Business Mistakes Learned the Hard Way: 5 Entrepreneurs Share their Story

Where are you in your entrepreneurial pursuits? Idea stage? Development stage? Growth Stage? Whatever stage that may be, there is excitement and uncertainty. Many of us know to seek out mentors, business coaches, and peers about their experiences and insights. For good reason too: learn from them. Listen to their advice. Take their words of wisdom and apply it to your own situation. Yet, regardless of where we are in the process, we will encounter obstacles and problems. We KNOW we will make mistakes; we KNOW there will be failure, but we fight to minimize the depth of failure. However, there are situations that pop up without warning or they creep up on us to create havoc. These 5 entrepreneurs share their story and lessons learned:

Jennifer Tamborski, Virtual Admin Experts: “Hiring people and being a leader is entirely different from the corporate world. I hired employees and set them loose, assuming they knew what I knew. When they came back to me confused and lost, I realized I didn’t have the processes necessary for my employees to effectively perform their job. It’s a process I had to learn as I taught them.”

Lesson learned: a clear, concise, communication and documentation plan must be established. Follow-up with employees is just as important as follow-up with clients.

Chris MacLellan, Whole Care Network: “My theological background inspired me to trust without hesitation. That approach to life did not transfer well to business. I didn’t discover this until I handed over the IP (intellectual property) to a business connection in which the gesture was not reciprocated. As a result, I lost lots of money and my humility. It took a great deal of time to restructure my business, much of which conflicted with my trusting nature.”

Lesson learned: Life skills do not always transfer well to business skills.

Mary Scott, Make Believe TV: “Create a clear, contractual arrangement for each project which includes payment agreements and pricing for situations that influence the service offered. All decisions must be clear and understood before the project (or any part of the business arrangement) begins. If it isn’t clear, it will cost a lot of time, money, and frustration.

Lesson learned: Do not rush into a project without the proper documentation.

Angie Monko, Harmony Harbor Coaching: “I jumped into business without a clear plan, quickly becoming distracted by multiple business objectives. I didn’t recognize the situation until ~18 months later when cash flow and momentum declined. It took another 18 months to create a business plan and to begin recovery.”

Lesson learned: Create a business plan, follow it, and revise as your business shifts and grows.

Paul Heirendt, True Bearing Advisors: During my corporate days, I had ‘two young guys’ working with me. They frequently joked, ‘You’re not the boss of me’, which resulted in them learning very little and becoming a liability rather than an asset. I eventually left the corporate world and took one of these young guys with me. As his urging, we moved into his uncle’s free office space in downtown St. Louis. The caveat: the uncle’s son must become the CEO of my company. With no written partnership and nearly 100% of the company in my name, I dealt with legal issues, lost opportunities, lost revenue, and lots of bad blood.”

Lesson learned: It’s better off not partnering unless each member can prove their value AND share the same business goals.

These entrepreneurs faced some crushing blows to their business growth but regrouped, adjusted and recovered. Communication and documentation were the top business issues. How can you apply their lessons? Share your ideas or stories below.

Kristen Edens

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Here’s Why You Should Never Throw Away Your Banana Peels… Who Knew They Were So Healthy?

Bananas are one of nature’s greatest treats. Not only do they have a distinct, delicious flavour, they’re also packed with vitamins and minerals, including potassium and magnesium. They’re also a great source of fiber and they’re the go-to food for athletes who need a fast-acting carbohydrates to get a quick energy boost. Awesome!

But what about the peel? Sure, you can use them to decimate your opponents in a round of Mario Kart, but outside of video games, you probably don’t really think twice about them and you just throw them away. But as it turns out, chucking your banana peels is a huge mistake because they may actually be the best and healthiest part of the fruit! How is that possible? Well, check out these surprising ways that you can be using banana peels.
Believe it or not, you can actually eat raw banana peels. But before doing that, make sure you clean them thoroughly. Some people eat the peels just like that, while others choose to blend them with other fruits. But if raw isn’t really your thing, you can try boiling them for about 10 minutes before eating them. If the idea of eating the peel is still too much for you, consider scraping out as much of the insides as possible with the spoon and consuming this portion. Benefits include…

reducing cholesterol and preventing cardiovascular disease and strokes; the peel contains more fiber than the banana itself!
boost your mood, as the peel contains amino acids to trigger your serotonin
reduce the risk of cataracts and macular degeneration thanks to the banana peel’s lutein, a powerful antioxidant that protects your eyes
You can also apply the banana peel to different parts of your body for some amazing benefits:

whiten your teeth by rubbing the inner part of the banana peel on your teeth on a daily basis
reduce wrinkles by rubbing the banana peel on your face, leaving the residue on for about half an hour before washing it off
eliminate warts by securing a piece of banana peel on the affected area with a bandage and leaving it overnight; repeat until the wart falls off
sooth the itch and pain of bug bites by massaging the peel on the affected area

Read more at http://www.metaspoon.com/peel-banana-benefits-health/?cat=exerheal#cEm0dolOvswHhksE.99

https://youtu.be/swAMdwmpG6w

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Apply The Word For Changes

All scripture is given by inspiration of God, and is
profitable for doctrine, for reproof, for correction, for
instruction in righteousness (2 Timothy 3:16). 
As a Christian, it’s important that you keep
making progress, and using the Word of
God to improve the quality of your personality. You
ought to be able to testify of definite changes in your
personality in recent times, through the application of
the Word of God. There should be something positive
and definite that you’ve built into your character or
something negative that you got rid of from your
character, by using the Word of God. Subject yourself
to the Word for it to effect changes in your spirit and
in your soul.
The change in your physical body is easy; the
focus now is the change from within. You have a
responsibility in building and upgrading your life with
the Word of God; no one can do this for you. There’re
people who haven’t changed in ten years. The same
things that offended them years ago, are still offending
them now. The same people they disliked years ago
are still disliked today. The same issues they’ve had in
five years are still there. They’ve neither changed nor
grown; that’s sad.
The question to ask is, have such people acquired
more information? Of course, they might have; but they haven’t acted on the information. They’ve heard and
studied the Scriptures but haven’t yielded themselves
to the transforming power of the Word of God to
bring about lasting changes in their personality. It’s not
enough to hear or gather scriptural information; you
must act on the Word.
There’re those who, when they’re in church, write
down everything that’s being preached and taught.
They get the tapes and they listen, but they’re so used
to the voice that it doesn’t mean anything to them nor
effect a change in their character. They’ve become too
familiar with the Word. Don’t be that way. Believe in
the power and ability of the Word of God to transform
your life from glory to glory. Apply the Word for
changes. I’m not talking about a temporary change,
but permanent changes to affect your personality.
God’s Word was given to you as a creative
material. Any change you want in your life is possible;
use the Word to make it happen. You can create more
victories and sustain yourself in the transcendent life
with the Word. 
Confession
The Word of God is my life and
my sustenance; I’m making
progress and winning every day
by the Word. Today, my life is
improved and upgraded as the
Word of God impacts my spirit,
bringing about a transformation
from glory to glory, in Jesus’
Name. Amen.

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