Comments on: 5 Financial Mistakes That Devastate Startups

By: petercabrera

petercabrera — Thu, 10 Sep 2015 10:11:00 +0000

One of your first steps should be to create a strict budget with a lot of cushion. Overestimate figures wherever possible to minimize your margin for error. Also, overestimate the amount of time it will take to generate sustainable profit.

By: Maritza Parra

Maritza Parra — Tue, 14 Oct 2014 13:04:00 +0000

This is spot-on advice Wade… some that especially stand out to me for online businesses are “Fund your business right”, “hire too soon” and “quit your job early” <=== (WITH savings!) I see so many entrepreneurs who see people being successful online and think it's super quick success. Since there's a pretty low barrier to entry in online business (hosting cost/domain cost) they start and expect to be making money immediately… Sadly, this is not the case. They have to clearly communicate who they are in the marketplace, start building and growing a list community and engaging with that community to build trust and loyalty. Then, they'll be growing a business asset the right way, without desperation and need. Wonderful post!

By: fitJaime

fitJaime — Tue, 14 Oct 2014 03:10:00 +0000

Fortunately, I haven’t made too many of these mistakes… yes, I’ve bought things I shouldn’t have and invested in things without thinking them through… but the biggest one for me is what you hit on right at the very top “You want your spouse to be proud of you” — that is my driving force on a daily basis… I work and pivot and pivot and drive in order to get the thumbs up from him. Good motivation for sure, but the best way to keep him proud is to invest in the business wisely!

By: Frank Gustafson

Frank Gustafson — Mon, 13 Oct 2014 22:33:00 +0000

Cool Wade… I did ALL of these wrong… several times. There are two ways to learn a lesson… from other’s mistakes and from your own mistakes… the prior is much better. Thanks for the great post!

By: Anna Fairs

Anna Fairs — Mon, 13 Oct 2014 22:21:00 +0000

This is great advice for anyone starting out!! Particularly love the point on inventory – reinforces what I’ve been thinking over last few days – thank you.

By: sfbayp

sfbayp — Mon, 13 Oct 2014 19:56:00 +0000

These are paramount, and highly actionable steps to follow when embarking on an entrepreneurial journey. Priceless advice!

By: Karen Osburn

Karen Osburn — Mon, 13 Oct 2014 18:56:00 +0000

Great points, George. Probably made most of them in business already, but so great avoid in the future and for those that havne’t made them so hopefully they don’t in the future!

By: FireStarters

FireStarters — Mon, 13 Oct 2014 18:08:00 +0000

George, I am such a big proponent of your article for a couple reasons. One, it will help any business owner, especially a new one who isn’t quite sure how to handle each of the points you list and review. After all some are either tempting or confusing in terms of whether or not to proceed with them. Secondly these are pure gold starting with your first point. I am strong on all 5 points, though if I could only choose 1 to share, that would be it. Thanks Wade and George!