Unpredicted Entrepreneur Episode 76: Mistakes Made = Tuition Paid

Unpredicted Entrepreneur

“I had zero business background when I was starting out. I went to a number of people and asked them for their book list. I let them know I was starting my own law firm and I asked for the top books they’d recommend. If a book was recommended more than once, it went to the top of the list. I read a ton of books. I also networked and met some amazing attorneys and amazing business owners. A more senior attorney recommended I contact Great Legal Marketing. I eventually ended up with my business coach from Great Legal Marketing as well as getting into their mastermind group. Once a quarter, I would fly out to Washington DC to meet with other law firm owners, some in personal injury, and some not. We would exchange ideas and discuss problems that we were having and how to solve them.

It's amazing when you introduce an objective viewpoint into your business, how easy it is for others to see what's going wrong and give you suggestions on how to fix it. You can also look at someone else's business, pinpoint issues, and offer suggestions because we're not emotionally tied up in it. I think that's one of the benefits as well as having the benefit of experience. I would much rather learn from somebody else's tuition money than pay my own! And so for me, I think it's a massive investment and one that has paid dividends and will continue to pay dividends into the future.”

There is great value in leveraging collective wisdom and experience when starting a business. Despite not having any business background, Scott was proactive in seeking out knowledge and guidance from books, mentors, and a mastermind group. This approach underscores the importance of surrounding yourself with knowledgeable peers and advisors who can offer objective insights into your business. By learning from others' experiences and mistakes, you can avoid costly missteps and accelerate your growth. It's a reminder that investing in education and mentorship can yield significant returns and is a smart strategy for anyone considering business ownership.

We cover many current and relevant topics. A few include:

◈How learning from costly mistakes in business is similar to paying tuition to learn in school

◈Why networking and mentoring are so important for professional service providers who are taught a craft in school, not business

◈The importance of systems in a business