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Learning from the mistakes of others is much nicer than from your own. Especially when the price of a business error is high. True, not every successful person is ready to openly talk about their mistakes.

But Patrick Beth-David is not afraid to publicly admit his own mistakes – from the inability to ask for advice to constant parties. We watched his video about 12 misses in business and retell the main thing.
A Little About Patrick Beth David

By the age of 30, Patrick founded PHP insurance company. Today it is one of the fastest growing companies in the financial industry. But he became famous thanks to the video blog, in which he talks about his experience in business.

Patrick Beth-David, About Business Mistakes

Patrick’s goal is to destroy patterns and encourage entrepreneurs to go beyond the usual. His YouTube channel Valuetainment is considered one of the best for entrepreneurs, more than 1 million people subscribe to it, and individual videos collect 4-5 million views.
# 1: Almost gave up

The most stupid mistake that can be made during the first year as an entrepreneur is to abandon this whole venture.

It may seem to you that you are not coping, that business is not yours. It is possible that there will be many “well-wishers” around you who will support your self-doubt.

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Patrick was ready to give up in the first year, and today is sure that this would be the stupidest decision in his life.

# 2 Tried to become CEO too early

Zuckerberg, Bezos, Musk – all of them are primarily sellers.

Patrick Beth-David, About Business Mistakes

If you are creating a business, your main task is sales, sales and sales again. Before you become a CEO, you need to sell.

Patrick admits that his mistake as an entrepreneur was that he sought to be a “business owner,” instead of learning to sell and make money.

# 3: consulted a lot with the wrong people

Everyone loves to give advice – from raising children to doing business.

Whatever you recommend, all ideas will be based on the experience and worldview of advisers. This does not mean that their recommendations are erroneous. But just the same does not mean that they are true.
Advice is just a subjective opinion.

Problems arise when you begin to listen to many at the same time. Patrick made this very mistake. His head went round from the number of conflicting ideas.

Patrick Beth-David, About Business Mistakes

Still, counseling can be very helpful. But for this you need to find a few people whose views on life as a whole do not contradict yours, and who are successful in what they do.

And it is important to ask them the right questions: not about the secrets of success in general, but about what they did at the stage of development at which your business is now.

# 4: Required, Not Inspired

Patrick admits that during the first year he wanted too much from customers and employees. It seemed to him that without pressure there would be no success.

Instead of inspiring and leading the team, he tried to act by force and pressure. And this was another reason for his failures in business at the very beginning.

# 5: I began to lose money
Another mistake of beginning entrepreneurs is the belief that they will quickly earn a lot of money.

When the business began to generate revenue, Patrick immediately bought an expensive car on credit. He paid for everyone in the bars, had parties, and drank in Las Vegas. He spent money and expected that he would continue to earn excellent money.

Patrick Beth-David, About Business Mistakes 3

But at one moment he lost everything, mired in terrible debts and fought off collectors. This could have been avoided if he had not started to waste money.

After all, the first rule of business is to stay in business. First of all, it is necessary to invest in the development of the business. Motivation can push you back a lot.

# 6: I almost changed the field of activity

The market is constantly changing, and there may be a great temptation to quit what was started and do something new. In pursuit of trends, you can endlessly jump from one to another and ultimately not succeed in anything.

September 10, 2001 Patrick founded a financial insurance company. September 11, the world has changed. It was definitely the worst time to start a business, especially in the financial industry.

Soon, the field of mortgage lending soared. Many rushed into this industry – it brought huge profits.

Patrick Beth-David, About Business Mistakes

Patrick was offered to diversify the business, to deal with mortgages, loans and other financial products. He almost succumbed to the temptation, but nevertheless decided to maintain the original vector – insurance. And his strategy was successful.

If you have chosen an industry and a product, work on it. Develop what you have, do not spray on many projects. Unfortunately, this is a common mistake in business that newcomers make.

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Alexey Timofeev - co-founder of the American investment company Trident Acquisitions Corp., in the past - general director of the Smart Holding industrial and investment group and member of the…