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On Your Journey, DON'T Make This Near-Fatal Mistake That I Did

by Terry Kyle
3 replies
In my first IM career circa-1998/1999, based on a couple of information books, I was utterly convinced that there was huge demand and market for my beloved info-product titles.

And I tried everything to make them succeed and when they inevitably didn't fulfil my expectations, my entrepreneurial spirit was completely crushed.

It actually took quite a few years to bounce back and re-launch.

So what was my fatal entrepreneurial error?

I was attached to a specific product and all my hopes of success were locked up with that particular product.

INSTEAD, my loyalty should have been to success, not any one product or service.

In my IM career 2.0, I've had several home run products/services and just as many total duds but now I don't sweat the losers at all.

Your loyalty has to be a successful outcome (however you measure that) and NOT to ONE product or service.

Hope that helps you avoid ever making a similar error.
#journey #make #mistake #nearfatal
  • Profile picture of the author Michael Harris
    Originally Posted by Terry Kyle View Post

    In my first IM career circa-1998/1999, based on a couple of information books, I was utterly convinced that there was huge demand and market for my beloved info-product titles.

    And I tried everything to make them succeed and when they inevitably didn't fulfil my expectations, my entrepreneurial spirit was completely crushed.

    It actually took quite a few years to bounce back and re-launch.

    So what was my fatal entrepreneurial error?

    I was attached to a specific product and all my hopes of success were locked up with that particular product.

    INSTEAD, my loyalty should have been to success, not any one product or service.

    In my IM career 2.0, I've had several home run products/services and just as many total duds but now I don't sweat the losers at all.

    Your loyalty has to be a successful outcome (however you measure that) and NOT to ONE product or service.

    Hope that helps you avoid ever making a similar error.
    Hey Terry,

    I have a friend who has done a similar thing trading the share market..

    She held on to shares she bought because of an emotional decision,
    rather than a rational one..

    It was her "pride and joy" and she was going to retire on the money she made from it..

    Even when she had doubled her money she still wouldn't sell..

    When she finally ended up selling she lost about $800 upfront and possibly much more on trading that she didn't do with her initial "stake" while it was tied up..

    Now she trades with the mindset "I'd rather be rich than right.."

    All the best
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  • Profile picture of the author leningovea
    Originally Posted by Terry Kyle View Post


    So what was my fatal entrepreneurial error?

    I was attached to a specific product and all my hopes of success were locked up with that particular product.

    INSTEAD, my loyalty should have been to success, not any one product or service.
    I totally agree with you, Terry

    I don't know if you have read "If you build it they will come", from Rob Adams, but this guy exemplifies this mistake.

    You're not the only one who has done it

    A lot of people use to do the same, they think that because they love something (sport, hobby, tactic, whatever), the whole world fells the same...

    We all have to find out what our target market needs... otherwise we're doomed...

    It's a basic marketing concept but it gets overlooked very frequently

    The best way to do this is to browse forums and also make surveys
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  • Profile picture of the author crissie
    Been there. Done that. Failed. Started over.
    Take it as a lesson and move on.

    Never place all your eggs in one basket!


    By the way - Tomorrow is a big day!
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