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

Episode Transcript

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