What have you learned thinking back?

Question

About what you may have misjudged or did wrong when setting your business up? What would you have differently? I am currently writing a business plan with two friends and was wondering what, if any, I could do which would help us avoid silly mistakes?

Answer 1

There is no substitute, of experience.  

Answer 2

I had two main businesses and have always overestimated how popular my business would be - I tended to get excited and to think it's so great that everyone will rush to spend their money.  In my particular case, advertising turned out not to be cost effective and that made it very difficult to get customers.

Answer 3

trust no one even if it was your best friend keep your thoughts to yourself unless you don't care what is ganna happen later

Answer 4

What i learned thinking back was that nearly every major decision i have made i would change had i my life over again!

Answer 5

Be careful doing business with friends. I don't mean your partners as friends though that can cause issues, too. I had two bad experiences using friends as vendors and really regret it. It's easier to use someone that you can easily dispute a job or bill without having to worry about a relationship. Also, expect old friends and co-workers to NOT be supportive. I ran into a lot of this, and I had some hurt feelings for a long time until I realized that it was their problem and insecurity, not mine. Good luck to you!