Show 18 - Our Business Graveyard - Dedicated to Those Businesses No Longer With Us

Episode Overview

In our third and final show of our “lessons learned” mini-series, we are going to take a walk through businesses that we once had and no longer are a part of, either because we closed them or sold them. People often only see the successes that entrepreneurs have, but rarely see the failed businesses or efforts from those entrepreneurs. So today we will walk through 4 businesses that we no longer have and explain what they were, why we no longer have them and what we learned from them.

Episode Key Points

You can learn and apply skills from the various jobs that you have had to being an entrepreneur
Our first business was selling used books on Amazon and was low cost
Every business needs a defined process (and tools to support the process) to be efficient
When one business needs a product or service, other businesses probably do too
Starting a business by bootstrapping can lead to taking jobs because you need money, even if they don’t align to your business
You should never start a business without doing some business planning
Before starting a business, decide and agree on how the exit strategy (especially if you have a partner)
Home party business can be low cost to start, but are a challenge after going through your “warm” leads
It can be easy to jump into an online business and not treat it like a business, but this is a mistake