The Biggest Start-up Mistakes I'm Happy I Made

Twelve years ago when I entered my current profession, I didn't set out to own a company. Even 5 years ago, I wasn't thinking I'd ever start a business beyond my one-person consultancy. But, here I am.

Along the way, I've sought plenty of advice. Some I've taken, some I've passed on. Here are seven things I was told to do by the experts, but I made the "mistake" of not doing - and I'm glad I did.

1) Secure VC, angel or bank funding as quickly as possible. Several business professionals told me if I didn't get funding within a year, I'd be out of business. My competition would crush me. I've seen several of those "funded" competitors go out of business because they spent all the investment money and still didn't have a profitable business model when it was gone. Or, even worse, I watched the passionate founders of companies lose their controlling share (and actual control) of their businesses. I bootstrapped. I put every spare dime I had back into the business. It forced me to be resourceful and careful with how I spent money. It was very, VERY hard, but I think it's truly one of the key reasons why my company is still around.

2) Get a big-name client to flaunt. I was encouraged to give my services away at a loss to a major company as a way to show my company's credibility in the marketplace. I couldn't afford to do that and I would have failed to deliver to the service standards I had set for the business model. Today, we have built an infrastructure that can handle big clients, and they don't mind paying our rates in exchange for the level of service we provide. Had I given them away, I doubt highly I would have ever gotten that big company to eventually start paying fairly for my services.

3) Do something uncharacteristic to get attention. Lots of people suggested I start writing and promoting controversial posts. A well-known blog in our space had a meteoric rise due to some content that could be labeled R-rated. It was tempting to write something that would get an obscene amount of views for the drama-factor. Yet, I opted to keep the content clean, cutting-edge and relevant. Even though it wasn't as "sexy" as the other blog's content, readers stuck with us. That blog is now flat-lining, and we are continuing to climb at a steady rate.

4) Over-staff for a possible business rush. I was told I didn't have enough staff and needed to be hiring and training more senior people for the possibility of a rush of business. I couldn't see how hiring a bunch of extra folks to sit around in anticipation of work that I, as the main driver of the business, didn't see materializing in the near future made any financial sense. Not to mention, how miserably bored those folks would be. Turnover of any kind is not to be taken lightly in my HR world. I'd rather stay lean with staff then to over-extend financially and have to lay people off. Or, watch them quit out of disappointment.

5) Move my company to a big city. I was told starting a career media company in New Hampshire was useless and that the kind of high-caliber talent I would need was living in Boston. I disagreed. There's a lot of incredibly talented people living in my neck of the woods who choose to live here for the quality of life. I find them to be relaxed and happy because they love where they live.

6) Invest in expensive business solutions. At one point, I was told I needed a custom website and back-end system to run my business. The price was completely out of my price range. I decided to stick with my rule of always using lower-cost, off-the-shelf products that were proven in the marketplace. What they lacked in customization, they made up for in affordability, ease of use, and the ability to integrate with other platforms. My choice saved me thousands of dollars that I was able to put back into marketing and growing the business.

7) Change who I was. Probably, the most common piece of advice I didn't take involved someone telling me to change my business model, core values, or professional goals. I was regularly challenged and told I was wrong. It was if they felt an obligation to point out where I was failing as an entrepreneur. Yet, in my mind, I wasn't failing. I was experimenting. And, as my good friend and writing partner, Dale Dauten always says, "Experiments never fail." I'm glad I stayed true to myself and didn't listen to the naysayers. Did they turn out to be right sometimes? Sure. But, the lessons I learned along the way were far more valuable than the advice they had given - and the way they had given it.

Now, tell me: What mistakes are you glad you made in your career or business? I'd love to hear your stories in the comments below.

If you want to read more of what I've written, check out my articles on Inc.com.

P.S. - First time reading my posts? Thanks for taking the time to stop by! Not only do I write for Linkedin, but I'm also the founder of a popular career advice site, CAREEREALISM,and currently run the job search and career development company, CareerHMO. I hope you'll check them both out!

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CAREEREALISM’s Founder, J.T. O’Donnell is a nationally syndicated career expert and workplace consultant who helps American workers of all ages find greater professional satisfaction. Her book,CAREEREALISM: The Smart Approach to a Satisfying Career, outlines her highly successful career-coaching methodology. Purchase her e-book of CAREEREALISM for only $9.95 by clicking here!

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