Mistakes and failure are a part of every entrepreneurial journey. Instead of running and hiding from our past failures, it’s important to celebrate them because they helped make us who we are today.
To celebrate our failures and help early-stage entrepreneurs avoid these mistakes, Kahuna Accounting is sharing insight from entrepreneurs just like you. This week, we asked for your answer to the question “What’s the one thing you wish you knew when starting your business?” Here are the responses we received.
Jessica Oman, Renegade Planner
“I wish I’d known exactly who my ideal client was! It took about six months to conceptualize and it is still evolving and changing. As it should, I guess.”
Mike Veny, Transforming Stigma
“Spend 2 hours a day reading and never stop doing this. It has forced me to always grow and find quick answers to problems. It has empowered me to make better decisions.”
Mike Doyle, Drive 80
“It’s all about action and mindset. You have to be prepared a sh*t ton for rejection and failure but need to see it as lessons that will push you in the direction you need to be. Constantly listen and pay attention to your surroundings when you feel lost.”
Katie Sowa, Future Founders
“My biggest failures always seem to come down to my biggest mistake – seeking approval from others. I don’t need permission, but for some strange reason I thought I did. This has held me back in moving forward with great ideas, ideas that turned into failed startups because I was always in a waiting game…waiting for “experts” or other people to say it was okay.
The only approval you need is from yourself. Give yourself permission to make things happen.”
Gerardo Zayas Jr., MBA, Leadership Coach and Professor
“Clearly understanding one’s product, brand and practice whether it’s in the form of a marketing plan, business plan or a simple idea board is a great place to start.”
Michael Luchies, MichaelLuchies.com & TrepRep
“I wish I would’ve known how important testing pricing models was. Nearly a year into my business, I’m just now starting to understand how much I have underpriced my services and lost out on potential revenue. I was worried that I would scare off potential clients by pricing my services high instead of thinking twice about the type of customer I wanted and the value I was providing.”
Jonathan Godwin, Godwin & Associates
“I wish I had known on Day 1 that I was a frustrated technician and NOT an entrepreneur. There’s a big difference, and the valuable lessons learned as I became an entrepreneur were painful. No one is prepared for that when they start a new business.”
Frank Lunn, Kahuna Business Group
“Knowing REALLY what I was building. (was I creating a new job, something to make me famous, something for the ages, something to build and sell, etc.??)”
Jeffry Luchies, Kalamazoo Wood Floors
“I wish I would have known what the best marketing entailed. I tried lots of different paid advertising and found I got about the same return from a lot of the free things I did. Like placing my business cards on every free cork board at other local businesses. Two of my greatest ideas were a name that can be remembered and searched easily and bright eye catching business cards.”
It’s Your Turn!
Thank you to all of the entrepreneurs and business leaders who were willing to share what they wish they knew when getting started. Now it’s your turn! Get published on KahunaAccounting.com while giving insight to other entrepreneurs.
Next week we’ll be sharing the biggest accounting mistakes of entrepreneurs. Want to contribute? Send your response to the question “What’s your biggest accounting mistake?” to Michael@KahunaWorld.com before Friday, November 20 at 5pm CST.
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