This link has been bookmarked by 32 people . It was first bookmarked on 03 Aug 2006, by someone privately.
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28 May 13
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03 Aug 12
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1. Selling to the wrong people.
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it’s a waste of time to try selling to people who simply don’t need what you’re offering.
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Feel free to say no to customers that are more trouble than they’re worth.
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You’ll save yourself many headaches, and you’ll free up more time to focus on serving the best customers.
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Don’t network with random people just because you think you’re supposed to network.
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Learn to say no to the weak opportunities so you have the capacity to say yes to the golden opportunities.
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2. Spending too much money.
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Until you have a steady cashflow coming in, don’t spend your precious start-up cash unless it’s absolutely necessary.
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I soon learned that every dollar invested in the business was another dollar that eventually had to be recouped from sales.
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Your business should put cash into your pocket, so before you “invest” money into it, be clear on how you’re going to pull that cash back out again.
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3. Spending too little money.
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Don’t let frugality get in the way of efficiency.
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It takes time to develop the wisdom to know when you’re being too tight or too loose with your cash, so if you’re just starting out, get a second opinion.
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4. Putting on a fake front.
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It’s perfectly OK to refer to your business as an I when you’re the only one working in it. Pretending that you’re a we when you’re really an I is a bit silly.
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Promoting yourself as an I may even be an advantage today, since people will know the buck stops with you, and if you make a promise, you’re the one who will carry it out.
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If you’re a newly self-employed person, don’t pretend you’re anything else. Price your products and services fairly for your level of skills and talents.
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5. Assuming a signed contract will be honored.
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A signed contract is just a piece of paper. What’s behind a signed contract is a relationship. If the relationship goes sour, the contract won’t save you.
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Just don’t make the mistake of assuming that the contract is the deal. The contract is only the deal’s shadow. The real deal is the relationship.
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Business, especially the entertainment industry, is not for the timid.
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8. Sacrificing your personality quirks.
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My personal oddities give this blog a unique flavor. If I were to take myself too seriously and write more formally, this blog would be very dull and would likely lose much of its audience.
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If other people can’t handle your weirdness, too bad for them. Focus your energy on the people who can.
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9. Failing to focus on value creation.
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While it’s possible to make money in the short run without creating much value, in the long run it’s unsustainable.
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Even criminal organizations have to create value for someone.
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09 Jan 11
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12 Apr 06
equalstwelve"It’s easy to fall into the trap of thinking that the purpose of a business is to make money. But the real purpose of a business is to create value."
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11 Apr 06
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