More stupid things we do as entrepreneurs

ProfitSchool

Welcome back to the ProfitSchool podcast Business Unfiltered with Mercer and Jeff Sauer today's topic is: More stupid things we do as Entrepreneurs.

• Introduction & Defining "Stupid Mistakes": Jeff Sauer and Chris Mercer humorously dive into the concept of “stupid things” entrepreneurs do—decisions that, in hindsight, could have been handled differently. They emphasize the importance of learning from these mistakes to avoid repeating them.

• Strategies for Avoiding Repeat Mistakes: Jeff shares the importance of seeking second opinions and recognizing emerging patterns. At the same time, Mercer highlights the role that awareness and planning play in stopping mistakes from happening again.

• Tactical Strategies for Smarter Actions: Mercer stresses the need for solid plans with clear milestones to avoid pointless activities. Jeff and Mercer emphasize that forecasting and learning from patterns are key strategies to prevent wasted time and effort.

• Common Business Mistakes:- Pricing & Client Targeting: Jeff shares a classic blunder—creating low-priced courses without calculating how many sales are needed to break even. The hosts agree on the dangers of catering to cheap clients rather than respecting the true value of your services.

• Hiring & Firing Decisions: Hiring too fast and firing too slow is identified as a common mistake. Jeff and Mercer advocate for testing new hires on a contract basis and being proactive in trimming underperforming team members to avoid long-term financial issues.

• Delegation & Small Task Management: Mercer discusses the importance of delegating small tasks to prevent them from piling up, while Jeff emphasizes planning and delegation to avoid burnout and inefficiency in managing day-to-day tasks.

• The Importance of Customer Feedback: Talking to customers and seeking feedback is flagged as a crucial business practice. Successful entrepreneurs spend more time understanding customer needs, which can lead to smarter product decisions.