A Few Mistakes

At the age of 47 I decided to start my own business.  I had an idea.  Everybody loved it.  I applied for a Platinum Visa card with a $10,000 limit.  I figured this would be enough to get my idea off the ground.

I If I dedicated my blog to just the mistakes I made, I would never want for writing material. 

Mistake #1.  I ordered all of the product before it was sold.  I did take a random sampling of what were the favorites, so I didn’t go in completely blind.  But I found out soon enough that loving something and actually wearing it are two very different things.

Mistake #2.  Not fully understanding “profit margin”.  I thought it was a simple as selling for more than you bought it.  I got the profit part.  It was the margin that I didn’t understand.

Mistake #3.  Donating to a worthwhile cause is wonderful, but it is better to do this after you become profitable.  I committed to donate $2 per item sold and did this regardless of whether we were making money or not.

Mistake #4.  Giving stuff away is great for PR, and it sure does feel good, but you can give too much away.

Mistake #5.  Failing to attend Business School.  It would have been helpful beyond measure.

I can say that I have learned.  I have now entrusted the business to someone who just finished his MBA.

It’s like a fresh start!  And I’m feeling good!

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