7 Mistakes I Regret Making While Building My Business

Summary

The video outlines seven major mistakes the creator Ali Abdaal has made while growing his business from zero to over $5 million in revenue. These include not setting goals, setting too many goals, not recognizing alternate paths, lacking focus, trying to do too much in parallel, not sequencing properly, and not making time to think. He provides personal anecdotes and advice on avoiding these pitfalls, whether in business, YouTube, or life in general. The key takeaway is to set a clear singular goal, focus energies on the vital 20% of efforts, do things in sequence, and schedule regular solo thinking time.

Takeaways

• 😀 Having clear goals provides direction and makes it easier to steer your efforts
• 😎 Don't set too many goals - identify the 1 key goal to focus on
• 🚘 There are always multiple paths to get from point A to point B
• 🔎 Splitting focus between too many things leads to little progress
• ⚡️ Do things in sequence rather than trying to juggle everything at once
• 📈 Use metrics to determine if you're on track towards your goals
• 🗺️ You will inevitably deviate from your planned path - course correct when needed
• 📊 Every metric has unintended side effects - beware obsession with numbers
• ✏️ Make time for thinking - this is where breakthrough ideas often originate
• 🧠 Journaling prompts can guide productive reflection and planning

Q & A

What was the first major mistake the speaker made in growing their business?

Not having clear goals or a 'North Star' to guide the direction of the business. This made it difficult to lead their team and make progress.

Why was the speaker initially reluctant to set revenue goals for their business?

They didn't want to set arbitrary financial goals that were outside of their control. They also feared disappointment if they didn't achieve the goals.

How can you ensure focus when trying to achieve a goal?

Identify the 20% of efforts that will drive 80% of results towards the goal. Resist splitting focus and energy in too many directions at once.

What is the advantage of doing things in series rather than parallel?

Doing things in sequence allows greater focus and progress. For example, first launch a course, then use it to support a YouTube channel instead of trying to build both at the same time.

How can you tell if you're on the right track towards a goal?

Use metrics and key performance indicators to objectively measure progress over time. This allows course correction as needed.

What are some examples of useful thinking prompts for business?

Examples include analyzing shortcuts that aren't really shortcuts, planning what to do less of and more of, and examining where you have optimized for easy instead of outcomes.

Where did the speaker's most successful course idea come from?

The idea for their most successful course came during solo journaling and thinking time in a coffee shop. This emphasizes the need to make time for thoughtful reflection.

What is the value of getting advice from others who have already achieved a goal you want to reach?

They can reveal paths and strategies you didn't know existed. Speaking to those with experience shortens your own learning curve.

What can happen when you track metrics in business or health goals?

Tracking metrics enhances accountability and progress. However, beware becoming obsessed with the numbers rather than the end goal.

How did the speaker initially set too many goals, and why was this counterproductive?

They made an extremely long list of goals across revenue, subscriptions, followers, products, etc. This scatters focus and makes it hard to make progress in any one area.