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Prepare To Be
A Millionaire
Prepare To Be
A TEEN
Millionaire
What was one of the very first mistakes you
made when starting your company?
Joy Gendusa
Founder and CEO of PostcardMania -
I would say that the biggest mistake was thinking I had to learn everything by trial and error. Damn, I did a lot of that and boy is it expensive! I really didn’t know anyone else in my business that I could turn to and I have to admit it didn’t even dawn on me to seek anyone out! What a stupid “I could have had a V8” moment when I realized this! Now I use every opportunity to talk
Dan Newman
Founder and Chairman of ASC, Inc. -
The biggest mistake I made with our company did not happen for several years. Because of our dramatic growth, I was slow to hire, train, and empower managers to help maintain the service success we had initially experienced for our clients that in itself was solely responsible for that growth. We lost several clients because the results we achieved for them initially began
Tamilee Webb
CEO of TL Webb International, Inc. -
My first biggest mistake was not taking out the correct amount for taxes with each job I did, which meant at the end of the year I owed a large amount of money for taxes; after that I paid estimated taxes which lessens the big hit at the end of the year. If you’re not sure how much to set aside, don’t start a business without seeing your CPA.
to business people and pick their brains! Your magazine is fantastic and provides such a service to business people! Go MB! I highly recommend your book to any and all business people that want to grow their companies.
to fade simply because our infrastructure for maintaining those results was spread too thin. My mistake was believing that the management staff I had in the beginning would be sufficient to support and maintain company growth with the same success for our clients, no matter how large we grew.
Joyce Bone
Chief Operating Mom -
I can sum up this answer in four words: put it in writing! Memory of what the deal is tends to get fuzzy over time or when things go south. I have noticed that memory always seems to error in the favor of the one back pedaling. For instance, with my company I was told I would get a certain number of shares as co-founder. When the rubber met the road those numbers got
"fuzzy" a/k/a smaller. Fortunately for me they were still big numbers but not what was originally agreed to verbally. When you are in the start up phase of a new business you may feel that it is unnecessary to bother putting your deal in writing since you all get along so well...its like being on your honeymoon-your partner looks great, sounds great and is great! As business progresses and you hit bumps in the road or the money is not there all of a sudden that same partner may get sketchy on you. You may find yourself scratching your head wondering how you ended up with this turkey? If you get everything in writing up front when everyone is friendly you will be in a much better position when good or bad things happen. Think of it as your "pre-nup". Best of luck to you!
COMING SOON!
Millionaire Blueprints TEEN
Same quality content, different age bracket!
Editor-in-Chief of Millionaire Blueprints Kimberly Burleson sits down with The Big Idea's Donny Deutsch to discuss your 'Million Dollar Moments'
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