The Most Costly Business Mistakes To Avoid

The mistakes that killed Blockbuster

Blockbuster was $1 billion in debt when it filed for bankruptcy in 2010.

A lot of businesses come and go but the downfall of Blockbuster is particularly painful. Unlike other businesses that have failed due to ignorance, Blockbuster intentionally made decisions that went against blaring evidence that their course of action was detrimental. Ultimately, these choices cemented their path to destruction.

For example:

Blockbuster refused to acknowledge the shift in the market

The world started to demand streaming and Blockbuster stubbornly tried to maintain its brick and mortal model. In fact, main investor Carl Ichan ousted the CEO who supported putting Blockbuster online and instead instated a man named Jim Keyes as head of the company.

Jim was adamant that Blockbuster’s business model stay the same. In 2008 he said, “I’ve been frankly confused by this fascination that everybody has with Netflix.”

That was only two years before Blockbuster went out of business.

A former Blockbuster shareholder named Niko Celentano said, “Jim Keyes is the main reason Blockbuster is in this position today due to his denial of being in a business model that did not work anymore.”

Blockbuster attacked the wrong problems

It took Blockbuster six years to create a competing online streaming platform to Netflix. By the time Blockbuster Online launched, Netflix had more than 1 million subscribers.

Meanwhile, Blockbuster tried to raise its profits and increase customer retention by eliminating late fees and launching a program called Total Access. This program was a complete failure. In fact, it came nowhere close to matching the former $800M yearly revenue that previously came from late fees.

Blockbuster focused their efforts on implementing the Total Access program that 1) wasn’t pertinent to what customers really wanted (i.e. streaming) and 2) did not bring in more cash flow.

They passed on buying Netflix

Blockbuster was granted an opportunity to buy Netflix for $50M in 2000. They passed, “[laughing Netflix] out of their office.”

By the time they realized their error, Netflix was no longer interested in selling.

It’s brutal when you botch a lucrative partnership opportunity.

The downfall of Blockbuster has so many more contributing elements but the fact remains: they made some catastrophic miscalculations.

As we know, hindsight is 20/20.

So, the question becomes: how do we, as business owners, avoid these types of mistakes when we’re in the thick of it? When you don’t have the benefit of hindsight? When you’re forging a brand new path?

No one comes out unscathed when building a business. You will always falter somewhere when you create anything.

But, understanding the patterns in…

1. Why we make mistakes
2. How to make better decisions

…helps our missteps be guiding failures rather than end-all Blockbuster blunders.

Why you should listen to me

My name is Kathryn Jones. I’ve made plenty of mistakes while building my business. I’ve also figured out how to avoid some devastating choices. It all comes down identifying the patterns of what is working for top-earning businesses and avoiding the trends of withering ones.

What you’ll find in this guide

Here’s what you’ll find in this guide:

▷Part 1: The 5 reasons why even top businesses make mistakes

▷Part 2: How to avoid mistakes that will cost your business

▷Part 3: My top 10 most costly business mistakes

▷Part 4: Expensive blunders I’ve seen my business peers make

▷Part 5: The 3 mistakes the market tries to disguise as “opportunities”

Part 1: The 5 reasons why even top businesses make mistakes

Even the best businesses aren’t invincible.

Consider these companies that either went bankrupt or have become largely irrelevant:

• Nokia
• Xerox
• JCPenny
• MySpace
• Sears
• Radio Shack
• Borders
• Google Glass
• MapQuest
• Toys R Us
• Enron
• AOL
• The Sharper Image
• Blackberry

Why did these companies plummet? Of course, each downfall is nuanced but there are common trends that led to the dissipation of each.

The following are the reasons why most of these companies faltered:

1. Pressure
2. Pride
3. Proccupation
4. Paralysis
5. Ignorance

Reason 1: PRESSURE

A famous study came out of Columbia from psychologist Carol Dweck.

She did an a series of experiments on 400 fifth-graders from a dozen New York schools. They were testing to see the effect that praise had on the children’s performance.

Here’s how the experiments went:

A single child was taken from each classroom and given some fairly simple puzzles to complete. When they did, they were randomly selected to be praised in one of two ways:

1. The first group was praised for their Intelligence, with the facilitator stating, “You must be smart at this.”
2. The second group was praised for their Effort, with the facilitator stating, “You must have worked really hard.”

They were exact in restricting their praise to just a single line. “We wanted to see how sensitive children were,” Dweck stated. “We had a hunch that one line might be enough to see an effect.”

After the initial puzzles, all of the students were given two choices:

1. Do a more difficult puzzle than the first but something, they were assured, that they would learn a lot from for attempting it
2. Do an easy puzzle, just like the first

Here’s what happened:

• 90% of the Effort kids chose the harder puzzle
• A majority of the Smart kids chose the easy puzzle

The researchers concluded that when you praise children for Intelligence, they do everything they can to look smart and avoid the risk of being embarrassed.

They did this experiment with another group of kids, again praising half of the group on Intelligence and the other half on Effort.

The difference with this group was that rather than give the kids a choice for an easy or difficult subsequent test, they were all subject to a puzzle that was two years ahead of their grade level.

From a results standpoint, everyone failed the puzzle.

But, the Effort kids “got very involved, willing to try every solution to the puzzles,” said Dweck. “Many of them remarked, unprovoked, ‘This is my favorite test.’”

The Intelligence kids took the failed test as evidence that they weren’t actually smart. “Just watching them, you could see their strain. They were sweating and miserable,” said Dweck.

To take things one step further, each of these kids was given one final puzzle (as easy as the first). The Effort kids improved their first score by about 30%. The Intelligence kids did worse by 20%.

I highlight this study to show you how powerful the effect of Pressure is on our decision making and performance abilities. In business, these external voices could be board members, investors, business partners, spouses, haters and even the Karen’s from high school.

Depending on who we’re listening to, we can be lured into making decisions that are self-protecting, rather than correct.

Reason 2: PRIDE

Benedict Arnold was an early American hero in the Revolutionary War, capturing enemies, hindering invasions and forcing British surrenders.

But he felt that he never received the recognition he deserved.

Feeling hurt, he starting conspiring with the British, agreeing to turn over a U.S. post in exchange for money and command in the British Army.

When the U.S. won the war, his name not only became synonymous with the word “traitor” in America but he was lowly regarded in Britain where he retired. Benjamin Franklin said, “Judas only sold one man. Arnold three millions.”

Arnold’s pride blinded him into betraying his country and turning his back on the values he once fought for.

In business, it is easy to do the same.

We feel as if we aren’t seen or praised by our peers or mentors. We feel hurt by the actions of others. We become fixated on people who should have done this or should have done that.

When not thinking clearly, we make rash decisions that negatively affect us, our customers and the entire trajectory of our business.

Beware of Pride.

Reason 3: PREOCCUPATION

In 2002, the Cleveland Browns played the Kansas City Chiefs in their season opener.

The Browns were up 39-37 with only 4 seconds left in the 4th quarter. The Chiefs had the ball near the 50 yard line with one more shot at winning the game.

When the clock hit zero, Browns defensive lineman Dwayne Rudd ripped his helmet off and threw it up in a moment of celebration. But, the game wasn’t officially over when the timer stopped — in football, the play continues until the offense is either tackled or runs out of bounds.

Because Dwayne removed his helmet while the ball was still in play, the Chiefs were granted a free field goal kick from the 15-yard line. They made the kick and due to Rudd’s extreme blunder, the Browns lost the game.

Poor Dwayne Rudd was too preoccupied with celebrating that he didn’t even realize the game wasn’t over. He simply was distracted.

How many times in business do we preemptively celebrate, focus on the wrong thing or become preoccupied with something of little importance? When we’re improperly focused, we increase the likelihood of making mistakes.

That’s why it’s important to focus on the biggest money-producing levers in our business. I can help you dominate three of them: designing for conversions, working less while making more and partnerships.

Reason 4: PARALYSIS

Reid Hastings, Netflix’s co-founder and CEO said, “Companies rarely die from moving too fast and they frequently die from moving too slowly.”

As business owners, we sometimes get so overstimulated with choices that we become paralyzed to choose anything. So we sit, freeze and let opportunities pass us by when they could have been seized.

Mistakes of omission can be just as detrimental as mistakes of commission.

Reason 5: IGNORANCE

When I was 6 years old, I was invited to my friend’s birthday party.

My mom and I went shopping and picked out a present. When we got home, my mom said, “Why don’t you go ahead and wrap her present right now.” She gave me some scissors, tape and wrapping paper. She then left to go tend to my other siblings.

Well, I had never wrapped a present before.

Despite my lack of experience, I decided to make a go of it.

I ended up making a Santa-like sack with wrapping paper, placing the gift inside and using nearly the whole roll of tape to fasten it all together. It was ugly, to say the least.

When my mom came back, she was shocked.

“Oh wow,” she said. “This is really creative.”

(What a kind response to the monstrosity that was that wrapping job.)

She then said, “Have I never taught you how to wrap a present before?”

When I responded No, she offered to teach me.

I practiced wrapping a couple things and within a few minutes, my present wrapping skills were drastically better.

Sometimes we are faced with tasks that we literally have no idea how to accomplish. And, due to our ignorance, we make mistakes.

It’s your responsibility as a business owner to get your skills to a point (or hire someone with them) where you can adequately perform the task that your project requires.

If not, best case scenario is you end up with a metaphorically ugly-wrapped present. But, worse case scenario is similar to you trying to fly a plane when you’ve never flown a plane before.

Incorrectly assessing your capacity to accomplish a task can lead to potentially fatal and irreversible business mistakes.

Part 2: How to avoid mistakes that will cost your business

There is a woman named Laura Sanderfer who co-founded Acton Academy, a school where they teach a new educational philosophy that is learner-driven. These Acton Academies have expanded to over 130 locations in the past 10 years.

Sanderfer says, “Our educational philosophy is grounded on this idea: We believe clear thinking leads to good decisions. Good decisions leads to good habits. Good habits lead to character and character leads to destiny.”

My husband worked with the 6th-8th graders at one of these Acton Academies for two years.

With the focus of helping these youth make good choices for themselves, the whole class created a Constitution at the beginning of the year to help govern their decision making.

Here’s how it worked:

The youth decided that they wanted their school experience to center around the following principles: fun, safe, learning and productivity.

So, they created a 4-Question Constitution by which they filtered all of their decisions:

• Is it fun?
• Is it safe?
• Does it help us learn?
• Is it productive?

If the choice they wanted to make made 3 of the 4 true, without detracting from the other, then they would move forward.

For example, one kid wanted to go onto YouTube and watch Minecraft videos so he could better create his custom Minecraft world.

Travis helped him filter this decision through the four principles:

• Is it fun? Yes.
• Is it safe? Yes.
• Does it help us learn? Yes, about Minecraft.

So, 3 out of the 4 were true. But, when they got to the last principle, “Is it productive?” the boy had to answer No. Minecraft didn’t adhere to his goals or any school projects he was working on.

Because it detracted from the last principle, he deemed that this was not a good decision.

As another example, one kid wanted to go to a nearby gas station and buy a box of donuts.

Again, Travis helped him filter his request through the four principles:

• Is it fun? Yes.
• Is it safe? They deemed Yes. The location was right across the street and this boy was 14 years old.
• Does it help us learn? No.
• Is it productive? No.

He was completely bummed because he desperately wanted those donuts.

So, Travis followed up with, “Is there a way that we could make Buying a box of donuts contribute to learning and productivity?”

The boy came back and said, “What if I used this as a motivator to get all of my work done early? That will help me learn and be super productive.”

At that point, it passed all of the four qualifiers.

The boy focused, got his work done and had a box of donuts in his hands by the end of the school day.

Owning a business requires us to make tens, if not hundreds of decisions every day — anything from, “Will I hire this person?” to “Will I take a break and watch this YouTube video?”

Having 4 decision-making principles to act as your Constitution heavily aids you in avoiding mistakes. You may end up making decisions that don’t make sense to others but this process ensures that are in integrity with yourself and your values.

Can you imagine if Blockbuster had something like this?

Imagine if their 4-Question Constitution was:

• Does it serve our current customers?
• Will it bring in new customers?
• Will it help us lead out in our industry?
• Is it within our financial means?

Consider when they were offered the opportunity to purchase Netflix for $50M back in 2000.

What would have happened had they filtered that decision through these four pillars?

• Does it serve our current customers? Yes.
• Will it bring in new customers? Yes.
• Will it help us lead out in our industry? Yes, whether they continued to develop the streaming service or just temporarily eliminated a competitor.
• Is it within our financial means? Yes.

This process would have encouraged them to move forward with the acquisition, significantly altering the trajectory of their downfall.

Create your own 4-Question Business Constitution

If you seek to avoid costly mistakes in your business, it’s essential that you create your own “constitution” of sorts.

What are four principles that you want to drive every decision? An easy way to derive these is to think, “For what purposes did I start my business in the first place?” If you can get clear on these, then you can ensure that every decision in your business is moving you toward your bigger “why.”

Travis and I made a 4-Question Constitution for how we wanted to spend our money as a couple.

We first brainstormed what felt important to our unit. We came up with being united, following Jesus, serving others and being responsible with what we’ve been given.

From there, we came up with the following 4-Question Constitution:

• Does it bring us closer together as a family?
• Does it draw us nearer to Jesus?
• Does it provide service or some form of goodness to others?
• Does it fit within relevant budgets?

If it fulfills at least 3 of the 4 questions without detracting from the 4th we move forward.

Even something as simple as buying a Christmas tree can be filtered through this Constitution.

• Does it bring us closer together as a family? Yes.
• Does it draw us nearer to Jesus? Yes.
• Does it provide service or some form of goodness to others? We scheduled to invite at least one family over during the Christmas season to ensure that it does.
• Does it fit within relevant budgets? Yes.

Your task is to create a 4-Question Constitution for your business.

The reason why this is so essential is because My mistakes are not yours.

What was a mistake for me might be right for you. What was right for your business coach might be a mistake for you. We too frequently hand over the decision-making power in our business to a guru or partner. Instead, we should learn from their experiences but use our own judgement to make decisions that propel our businesses forward.

Knowing what pillars govern a “good decision” for your business will help you to do this.

Part 3: My top 10 most costly business mistakes

I will repeat this again: My mistakes are not necessarily yours.

So, as I’m about to divulge my most costly business mistakes, know that it’s important that you filter these same decisions through your own 4-Question Constitution.

My Mistake 1: Launching too slow

What happened

▷I launched CF Design School 6 months late

I stopped taking agency clients in October of 2017. I was sitting on a nest egg of money so I could focus solely on creating and launching CF Design School.

In truth, I could have launched CF Design School in January of 2018 but I procrastinated its release until June.

Read the full story here.

Why I think it happened

▷PARALYSIS

I was so afraid of failing (and succeeding, to be honest) that rather than sell CF Design School, I deluded myself into thinking that I absolutely needed a million other tasks complete before launching. So I started a YouTube channel, created 30 blog articles, took unnecessary online courses and distracted myself with a myriad of other things to make sure I was “ready.”

What it cost

▷Tens of thousands of dollars and a large amount of anxiety

Because I waited so long (and was also not taking agency clients), I used up my entire nest egg. Had I launched in January of 2018, I would have had tens of thousands of dollars of runway to play with. I could have incorporated paid ads much sooner and would have eliminated the stress of needing money to ensure I could pay my rent and eat.

What I do differently now

▷Launch only the essentials

Since this experience, I’ve learned that launching quicker is better. But, it’s also important to launch well. So, I strip my launches down to an Essentials Checklist.

I focus solely on these things and then stick to my hard launch date.

If, for whatever reason, the launch date comes and the Essentials Checklist is incomplete, I either:

• Reevaluate the Essentials Checklist – Do I actually need everything on this list?
• If so, only then do I reschedule the launch

The last thing you want to do is launch a product that is not ready.

My Mistake 2: Building up my value ladder too fast

What happened

▷I created multiple higher-ticket offers after CF Design School

Russell Brunson tells the story of a highly sought-after business coach that could take $10M/yr businesses to $100M/yr businesses consistently.

When he asked her what her secret was, she responded, “All you entrepreneurs are visionaries — you’re always wanting to create new things. Rather than shifting your focus away from the thing that’s making you money, I have entrepreneurs double down on selling just one thing. I have their creative juices focused on how to get more people to their core offer. When you are singularly focused, your margins spike.”

This was a lesson I learned later than I wish I would have. I created higher ticket offers before I should have.

Why I think it happened

▷PREOCCUPIED

I was so concerned with building faster that I dismissed the fact that focusing on traffic would have been more lucrative than focusing on new product creation. I had an excellent product in CF Design School and a high converting funnel. Rather than go seek more money elsewhere I should have focused on increasing traffic to my reliable source of cash.

What it cost

▷At least $300,000

I built out a high-ticket group coaching program that I ultimately didn’t like and ended up killing. And I spent $300,000 to do it.

What I do differently now

▷Create milestones

I am very intentional about hitting milestones for each product before I move forward on offering or creating anything different.

My Mistake 3: No clear End Goal

What happened

▷I hit the $1M mark and then was completely lost

I hit the $1M revenue mark in my business and was completely lost after that. I hadn’t thought beyond that singular goal. And, rather than stopping to make another milestone, I just kept moving with no clear direction. This led me to get caught up in trendy decisions — like launching certain types of products or hiring for certain roles — rather than making decisions that actually served my purposes.

Why I think it happened

▷PRESSURE

It’s very sexy to have a million dollar business. But, when you’re listening to the voices of people around you, $1M quickly becomes old news. You must have a $10M business. And then a $100M business and so on. I was so concerned with growing and being seen a certain way that I never stopped to take a moment to consider what it was that I was even chasing.

What it cost

▷A lot of money and therapy

Having no End Goal led me to aimlessly pursue a lot of things that were very expensive. Eventually, the wandering became too much and it started causing me extreme anxiety. Which then brought me to therapy. Turns out I’m a girl who loves a plan and without one, I felt extremely lost. My business and mental health suffered because I didn’t know why or to what end I was doing what I was doing.

What I do differently now

▷Set and re-set the right kind of End Goals

First of all, revenue goals are good but they are not great End Goals. If they serve as your main focal point, you miss the entire point of why you most likely created your business in the first place — freedom, lifestyle and impact.

Now, I am very clear about what I am trying to achieve for Kathryn (not necessarily Design Hacking Studios) when making End Goals. When life circumstances change, I give myself permission to adjust my goals accordingly.

My Mistake 4: Not paying myself first

What happened

▷I didn’t pay myself first

In the beginning, everything I made went toward feeding the business. This meant that even contractors got paid before me. I would stress every month wondering if I’d be able to pay myself.

It wasn’t until I heard Cash Flow Tactics deliver a speech when everything shifted for me. “Your business is to serve you,” they said. “So, pay yourself first. You are King. You are who your business serves, not the other way around.”

This was a novel concept to me at the time. Pay myself first.

Once I started doing this, things aligned so much better. I was able to make smarter business decisions and I was able to enjoy my life much more.

Why I think it happened

▷IGNORANCE

I know this sounds crazy, but I didn’t know I was allowed to put myself so much at the forefront of my focus. I felt like a “responsible” business owner put everything back into their business. It took me a second to realize that it was me that the business was meant to serve.

What it cost

▷A lot of personal savings and anxiety

It sucks not knowing if you won’t be able to pay your rent. The second I started paying myself first, rather than last, this fear went away.

What I do differently now

▷I pay myself, and generously, before anything else.

That’s it.

My Mistake 5: Not charging enough

What happened

▷I gave away a lot of work for free

I had a lot of people in the beginning ask for work in exchange for ambiguous promises of “exposure.” This included people asking me to redesign funnels, do complete marketing revamps on their offers and even pay my own way to speak at events (without any speaker fee).

The crazy thing is I said Yes.

Why I think it happened

▷PRESSURE

These “more successful” people wanting free work made me feel like I was getting the good end of the deal. Even though it felt off, I felt like I was too “new” and should have just felt grateful for the opportunity to work with these people. I didn’t quite know how to advocate for myself sufficiently to demand compensation for the value I was providing.

What it cost

▷Hundreds of thousands of dollars and a lot of frustration

There were no clear or written agreements on what would be provided on both ends. This left me frustrated and feeling taken advantage of. At the end of the day, it was my fault for not getting exact in the deliverables that were expected from both parties.

What I do differently now

▷I don’t work for free

I’m all for working pro bono when you’re just getting started. But, only when you’re just getting started. Here’s my take: if you can fulfill on what you’re promising, charge.

My Mistake 6: Hiring too fast and unnecessarily

What happened

▷I hired too much too fast

In an effort to move my company forward faster, I hired a lot of people. I thought that the more people working on my business, the bigger it would become. For me, that wasn’t the case.

The increase of people actually made things move slower, created a lot of back-and-forth, perpetuated moves that I wasn’t fully on board with and greatly cut into my profit margins. Clearly, I had a lot to learn about managing a team as well.

This is not to say hiring is bad. But, hiring the right people in the right sequence is crucial. That’s where I faltered.

Why I think it happened

▷PRIDE

I wanted to be seen as a company that was growing fast. The number of people I employed was, in hindsight, a big stroke to my ego. But, it was not the right decision for my company.

What it cost

▷Hundreds of thousands of dollars

I spent a lot of money paying a lot of people for things that my business didn’t really need or wasn’t ready for.

What I do differently now

▷Only hire exceptional and necessary talent

I have a friend that used to work as one of the top hiring agents at Facebook. He said, “My advice for growing companies is to not hire any role that would pay someone less than $100,000/year. If you’re outsourcing tasks that cost less, you can get software or a few snippets of code to do that job.”

Whether you take that as a hard rule or not, I think it’s an awesome principle to remember to only hire exceptional and necessary talent.

My Mistake 7: Firing too slow

What happened

▷I paid for services I no longer needed for way too long

Whether it was quitting softwares, coaching programs or releasing contractors, I was too slow to move. I felt great amounts of responsibility for their welfare and felt that by separating paths I was “letting them down” or that “they wouldn’t like me anymore.”

Why I think it happened

▷PRESSURE

I felt an extreme amount of pressure to have everyone like me. It mattered too much what people thought about me, so much so that I would jeopardize the health of my business to appease or “take care of” them.

What it cost

▷At least six-figures and a lot of sleepless nights

It took me a while to realize that it wasn’t my responsibility to “save” everyone. That it was simply okay if what someone offered wasn’t what my business needed anymore. It was no reflection on them or me, it was simply a progression in the business and relationship.

What I do differently now

▷Stay in my lane

I’ve removed the unhealthy responsibility from myself to shield my employees or contractors from any changes or feedback. It’s a business relationship that, if needs to be altered, can be done so professionally as well as with great amounts of kindness and generosity.

My Mistake 8: No time boundaries

What happened

▷My life was my business

I always overbooked myself. My checklist was perpetually getting longer and I felt as if I always needed to be working just to keep myself afloat. It became extremely difficult to be present with people because my mind was unable to detach itself from the ever-growing list of work projects to be completed.

Why I think it happened

▷PRIDE

I used to always say, “Things will slow down in March” or “Things will slow down after this launch.” But, because I had no boundaries for what I said Yes to and because I was desperate to not get “left behind,” I not only didn’t slow down, I refused to.

What it cost

▷My health and my relationships

Feeling perpetually behind did a number on my mental health. And, I said No to a lot of awesome opportunities to connect with people I cared about because I was “too busy” working. I would even work on vacation with my family to try and pound stuff out. I couldn’t figure out how to step away for even a few days at a time.

What I do differently now

▷I move deliberately

I still believe in moving fast, but it must be deliberate. There are periods of time when all-nighters make sense. There are seasons when it should be all hands on deck. But, “seasons” is the key word. In this exact season, my speed is slower than it’s ever been before. With a new baby coming and pregnancy sickness, my capacity is different than it’s ever been. But, that’s okay. Though I’m moving at a different pace, I’m moving deliberately.

My Mistake 9: Not taking care of myself

What happened

▷I prioritized work over health

For a season, anything that wasn’t work felt like a waste of time. That included eating and sleeping. Whether I forgot or didn’t prioritize it, I wouldn’t eat a real meal sometimes until 8pm at night. I also would only sleep for 4-5 hours to try and get a “jump start” on my work. Well, I’ll tell you what — that type of behavior catches up to you real fast. I was always getting sick.

Why I think it happened

▷PREOCCUPIED

I was so fixated on “world domination” that my greatest asset — mind, body and soul — took a beating. I’ve learned that it’s significantly less fun to have money when you feel like crap.

What it cost

▷My physical and mental health

I was perpetually sick and suffering from pretty consistent anxiety.

What I do differently now

▷I am “in charge” of my body

I once had someone teach me that they treat their body as if they were hired to take care of it. They imagine that they’re paid only for how well their body functions. So, they feed it regularly and good food. They take breaks. They work out. They get 8 hours of sleep. They drink plenty of water.

This may sound silly, but it’s been a majorly huge shift for me. My physical health changed dramatically when I started thinking things like, “Hmm, if I were hired to take care of my body, what would I feed myself for lunch today?” My body and soul are my most important asset and I now treat them accordingly.

My Mistake 10: Not being clear enough on who I was

What happened

▷I was unclear about who I was

Back in 2016, a boy I was dating told me that he “doubted my ability to mother because of my business aspirations.” This comment spun me into a depression because I no longer knew who I was or if what I wanted was “good” or “okay.” Could I have significant impact both inside and outside of my home?

Why I think it happened

▷PARALYSIS

I was unsteady in who I was and wanted to become, so much so that a comment like this left me paralyzed for almost a year. Rather than move through it, I froze and shrank.

What it cost

▷Centeredness

I drifted for 12 months in my spirituality, my social life, my dating life and my business because I felt as if the floor had been stripped from underneath me. It was genuinely scary to try and move through life without a clear understanding of who I was.

What I do differently now

▷I know who I am

I am a daughter of God. I am a creator. And I create, both inside and outside of my home, to provide value for people I care for. Doing this brings me great joy. And, I don’t give ear to anyone who says anything contrary.

Part 4: Expensive blunders I’ve seen my business peers make

Here are mistakes that I’ve seen my business peers make. Be aware of these as you move forward with your business.

1. Listen to (or hire) too many gurus at once
2. Spend too much time learning rather than implementing
3. Don’t use story in their marketing
4. Build more than one step in the value ladder at once
5. Spend time doing non money-generating tasks
6. Expect things that aren’t promised from coaches or coaching programs
7. Go to events without networking
8. Don’t start because it’s “not perfect”
9. Forget to document their journey
10. Refuse to celebrate big and small milestones
11. Posture instead of treating people like humans
12. Convince themselves they don’t belong in the room
13. Take before they give in relationships
14. Don’t make design a priority
15. Spend too much time to make too little money
16. Say Yes to things that don’t propel their business forward
17. Aren’t curious about their missteps
18. Treat “successful people” as if they’re on a pedestal
19. Hide when they get comments from haters
20. Don’t figure out how to talk about what they do
21. Promise solutions they can’t provide
22. Try to move forward without a coach
23. Seek validation before providing value
24. Waste exposure opportunities by telling unrelated personal stories rather than giving concrete instruction
25. Run away from hard conversations
26. Don’t improve their sklilsets
27. Try to be a knock-off version of something rather than creating their own niche
28. Take on needy clients
29. Don’t leverage their network for partnerships
30. Chase status rather than integrity

Part 5: The 3 mistakes the market tries to disguise as “opportunities”

It’s an unfortunate reality but a blaring truth that a lot people trying to sell you stuff don’t have your best interest in mind.

Mistakes can often look like “opportunities.” Here are three things to beware of.

BEWARE OF: Coaches who haven’t personally achieved the results they’re selling

There are a handful of people who sell results they haven’t personally achieved. I am quick to avoid these people.

It’s akin to hiring a guide to get you from London to Paris but they themselves have never made the journey. They may be kind and well intentioned but, at the end of they day, they’re making it up as they go.

Be very intentional about who you follow.

BEWARE OF: Joining programs you’re not ready for

There was an individual that once sold a $25K marketing program that included a bunch of “done-for-you” services. The only parameter for whether or not you were accepted into the program was if you could pay the $25K fee.

This resulted in a lot of unqualified people, with no service or product of value, wanting this particular individual to create for them a business out of nothing.

When that didn’t happen, people were upset and things got ugly.

This individual ended up starting an entirely new business just to escape the messiness of this situation. These horrific ramifications are both on the person who sold the program and people who joined.

The leader of the program should have been way more intentional about who was admitted. And for the people that joined: if they didn’t have something significant to sell, they should have gone and figured that out before they joined any program.

It’s like paying someone to build the shell of a car for you when you have no engine. As pretty as that car is, without an engine, you’re not going anywhere.

The gist: Don’t buy into programs you’re not ready for. No one is going to create a business out of thin air for you when you have nothing of significance to offer. If someone offers this “magic bullet” to you (or anything similar), be very wary.

BEWARE OF: New friends

There were people who were rude and dismissive of me before I was “somebody.” But, the second my status changed, they changed their entire attitude toward me.

This doesn’t mean that I was mean to them once they started paying me attention.

But, it does mean that I have been very intentional about vetting them before doing any sort of business with them. It’s important to protect your business and reputation. Working with good people is essential to doing that.

Barack and Michelle Obama created a very specific rule when they entered the White House: “No new friends.” I still believe in new friends, but I also believe in protecting yourself, your family and your business from people who are trying to curate relationships solely for their personal gain.

Final words

One of my favorite scriptures talks about how God answers prayers. God says, “I will tell you in your mind and in your heart.” In other words, it will make sense logically and you’ll feel good about it.

Regardless of your stance on God, I think this is an awesome barometer to use.

1. Does it make sense?
2. Does it feel good?

That doesn’t mean that it won’t be scary and won’t require great courage. It doesn’t mean that there won’t be sacrifices required. But it does mean that you’ll have a congruence in what you think and how you feel.

No creation, businesses included, will be void of mistakes. Still, it’s your responsibility to minimize the damage as you take your ideas and turn them into realities.

Ultimately, you have the most authority to build what is right for you. So, follow your gut. And use your 4-Question Constitution to help you get even further clarity.

Good luck,

KJ