My first business FAILED? Avoid the my mistakes! | Business tips 2023 | Small business tips

1. Reflecting on Past Failures and Learning from Mistakes
2. Investing Too Much Money Without Validation
3. Ineffective Audience Building on Instagram
4. Neglecting the Importance of Building a Mailing List
5. Lack of Launch Preparation and Campaign
6. Choosing to Quit Instead of Seeking Solutions
7. FAQ

Reflecting on Past Failures and Learning from Mistakes

My first business failed. It actually failed pretty, pretty dramatically. I've experienced a few failures in my life. I'm not gonna lie to you. However, I've also experienced some successes as well, and I do feel like the reason why I currently have a successful business is because I've taken the time out to reflect on the businesses which haven't been successful.

Investing Too Much Money Without Validation

The first bad decision that I made which led to the failure of this company was that I invested too much money. I didn't invest huge amounts. I mean, I feel like how much is a lot of money is just so relative to everyone, and at that time in my life, I didn't have a lot of disposable income.

Ineffective Audience Building on Instagram

The second decision that I made that led to the downfall of that company is all to do with Instagram, which is something I like to talk about a lot, right? So, this again, I was 22, so this was a while ago. This is in the early days of Instagram, I think.

Neglecting the Importance of Building a Mailing List

The third bad decision that I made, and I'm proud to say that with all my other businesses, I didn't make the same bad decision, was that I didn't start building a mailing list. In fact, at no point throughout the entire time I had that business (which wasn't very long, to be honest, I think maybe it was like a year), I didn't have a mailing list.

Lack of Launch Preparation and Campaign

The fourth bad decision that I made was that I didn't actually officially launch anything. So, I had this theme page where I had 10,000 followers. A theme page is basically a page where you focus on talking about one specific thing. So, my theme page was about fashion because I was about to launch or so I thought a fashion brand.

Choosing to Quit Instead of Seeking Solutions

My fifth and final decision that I made that led to the downfall of this business is that I... I quit the business. I've done that a few times with businesses. It got too difficult, it wasn't working, so I quit instead of investing my time and my resources in figuring out what was wrong, measuring what was working and what wasn't working, pulling on my four-year marketing degree, which I didn't appear to refer back to at any point when I had this business, which was obviously a mistake.

FAQ

Q: How did reflecting on past failures help in building a successful business?
A: Reflecting on past failures helped in learning from mistakes and understanding the reasons behind the failure, which contributed to building a successful business.
Q: What was the first bad decision that led to the failure of the company mentioned?
A: The first bad decision was investing too much money without proper validation.
Q: What mistake was made in terms of audience building on Instagram?
A: The mistake made was ineffective audience building on Instagram, particularly during the early days of the platform.
Q: What was the importance of building a mailing list in the failure of the business?
A: Neglecting to build a mailing list was a key mistake that was made, as it hindered the ability to reach and engage with customers effectively.
Q: What was the issue with the launch preparation of the business mentioned?
A: The issue was the lack of proper launch preparation and campaign for the business, which impacted its visibility and initial success.
Q: Why did the individual choose to quit the business instead of seeking solutions?
A: The individual chose to quit the business instead of seeking solutions, which ultimately led to its downfall. This decision was highlighted as a key mistake in the process.