Vishen's 3 Biggest Business Mistakes

These are the three biggest mistakes I made when I was starting my business. If I could go back in my back in time and kick myself in the butt, these would be the three things I'd kick my own butt for. Three biggest mistakes. So here goes. And if you're an entrepreneur, I hope you find this useful. The first thing is this. Do you know for the first one year of running mindvalley, I didn't hire anyone because I wanted to save money. I thought if I hired employees, they're gonna suck me dry and I'd be losing profit margins. And so I was overly careful about cash. And as a result, for the first years I had zero employees. But guess what? I was wasting time doing things that it would have been so much cheaper to pay someone else to do. I was so concerned about money and budgeting, I wasn't thinking straight. That was the first mistake. The second mistake was this. I was not spending enough time learning about automation tools. Today, if you want to grow a business, there are so many incredible tools that you can bring to automate your business. Maybe you've heard of NO code software or maybe you've heard of airtable. Today, anyone can learn basics of automation where you can use tools like airtable. You can use new AI to automate large sections of your business. Things that in the past you would need people to do. You can now automate a lot of that stuff. Automation was that second thing. And the third thing was probably the dumbest. It cost me millions and millions of dollars and that is not knowing how to prepare proper agreements and to negotiate those agreements so they are win win. When I first started my business, I didn't have faith in myself as an entrepreneur. I doubted myself because I was a computer programmer. I'd never taken a business class, I'd never gone to business school. So I brought in a partner who did have a business degree and he asked for a large chunk of the business. And rather than create a pay for performance plan or pay him a salary, I said yes. And I gave away a massive amount of my business, almost half. I later had to buy back those shares for millions upon millions of dollars. It cost me a lot. It put me in debt. All because I A doubted myself and B didn't know how to create proper agreements. Those three mistakes, if you can avoid them, they can make a massive impact in growing your business again. First, know precisely when to hire the next person. Second, learn how to use automation tools. Three, understand how to create proper agreements and when to say no and when to say yes. Now, if you're an entrepreneur and you find these ideas interesting, I want you to know that this year I've been taking mindvalley's training curriculum into a whole new direction. Entrepreneurship. I want to ensure that everyone out there who's starting a business or dreams of starting a business gets the knowledge that I didn't have when I was first starting out. And so this week we're, we've launched our first big masterclass on building a business. And it is essentially for a new program we're creating, which is sort of an alternative mba. You learn how to own a business, how to grow a business, how to scale a business. It's really, really, really cool. And I brought in a remarkable teacher to teach this class. A guy who has built and sold multiple businesses, but also is a master of transforming the human mind. So join me and my trainer of the week, Eric Edneads, in this free masterclass and you're going to learn how to think in terms of processes so you can automate. You're going to know when to hire, how to hire, and how to ensure the person you hire does a good job. So it's completely free, it's about an hour, but you're going to learn a ton. If you're an entrepreneur, this could be adding millions to your bank balance or saving you from wasting millions of dollars and hundreds of hours of time. Join me in this masterclass. Can't wait to see you.