Stupid Things Entrepreneurs Do
April 23, 2024
Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Stupid Things Entrepreneurs Do
0:00: Entrepreneurial mistakes, including taking on too much work and not building a strong team. Mercer started a monthly Entertainment Guide newspaper in his early entrepreneurial days but made the mistake of not learning how to manage a team. He quickly learned that entrepreneurs should build a team, not do everything themselves.
4:10: The dangers of assuming success and the importance of learning from failures. Jeff learned the hard way that having a "Midas Touch" doesn't guarantee success, and urges the listener to never fail the same way twice.
6:25: Business mistakes and the importance of recognizing possibility vs probability in decision-making. Jeff shares his failed attempt at dropshipping, losing $15 on each product sold. Mercer reflects on past mistakes, recognizing both the possibility and the probability of being wrong.
11:10: Recognizing and addressing mistakes in work and personal life. Mercer reflects on past mistakes, such as tolerating work that drains his soul.
13:56: The importance of iterating and adapting in business to avoid stagnation and grow revenue. Jeff compares technical debt to anchors, explaining how it can be beneficial at the beginning but become a hindrance later on.
17:23: The importance of self-awareness and growth in entrepreneurship. Mercer shares insights on the importance of self-awareness and growth. Beliefs can be useful or not, and it's important to distinguish between the two.
20:22: Hiring mistakes and how to improve employee management. Jeff’s mistake was trying to teach his way out of problems instead of being an active manager, resulting in confusion and poor performance from team members.
24:40: Common business mistakes and how to learn from them. Jeff admits to not listening to Mercer during a launch, leading to a mistake. Mercer appreciated Jeff’s push to see the potential for collaboration.
29:46: Improving communication and decision-making in business partnerships. Jeff reflects on the value of being wrong and discussing ideas with others and emphasizes the importance of reading the room and presenting in a way that resonates with different people.
Topics Covered In This Episode
- Overcoming Entrepreneurial Pitfalls: Learn from Mercer and Jeff as they discuss their early business ventures, from running an entertainment newspaper and a bar to owning a nightclub and restaurant. They emphasize the critical mistakes of overworking and under-delegating, underscoring the necessity of building a strong team.
- Learning from Failures: Jeff and Mercer delve into their failures, including flawed assumptions of success and repeated mistakes. Jeff shares candid stories about ventures such as an ill-fated pool and patio website and a losing dropshipping attempt, highlighting the importance of operational knowledge and recognizing the difference between possible and probable outcomes.
- Navigating Business and Personal Mistakes: From tolerating soul-draining work to ignoring team warning signs, Mercer reflects on personal and professional errors of judgment. These experiences underscore the importance of confronting issues head-on to foster both personal growth and business efficiency.
- The Art of Iteration and Adaptation: Jeff stresses the importance of iteration in business, comparing technical debt to both helpful anchors and cumbersome lead shoes. Mercer and Jeff discuss how constant adaptation and focusing on problematic areas can drive revenue growth and prevent stagnation.
- Self-Awareness and Entrepreneurial Growth: Mercer sheds light on the crucial role of self-awareness in entrepreneurship and illustrates how self-awareness can drive substantial growth and improvement.
- Enhancing Employee Management and Decision-Making: The duo share valuable lessons in hiring practices and employee management, with strategies like monitoring productivity and managing expectations from the start. They also explore the significance of emotional and business intelligence in making informed decisions and enhancing partner relations