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Learning from Other Failures Too

I’m not the first or only person to fail, and thankfully The Trump Blog is sharing some lessons from someone else’s.

Though it’s very business and start-up focused, a few jumped out as dead on for musicians:

  • Mistake #3: Letting your marketing be an afterthought. Too
    many entrepreneurs get so embroiled in developing a product or
    designing a store that they don’t talk to their customers. Don’t forget that the customer must be any company’s main consideration from day one.
  • Mistake #4: Pairing with the wrong partner. Some
    entrepreneurs who are short of cash take on partners with “deep
    pockets.” That is often a recipe for disaster. Others partner with
    friends who don’t bring much to the table as potential business
    partners. Unless you and a partner possess complementary assets that
    will make the business run better, you will be better off on your own.
  • Mistake #5: Overspending before cash flow and profit kick in. Avoid
    the trap of spending money early for things you will only need later
    on. Don’t buy an expensive computer network if you can get started with
    a few desktop PCs. Don’t hire a receptionist if you can start out with
    a voicemail system. Consider an office share or a virtual office as an option to minimize expenses.
  • Mistake #7: Going too cheap on your Internet presence. These days, an inexpensive Website can look as good as an expensive one. A shabby Internet presence can kill your image fast. 
  • Mistake #8: Glossing over your areas of ignorance. We all
    have them. Some of us have big ideas, but are poor at planning. Some of
    us are great with people, but cannot crunch numbers.

I especially like #4 because music always involves other people. Don’t make these decisions and commitments lightly.