Lessons From Our Entrepreneurship Journey

Every entrepreneurship journey is filled with its own unique challenges, but some lessons are universal. In this week's episode of Beyond The Grind, we got real about the biggest mistakes we made when starting our businesses. The conversation wasn't about the easy wins, but about the hard-won lessons that truly shaped us as entrepreneurs. We all agreed on one central truth: a shift in mindset and a focus on Strategic Navigation are critical for long-term success.

The Misconceptions We Had to Unlearn

The moment you decide to become an entrepreneur, you're bombarded with a set of popular misconceptions. I used to believe that starting a business required a lot of money and that I needed to quit my day job to give it 100%. This quickly became my first big mistake. I ended up becoming the biggest expense to my company, which burned through my runway very quickly because my personal bills don't just stop.

There’s also the classic “if you build it, they will come” mindset. I’m no Steve Jobs, and neither are you. It's not enough to simply create a product or a service. Your marketing strategy has to be on point to put your solution out there and pinpoint how it will make people feel.

Finally, I thought money was going to come quickly. This stems from a misunderstanding of what a business actually is. I thought, "If I onboard 100 customers paying $5 each, I'm good," but I didn't account for all the hidden expenditures it takes to run a company, from tools to overhead.

Navigating Growth and Expansion

Another critical lesson was about where to set up shop and how to scale. I believed I was being strategic by setting up my dental practice in a transient area to capture a growing population. But I didn't factor in the constant attrition rate. Every month, people were moving away, forcing me to constantly acquire new patients. I failed to calculate the cost of this constant acquisition, which was a huge oversight in my initial plan.

Another mistake was trying to expand too quickly. As soon as my main location was doing well, I jumped to opening two more. It was too many things at once, and I hadn’t even fully replaced myself at the first location. You can only work on one project at a time.

I also regret starting a practice from scratch with zero patients. I now realize that buying an existing practice would have been a better first step. While I was worried about gaining respect from an older staff, I would have had an established clientele and a steady source of revenue to build upon. This would have allowed me to “fail fast” and learn in a more stable environment.

The Subtle Art of Selling

It's humbling to admit, but I recently realized that I suck at selling, especially the subtle kind. We lost a client because there was a mismatch in expectations, and I couldn't convince them to change the fee, even though the value was there. What I've learned is that it’s not about convincing someone to pay more for a service; it's about making them believe in the value you provide. A good salesperson should be able to deliver that value upfront and sell the outcome, not just the features.

This realization led to a deeper truth: if you can't sell your service above a certain price point, maybe a part of you doesn't believe it's worth that much. You have to believe in your product or service firmly in your heart to make those claims and talk about them confidently.

Defending Your Wealth

A final piece of wisdom is about managing successful wealth. When you're successful in one area, you might feel like everything you touch will turn to gold. This can lead you to take on risky investments. I’ve learned that once your primary business is successful, you need to be more defensive with the wealth it generates. Your main business is already a risk, so the money you earn from it should be invested in a way that’s less risky. Don't be one of those people who wins the lottery and blows it all; earn your success so you have the skills to manage it.

This entire discussion was a valuable reminder that our struggles are what make us better. It’s the battle-testing, the hitting your head, and the getting back up that prove you’re truly good, not just lucky. When you know better, you’ll do better, and that’s what this journey is all about.

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