Editor’s note: This article was first published in April 2013. Its remark that Google Drive is on the market today, though five years later, Pickens’s more than 50 years in business, and the description of Seesmic all reflect that time.
Continuing with LinkedIn Today’s series on influential people in business (The Influencers), this time we’ve gathered the mistakes 4 successful people made early in their careers. At the time they looked like a real short-term disaster, but in the long run they proved very valuable, because the lesson was learned and kept in mind so as never to make the same mistake again.
Our previous article in this series was The best advice 9 successful business people ever received (recommended). We’ve picked out these mistakes-turned-lessons, which are also excellent advice you should keep firmly in mind:
1. Loic Le Meur
Business mistake: Depending on someone else’s business.
In 2008, this entrepreneur took advantage of the Twitter boom. The platform allowed developers to build applications on top of Twitter. Le Meur was a pioneer here and decided to create a company, Seesmic, specifically for using Twitter applications. When Twitter saw how many applications were on the market, and that in a way they were hurting it, Twitter changed its strategy. Some developers were acquired, others had to shut down, and in Seesmic’s case they had to reinvent themselves overnight.
Lesson learned: Don’t base your business solely on someone else’s success, because everything can change overnight. If you depend on someone else for your business to work, the real business owner is that other person. You’re just one more worker in their company.
Note: Le Meur’s words aside, the truth is that with the internet, without realising it, many business owners depend on a third party. Some depend on Facebook, others on Google, others on Amazon. If one day the rules change (and on the internet they change constantly), be careful not to be left without enough diversification.
2. Justin Rosenstein
Mistake: I could have launched Google Drive, but I didn’t.
Justin was working at Google at the age of 22 when he came up with the idea for Google Drive. He spent a long time shaping his project. When the moment came to push it forward, Larry Page turned the idea down. Justin didn’t defend his project, probably because Larry’s refusal made him lose confidence in his own creation. “I didn’t push hard enough because I was just one more person in the company and didn’t have the power or the conviction needed to change anything.” As we can see, Google Drive is on the market today, though 5 years later.
Lesson learned: If you’re working on a project, if you have a dream, fight for it and defend it. If you’ve been living, working and breathing for that project and a company doesn’t believe in it, fight them, don’t be afraid, and in the end, if your company doesn’t want to do it, do it yourself, as long as you believe in the project.
3. T. Boone Pickens
Mistake: Not doing any market research or strategy.
For his first job, Pickens decided to go into the lawn-mowing business. He closed several deals, giving customers a good price for the summer. The business looked promising. Once the deals were closed, he went to mow the lawns and realised that most of the gardens were like rainforests where the grass probably hadn’t been cut in years. What was supposed to be easy money in 30 days turned into 3 months of working double full-time days. The money he made didn’t make up for the work.
Lesson learned: Be careful with your offers. Sometimes, by wanting to land a job at any cost, you make offers you later regret. If I’d had employees at the time, doing those jobs would have cost me money. My grandmother told me I’d made a very bad deal, but since then, in more than 50 years in business, I’ve never made that mistake again.
4. Rajat Taneja
Mistake: Not giving my elevator pitch.
I once got into an elevator and, by chance, a senior executive from a large company I would have liked to have as a client was in it. I couldn’t manage to say anything more than “hello”.
Lesson learned: After that short elevator ride, I promised myself that from then on I would make a greater effort to connect with people without letting myself be intimidated. Opportunities don’t always appear when you’re ready for them, and sometimes you have to improvise. (Read: 18 business lessons you’ll learn sooner or later.) In business you have to make the most of the moments that offer opportunities. Maybe I wouldn’t have achieved anything, or maybe I would. I’ll never know, but since then, whether the answer is yes or no, I never leave myself wondering.
Further reading
- Business and mindset: 5 keys to excelling at everything you set out to do
- 6 business ideas for young (and not so young) entrepreneurs
- 9 tips for entrepreneurs from millionaire Richard Branson
Featured image: Luca Sartoni, CC BY-SA 2.0, via Flickr.
