What mistake cost you a lot of money when running your startup/business?

This is more to starting my business / startup.

There is that one idea for your business you think of which seems flawless. You think of the ways it could fail and you can't find any. You can't wait to say goodbye to your full-time job and jump right into it.

That was me. No backup plans and just going all in for my first business. That cost me a good $50,000 and I learned it the hard way.

ALWAYS do this before starting a business: Validate your business idea with as many people as you can before starting

We take pride in things we do and sometimes a bit too much pride will hurt us. It is best to get some harsh but honest feedback from others especially strangers.

Once your idea is solid, don't quit your full-time job just yet. Start your business as a side hustle till the revenue generated is substantial enough to cover your expenses rather than you relying on savings to stay afloat. That was the mistake I made back then.

DO NOTE MAKE the same mistake as I did.

Cheers and all the best in your entrepreneurial journey.