Entrepreneurs are forever learning from their own mistakes, so once in a while it’s nice to learn from someone else’s for a change.
Tech entrepreneur Neil Patel shares the story of his million-dollar mistake made while pursuing a web-hosting start-up.
Patel lists a number of things that went wrong with the businesss, poor money management and a lack of communication between the principals were among the key missteps. But perhaps the biggest mistake Patel made was not knowing when to say when. Patel and his partner kept on throwing good money after bad until the situation finally came to a crashing halt.
Patel has since recovered and has gone on to further success with new ventures. As he explains, “What separates the true entrepreneurs from the phony ones is that the true entrepreneurs don’t give up.”
Photo by irvinehousingblog.