’s those businesses that rise through rejections and adversity that make us realize that we, too, can take our businesses to new heights. (more…)

Continue Reading

Success Advice

Why An Optimistic Mindset Helps You Win in Life

Published

on

Image Credit: Unsplash

Many people seem to think that optimists are people who just ignore bad things in life and avoid problems altogether. That’s not the case at all. In fact, in actuality, it’s the complete opposite. (more…)

Continue Reading

Trending