Borrow Their Mistakes

4 Thoughts

1. Good advice comes in different forms.
   Your CPA, attorney and other advisors have important roles. So do experienced business owners who've actually faced similar decisions.

2. Experience changes the questions you ask.
   Someone who's already made a costly mistake often knows where to look before making the next move.

3. The price of a bad decision grows with the business.
   More money and bigger opportunities can also mean more expensive mistakes.

4. You don't have to personally pay for every lesson.
   There is value in learning from people who've already been through something you're considering.

4 Lessons

1. Know who you're asking.
   Different decisions require different kinds of expertise and experience.

2. Don't only ask whether something can be done.
   Ask whether it makes sense for you to do it in the first place.

3. Talk to people who've actually lived it.
   Real experience can reveal questions you didn't know you needed to ask.

4. Get perspective before commitment.
   The best time to challenge a decision is before the money, time and energy are already tied up in it.

4 Challenges

1. Look at the biggest decision you're considering right now.
   Who are you currently asking for advice?

2. Find someone who's already done what you're considering.
   Ask what they would do differently knowing what they know now.

3. Think about one expensive lesson you've learned yourself.
   What do you see now that you couldn't see before going through it?

4. Take a look at the Deal Maker Alliance.
   It's built around getting serious business owners in the same room so they can share experience, relationships and perspective as the decisions get bigger.

Quote of the Week

"Only a fool learns from his own mistakes. The wise man learns from the mistakes of others." - Often attributed to Otto von Bismarck

There's nothing wrong with learning the hard way.

I've done plenty of it ;)

But you don't get a medal for paying full price for every lesson yourself.

As your business grows, the decisions are going to get bigger.

Make sure the people around you grow with them.