My Biggest Business Mistake So Far
I’ve made a lot of mistakes…. in my life….and in my business. Some of those business mistakes are still, oh so tempting.
Here I want to mention one of the biggest mistake I made early on as an entrepreneur. The hope is that this can help you avoid the same detour as you move your startup to the next level.
The biggest mistake I made consistently during the early part of my entrepreneurial days had to do with the illusion that I could use simple, repeatable algorithms for duplicating past success.
Take my investing website for example. Very early on I was making $5/day with 50 articles. I figured I could just write 50 more articles and move right up to $10/day. Not so fast cowboy!
With 100 articles I was only making $6/day. What? That doesn’t seem right? Well, that’s how things work. The fact is that my articles started competing with one another and my earnings got diluted. I quickly learned that the first 50 articles were a much better use of my resources (time and money) then the last 50.
Or, take my poker site. Within 6 months I was making $500/month off this sucker, mostly from direct ad sales. I thought I could duplicate this success easily by building more poker sites. Not so fast. To this day my other poker sites are lucky if they are making $50/month.
The fact is that it is not easy to duplicate success by simply repeating the same thing over and over. You need to get creative. You need to diversify. Creativity and diversification work, but unfortunately, they are not as easy to implement as a simple algorithm.
Just don’t make the mistake of investing your time and money in repeatable project development on the premise that simply repeating what has worked in the past will reap similar profits in the future. It’s just not true.
Return on investment dilutes as you oversaturate the market.
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