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Identify one successful and one unsuccessful experience with group decision making

We love learning from others as well, and since we got so much out of our round-up of counterintuitive advicewe wanted to find out even more about what other people have learned from experience. This time, we wanted to learn about the darkest moments of successful and famous entrepreneurs and what their lesson has been.

Without any further ado and in their own words, here are some of the biggest mistakes and lessons learned from 13 successful entrepreneurs. We were perfectionist so we built the best thing we could without even understanding what our customers cared about.

We have now learned to spend smart, optimize for learning and focus on customer delight. With my second company, GoLoco — social online ridesharing — we spent too much money on the website and software before engaging with our first customers. This meant that part of our learning was undoing our first guesses. Missing something you budget and plan for by more than a year is really bad news in the startup world.

I toiled in a job I hated for a long time. I toiled in a job I hated for a long time, instead of starting a blog or building a business I loved.

The 13 Biggest Failures from Successful Entrepreneurs and What They’ve Learned From Them

As a founder I felt like I knew everything I needed to know about media, content, even the technology involved to reach my audience. After a few years of rapid growth my company had stalled out, and I was spending more time fighting fires than I was doing the stuff I loved and that made us money. Hiring a business partner then giving her full scope to do her job felt a little like giving up my company but it was a vital step toward success.

Decision Making Process

They should be definitive and binary. Tim Ferriss is the best-selling author of The 4-Hour Workweek and an entrepreneur 7. Unfortunately, I did not understand the difference between rapid growth like cancer and healthy growth normal cellular reproduction.

Eventually, our growth consumed our capital and the business failed. I learned an important lesson: Never let growth exceed my own ability to fund it. If I am tempted to seek outside funding, it is a sign of a flawed business model. Like other entrepreneurs I love trying to do multiple things at once. But once I learned to focus all of my time and energy into one business, I was able to make it grow faster than all of my previous businesses.