My 3 Most Expensive Mistakes

In the entrepreneurial journey, mistakes are not just missteps but integral parts of the learning curve that forge the path to success. Recently on the "Keep What You Earn" podcast, Shannon dives into her three most expensive mistakes in business, providing listeners with invaluable insights into the errors that have equipped her with the wisdom to navigate better.

#### Over-Investing in the Wrong Team Members

Shannon started off by highlighting a common yet critical error: hiring and overpaying the wrong person. Her experience resonates with many business owners who, in their zeal to build the perfect team, sometimes rush into hiring decisions. Shannon's strategy of "hire slow, fire fast" emphasizes a careful and reflective approach to recruitment, balancing eagerness with thorough evaluation. She underscores that while it's essential to give new hires a chance, recognizing when a team member isn't the right fit—and acting swiftly—is crucial to conserving resources and maintaining team dynamics.

#### The Premature ‘Yes’

Another pitfall Shannon discusses is the habit of saying "yes" too soon. Whether it's agreeing to client requests, new projects, or impulsive business decisions, a premature affirmative can lead to overcommitment and subpar outcomes. She shares from her personal challenge of overcoming the urge to make spontaneous decisions—a trait common among enthusiastic entrepreneurs. By adopting a practice of pausing, allowing a "sleep" on big decisions, she's been able to make more strategic and less emotionally driven choices. This recalibration towards more deliberate decision-making is something every business owner can benefit from, reducing the risk of costly errors in judgment.

#### Neglecting Continuous Sales Efforts

Perhaps the most impactful revelation from Shannon's experiences is the importance of consistent sales efforts. She brings to light how easy it is to ease off the ‘sales gas pedal’ when business seems to be going smoothly. However, in doing so, one risks stagnation and loses out on maintaining a growth trajectory. Shannon shares that maintaining consistent marketing and sales activities should be non-negotiable, even during peak business periods like tax seasons for accountants, or high workload phases in any industry. This approach not only ensures a steady influx of opportunities but also keeps the business dynamic and forward-moving.

Shannon’s personal analogy of never fully turning off the ‘sales machine’ but rather adjusting its intensity as needed, provides a strategic approach to managing business growth. Continuous engagement in sales and marketing keeps the business prepared for unforeseen changes in customer behavior or sudden shifts in market conditions.

### Empowered by Error

What makes Shannon's narrative so powerful and relatable is her candid acknowledgment that even seasoned professionals make mistakes. The discussion doesn’t just offer a peek into the errors but forms a blueprint on turning these mistakes into teachable moments. By referring to these mishaps as "tuition"—a price paid for learning—Shannon shifts the perspective from loss to investment in personal growth and business acumen.

Moreover, her invitation for listeners to share their own ‘expensive lessons’ creates a community dialogue, emphasizing that mistakes are universal. This collective sharing of experiences further demystifies the often-pedestaled journey of entrepreneurship, fostering a learning community that thrives on shared wisdom and mutual support.

### Final Thoughts

Listening to "Keep What You Earn," it’s clear that business is as much about managing finances as it is about managing decisions and people. Each episode, especially one as rich in personal insight as EP562 - My 3 Most Expensive Mistakes, acts not just as a guide but as a mentor session that encourages listeners to navigate their business landscapes with both caution and courage.

Every business owner, new or seasoned, can derive valuable lessons from Shannon’s openness about her entrepreneurial journey. It underscores a vital truth in business: growth is a continuous learning process, where each mistake has the potential to become a milestone in the path to success.

What you'll hear in this episode:

04:05 Extracting lessons from mistakes is an expensive tuition.
06:48 Team accountability drives conscious decision-making and consistency.
10:37 Continuous marketing, content creation, and sales strategy.

If you like this episode, check out:

How Can You Shake Off Business Boredom and Thrive?

3 Voices You Need to Silence to Succeed

Never Let Your Scarcity Show

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.