{"id":215,"date":"2024-10-29T06:36:37","date_gmt":"2024-10-29T06:36:37","guid":{"rendered":"https:\/\/onlinemarketingclassroom.com\/blog\/?p=215"},"modified":"2024-12-04T18:36:41","modified_gmt":"2024-12-04T18:36:41","slug":"this-very-common-mistake-cost-me-300000","status":"publish","type":"post","link":"https:\/\/onlinemarketingclassroom.com\/blog\/2024\/10\/29\/this-very-common-mistake-cost-me-300000\/","title":{"rendered":"This Very Common Mistake Cost Me $300,000\u2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"215\" class=\"elementor elementor-215\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dc2388a e-flex e-con-boxed e-con e-parent\" data-id=\"dc2388a\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5aaa087 elementor-widget elementor-widget-text-editor\" data-id=\"5aaa087\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Success leaves clues. But honestly,  MISTAKES leave bigger ones.<\/p>\n<p>  Today, I want to help you avoid one of  the biggest &#8211; and more costly &#8211; mistakes I&rsquo;ve made in my career. Hopefully, by  making this mistake myself, I can help you avoid doing the same thing!<\/p>\n<p>  There&#8217;s something about entrepreneurs  that nobody talks about enough. We&#8217;re wired differently. <\/p>\n<p>  We&#8217;re always rushing to the next big  thing, always pushing for faster results, always wanting things done yesterday.<\/p>\n<p>  Sometimes, that&#8217;s exactly what gets us  into trouble.<\/p>\n<p>  Trust me, I&#8217;ve learned this lesson the  hard way. <\/p>\n<p>  Multiple times, actually. <\/p>\n<ul style=\"padding: 0 0 0 35px;\">\n  <li>Like when I lost $21,000 in crypto  because I couldn&#8217;t wait to &quot;test the waters&quot; properly. <\/li>\n  <li>Or when I lost $150,000 on a  property investment because I was too eager to expand my portfolio. <\/li>\n  <li>Or that time I partnered with  someone who turned out to be a literal felon (yes, really) because I was too  rushed to do proper due diligence.<\/li>\n<\/ul>\n<p>But none of these compare to the biggest  lesson I learned about speed. <\/p>\n<p>  The one that came from trying to build a  global franchise too fast.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c0438d7 e-flex e-con-boxed e-con e-parent\" data-id=\"c0438d7\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5966e1e elementor-widget elementor-widget-heading\" data-id=\"5966e1e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">My Biggest Failure - When Speed Kills<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-552ffd3 elementor-widget elementor-widget-text-editor\" data-id=\"552ffd3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>A few years ago, we decided to roll out a  franchise across multiple countries simultaneously. We were going BIG. We  launched in\u2026<\/p>\n<ul style=\"padding:0 0 0 35px;\">\n  <li>the UK, <\/li>\n  <li>USA, <\/li>\n  <li>Canada, <\/li>\n  <li>Australia, <\/li>\n  <li>and New Zealand. <\/li>\n<\/ul>\n<p>It was ambitious. It was exciting. And on  paper, it looked absolutely perfect.<\/p>\n<p>  The franchisees were happy. The business  model was working. Everything seemed to be going according to plan.<br \/>\n  <strong><em>Until it wasn&#8217;t.<\/em><\/strong><\/p>\n<p>  We got caught up in a nightmare of  regulatory red tape, particularly around franchise law. While we did right by  all our franchisees (they were all taken care of and didn&#8217;t have any issues),  we found ourselves getting slapped with fines for not having all the proper  paperwork in place.<\/p>\n<p>  Why did this happen? <\/p>\n<p>  Because I fell victim to what I now call  &quot;<strong><u>the entrepreneur&#8217;s curse.<\/u><\/strong>&quot;\u00a0 It&rsquo;s burning desire to make everything happen  at light speed. That voice in your head that says, &quot;We need this done  yesterday!&quot;<\/p>\n<p>  The irony? <\/p>\n<p>  All that speed ended up slowing us down.  Way down. <\/p>\n<p>  The regulatory issues became a massive  distraction, costing us both time and money &#8211; resources we could have saved if  we&#8217;d just taken the time to do things properly from the start.<\/p>\n<p>  When I look back on it now, there were three  critical lessons we learned. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f817063 e-flex e-con-boxed e-con e-parent\" data-id=\"f817063\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a360425 elementor-widget elementor-widget-heading\" data-id=\"a360425\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lesson #1: Speed vs. Success - Finding the Sweet Spot<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c843b1a elementor-widget elementor-widget-text-editor\" data-id=\"c843b1a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>There&#8217;s an old saying that &quot;money  likes speed,&quot; and to some extent, that&#8217;s true. <\/p>\n<p>  But there&#8217;s a massive difference between <u>moving  quickly<\/u> and <u>moving recklessly<\/u>.<\/p>\n<p>  The key is finding that sweet spot where  you&#8217;re maintaining momentum without sacrificing due diligence. For every major  business decision, I now have a simple rule: Take whatever time you think you  need, then add 20% for research and planning.<\/p>\n<p>  This doesn&#8217;t mean becoming slow or  overcautious. It means being strategic about your speed. <\/p>\n<p>  Move fast on the things that can be fixed  easily if they go wrong, but slow down for the big, irreversible decisions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-65894dc e-flex e-con-boxed e-con e-parent\" data-id=\"65894dc\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-870e1fb elementor-widget elementor-widget-heading\" data-id=\"870e1fb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lesson #2: The Power of Other People's Mistakes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ae8306 elementor-widget elementor-widget-text-editor\" data-id=\"0ae8306\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Trial and error is a terrible way to  learn. <\/p>\n<ul style=\"padding:0 0 0 35px;\">\n  <li>It&#8217;s expensive\u2026<\/li>\n  <li>It&#8217;s time-consuming\u2026 <\/li>\n  <li>And it&#8217;s usually painful\u2026 <\/li>\n<\/ul>\n<p>That&#8217;s why I&#8217;m sharing these stories with  you. Because learning from other people&#8217;s mistakes is infinitely better than  making them yourself.<\/p>\n<p>  I now spend time every week reading  biographies and memoirs of successful entrepreneurs. <\/p>\n<p>  Not just for their success stories, but  specifically looking for their failures and what they learned from them. It&#8217;s  like getting decades of business experience without having to live through all  the painful parts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-de874a3 e-flex e-con-boxed e-con e-parent\" data-id=\"de874a3\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f890cde elementor-widget elementor-widget-heading\" data-id=\"f890cde\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lesson #3: The Art of Risk Management<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e67216 elementor-widget elementor-widget-text-editor\" data-id=\"0e67216\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>One of the biggest lessons from all these experiences is the importance of proper risk management.<\/p><p>This isn&#8217;t just about avoiding risks &#8211; it&#8217;s about <strong><u>taking the right risks<\/u><\/strong> in the right way.<\/p><p>When I lost money on that property in Auckland, it hurt &#8211; but it didn&#8217;t sink me because I had diversified my portfolio. When the crypto investment went south, it was painful, but I had only invested what I could afford to lose.<\/p><p>The franchise situation taught me to create better safety nets in my business.<\/p><p>Now, before any major expansion or new venture, we have a detailed risk assessment process that looks at everything that could go wrong &#8211; and plans for how to handle it if it does.<\/p><p>Here&#8217;s the thing about making mistakes &#8211; they&#8217;re only truly failures if you don&#8217;t learn from them.<\/p><p>That franchise experience? It completely changed how I approach business growth.<\/p><p>Yes, it was expensive. Yes, it was painful. But the lessons learned have probably saved me from making even bigger mistakes down the road.<\/p><p>So if you&#8217;re an entrepreneur reading this, take a moment today to look at your current projects.<\/p><ul style=\"padding: 0 0 0 35px;\"><li>Are you moving too fast?<\/li><li>Are you skipping steps in the name of speed?<\/li><li>Are you doing proper due diligence, or are you letting the entrepreneur&#8217;s curse push you forward too quickly?<\/li><\/ul><p>Sometimes, the best thing you can do for your business is to slow down just enough to make sure you&#8217;re moving in the right direction.<\/p><p>After all, it&#8217;s better to go slow in the right direction than to race full speed ahead in the wrong one.<\/p><p>While you\u2019re here, I wanted to make sure you were aware of one of the biggest benefits we have for the Online Marketing Classroom Community.<\/p><p>If you\u2019re looking to start your own online business (or level-up your existing business), we\u2019ve made our funnel building tool &#8211; PixaPage- completely FREE for a 14-day trial.<\/p><p>No matter what type of business you\u2019re running, you need a site. We want to help you get started for free.<\/p><p>When you start your 14-day free trial, you can immediately start building your brand, creating your funnel and officially launching your business!<\/p><p>With PixaPage you can have your business up and running in a matter of minutes.<\/p><p><a href=\"https:\/\/pixapage.com\/\"><strong>Go here to start your FREE 14-day trial<\/strong><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Almost every single day, I see people making a mistake that I made. It ended up costing me at least $300,000. Here\u2019s how to avoid it and what to do instead\u2026<\/p>\n","protected":false},"author":1,"featured_media":216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5,1,16],"tags":[],"class_list":["post-215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-marketing","category-ecommerce","category-mindset"],"rttpg_featured_image_url":{"full":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1.jpg",1280,720,false],"landscape":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1.jpg",1280,720,false],"portraits":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1.jpg",1280,720,false],"thumbnail":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1-150x150.jpg",150,150,true],"medium":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1-300x169.jpg",300,169,true],"large":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1.jpg",1280,720,false],"2048x2048":["https:\/\/onlinemarketingclassroom.com\/blog\/wp-content\/uploads\/2024\/10\/thumnail-1.jpg",1280,720,false]},"rttpg_author":{"display_name":"Aidan","author_link":"https:\/\/onlinemarketingclassroom.com\/blog\/author\/admin_omc\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/onlinemarketingclassroom.com\/blog\/category\/digital-marketing\/\" rel=\"category tag\">Digital Marketing<\/a> <a href=\"https:\/\/onlinemarketingclassroom.com\/blog\/category\/ecommerce\/\" rel=\"category tag\">ecommerce<\/a> <a href=\"https:\/\/onlinemarketingclassroom.com\/blog\/category\/mindset\/\" rel=\"category tag\">Mindset<\/a>","rttpg_excerpt":"Almost every single day, I see people making a mistake that I made. It ended up costing me at least $300,000. Here\u2019s how to avoid it and what to do instead\u2026","_links":{"self":[{"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/posts\/215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/comments?post=215"}],"version-history":[{"count":7,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/posts\/215\/revisions"}],"predecessor-version":[{"id":303,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/posts\/215\/revisions\/303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/media\/216"}],"wp:attachment":[{"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/media?parent=215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/categories?post=215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onlinemarketingclassroom.com\/blog\/wp-json\/wp\/v2\/tags?post=215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}