Failed investments in the business

In my business I’ve had a handful of things that do not work out. One of the biggest lessons I have learned and I’m still learning is to cut off the loss and move on. 

A lot of the ideas I have had that did not workout  ended up becoming reoccurring monthly expenses for serval years until I finally stopped investing in it. Some of these losses were in the form of domain names, websites, reoccurring business services, and excess  labor. 

By them selves these services did not cost very much so it made it esier for me to just fybnit spending the time to cancel. It also made it easier for to convince myself that I was going to utilize the these products and set yay some point and make back my investment. 

This was a big mistake that ended up costing thousands of dollars over the course of serval years. 

Seeing Potential as a gift that must be regulated

“ Take It  behind the barn and shoot it.”. This quote form Kevin O'leary really stood out to me when I heard it. I was paying month after month for alll these services that had the potential for growth but never grew because I didn’t allocate the appropriate amount of time and resources into them. In addition to that not propert allocating time and resources, I kept adding in more things on to the list because of I could see its potential. 

This way of thinking almost destroyed me​

There were times in my business where things were slow and rough financially and I still kept investing in past mistakes. For me its not about saving money it’s about allocating my time, energy, and resources in the right direction. 
Cutting off unnecessarily expenses is not about saving money its about using the money for the right things that will give me a return.

There may still be losses that i take but before I invest I Will have a clear plan on how long I’m going to give something a chance to work in my business. ​

Put your time energy and resources in the right direction

Now I am a lot faster to cut off my losses however In everything I have cut off I still see its potential. Being real with yourself about how much time and energy you really have to make something work it is important. I’ve learned to narrow my focus and cut ties with my losses. This is a ongoing practice for me. 

Now I’m making more money in business, worrying less about taking reoccurring losses, and Carefully allocating my time towards the right things. I still take risk but I do it with caution and a clear plan to enter and exit.