Over the past few weeks I have spent well over $100 (and going) trying to resolve various server issues that I’ve been having with my sites. It’s been a very frustrating ordeal and has left me in the dark at times.
However, the entire situation has forced me to learn more and more about servers. Not just the bare basics, but a real in-depth understanding of what’s really going on. It’s still an ongoing battle that should be resolved within the week or so, but money continues to be spent and time continues to add on as the days go by.
I am really starting to see, first hand, that running into issues with your venture that initially result in the loss of money, clients, and time can be a blessing in disguise. Sure, it sucks while you’re going through it and you can’t help but feel despondent at times, but your business is going to come back strong than ever if you fight through the obstacles.
If it takes losing money in order to learn how to do something right or improve upon something to make it even better, then you simply have to accept that that’s just a part of being an entrepreneur – money will be lost and unintended hours will be allocated to remedy the problem.
Looking back, I have been losing money ever since my first project. But at the same time, I have been growing wiser and more efficient in my ways. Whenever money is lost or I am forced to spend money in order to get the job done right, I always make sure that I fully understand the pitfalls that led me to spend or lose that money.
By having a true understanding of your mistakes, you are less likely to fall into the same traps and end up continuing to have to unload more cash – cash that can be used for better things.
So always remember that you aren’t necessarily only losing money when you are forced to correct your errors and make improvements, but you are taking steps to ensure a future for your company even though it may not feel like it. Just keep pushing forward, no matter what!
What have you lost money on? And did you learn from it?
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Great post Dave – I feel the same way. Even if you start a business and lose thousands of dollars, you get an education well worth the money lost. Every time I fail at something in business, I try to look at it that way as opposed to worrying about how much I just lost.
Thank, Adam. Yeah, it’s all about continuing on and never stopping. Like you said, I’ve learned so much by losing so much money. It doesn’t sound right, but it definitely is. Make us stronger!