These are the three biggest mistakes Vishen Lakhiani made when he was starting his business.
If he could go back in time and kick himself in the butt, these would be the three things he would kick his own butt for, let’s dive right in, also if you’re an entrepreneur, I hope you find these useful.
What If I Told You That You Could Start, Grow, And Secure, ANY BUSINESS, WITHOUT Flushing Tons Of Your Time, Money, And Energy Down The Toilet???
1. Not Hiring To Save Money
The first thing is this, did you know for the first 1 year of running Mindvalley Vishen Lakhiani didn’t hire anyone?
Why?
Because he wanted to save money, Vishen thought if he hired employees, they were going suck him dry, and he’d be losing profit margins.
This led to Vishen Lakhiani being overly careful about cash, and as a result, for the first year, He had zero employees, but, he was wasting time doing things that would have been much cheaper to pay someone else to do.
Vishen was so concerned about money and budgeting, that he wasn’t thinking straight.
2. Not Spending Time On Automation
The second mistake was that Vishen Lakhiani, wasn’t spending enough time learning about automation tools.
Today, if you want to grow a business, there are so many incredible tools that you can bring to automate your business.
Maybe you’ve heard of no-code software, Airtable, Click Funnels, Aweber, Click Bank, and many more.
Today, anyone can learn the basics of automation, where you can use tools like Airtable, Click Funnels, Aweber, ClickBank, or you can use new AI.
To automate large sections of your business, things that in the past you would need people to do, you can now automate a lot of that stuff.
3. Not Knowing How To Compare Proper Agreements
And the third thing Vishen Lakhiani said was probably the dumbest, and cost him millions and millions of dollars, and that is not knowing how to prepare proper agreements and to negotiate those agreements, so they are win-win.
When Vishen first started his business, he didn’t have faith in himself as an entrepreneur, he admits that he doubted himself, because he said he was a computer programmer.
He’d never taken a business class, he’d had never gone to business school, so Vishen brought in a partner who did have a business degree.
However, this business degree person asked for a large chunk of the business, and rather than create a pay for performance plan, or pay him a salary, Vishen said yes, and he gave away a massive amount of his business, almost half.
He later had to buy back those shares for millions upon millions of dollars, it cost him a lot of money, sadly it even put him in debt.
All because 1. He doubted himself, and 2. Didn’t know how to create proper agreements.
Those three mistakes, if you can avoid them, can make a massive impact on growing your business.
Let’s go over this one more time as a recap…
- Know precisely when to hire the next person.
- Learn how to use automation tools.
- Understand how to create proper agreements, and when to say no and when to say yes.
Now, if you’re an entrepreneur and you find these ideas interesting, I want you to know that this week, I’ve made a seriously sophisticated book, and I’ve taken entrepreneurship in a whole new direction.
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If you’re an entrepreneur, this could be adding millions to your bank balance or saving you from wasting millions of dollars and hundreds of hours of time.
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