I think we all have learned some lessons. Learning is a part of an experience. Every time I succeed or fuck up I stop to analyze the situation and see what could be learned. I'm hoping this thread can actually become educational. Things that come to mind are:
1. Good accounting is the key. From the very moment you start a business make sure you track everything that goes in and out. It'll be easier to see where you fucked up later.
2. Diversify - don't put all the eggs in 1 basket. If a particular area of your business goes down, you'll go down with it.
3. Don't front and always be ahead - if someone doesn't have any money right now, he probably won't have it later. There might be some exceptions but this is the rule of thumb. If the worst case scenario, you need to secure a down payment before lifting a finger.
1. Good accounting is the key. From the very moment you start a business make sure you track everything that goes in and out. It'll be easier to see where you fucked up later.
2. Diversify - don't put all the eggs in 1 basket. If a particular area of your business goes down, you'll go down with it.
3. Don't front and always be ahead - if someone doesn't have any money right now, he probably won't have it later. There might be some exceptions but this is the rule of thumb. If the worst case scenario, you need to secure a down payment before lifting a finger.
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