My first Internet venture was two years ago. From then till today I have been involved with many many websites, products, blogs and forums. Some have done exceedingly well and few went the other way.
This post is aimed at giving you pointers with reference to my projects that did not do well. I am sure you will learn a lot from this post, which will help you.
Don’t exhaust your resources
A lot of good opportunities will come your way and you will want to do them all, but please do not. I made this mistake and I ended up many ventures suffer, even those that were on the right track. Within around three months of my making this mistake of spreading myself too thin, my ventures suffered as I did not have enough for each venture. Things did turn messy but I came out of this situation.
Time is not on your side
In the beginning, you will want everything to be perfect. It is a fact that cannot be changed, there will always be problems and nothing will ever be perfect. So instead of trying to make everything perfect, just launch your venture before someone else copies it.
Selling to the wrong people
This is a really really big mistake. I once was targeting a completely wrong email list and had got carried away with that list’s success. You must know who is your target audience. It is of no use selling a comb to a bald man.
Trust people carefully
In one of my biggest ventures, my team, actually ganged up against me on a very very small thing. They then left taking my idea and a lot of my money away. No matter how well you think you know someone, be alert, be careful.
Collect your money on time
Making money is tough but getting your dues is equally tough. Collect some or most of your money up hand, because any company can go bankrupt at any time. Never act as if you do not need the money, you’ll never get paid. And for some reason if someone owes you money, make their life miserable.
So…
Everyone makes mistakes in life, you may make these same ones even after reading this post. The final advice is never give up, you just have to suceed one day.
Liked this post? Made some mistakes in your ventures? Feel free to comment below.
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April 12th, 2009
Great post Farrhad. It’s always great to learn about someone’s mistakes. Thanks for sharing. The most important thing like you said is to never give up. If you keep trying and learning from mistakes you will make a break through.
April 12th, 2009
Good post
April 12th, 2009
Nice post. I liked your tips and they do make sense. We should be careful while dealing with such things. But its great to see that you are doing so many things at such a young age. Keep up the good work
April 12th, 2009
Agreed on your point “Don’t get your self too thin on ventures,..” I was going to do the same, trying to get all that is available.. But Thanks GOD I was saved. And ROFL at that “Selling Comb to a Bald man”
Well its really nice and helpful Post for new bees. 
April 12th, 2009
A great, post that I followed from your Twitter post. It spoke to me “A lot of good opportunities will come your way and you will want to do them all, but please do not.”- Your correct as a website designer it is a constant fight to stay up to date and ahead of the game,
Kudos to @Farrhad I is one of the best posts ever!
@microedge
April 13th, 2009
Thank you for this, Farrhad. I know a few professional speakers, and their standard fee arrangement is half up front and half on completion. For that matter, most contractual writing arrangement in the print realm include what’s called a “kill fee” of some percent of the original amount in the event the project is canceled prior to completion.
Appreciate the insight.
April 13th, 2009
Great post Farrhad! The getting your money on time is very true =)!
One thing I’d like to add:
Do not have friends / family as your clients.
They will never understand why you ask the amount of money you are going to ask. They’ll think they can buy you off with a drink or something. Very annoying! And they think they can call you at any time in any occasion, and even talk to you about their project in your free time at parties or whatever. DON’T. I’ve made the mistake, but never again!
April 13th, 2009
Hmm….very very good post. It is always good to learn from mistakes.
Peace!
April 13th, 2009
Ya probably I think you know the quote “first impression is the best impression”. The mistake I did is that I had a ugly customized cutline theme when I started my blog. I would have done lots of mistakes but I dont remember. Anyway awesome post farrhad. I loved reading it. And looks like you have started a mail list of your own. Great I am signing up for it.
April 13th, 2009
Totally agree with what you’ve said there. The most important thing is to learn from mistakes and take constructive criticism well!
April 13th, 2009
I really admire you. Lovely post I say.
April 14th, 2009
Very good article and good advice. Others have mentioned this but the most important thing you said was to never give up. Of course, the other points you made are very important as well. It’s cool that you offer advice based on your own experience. It can certainly be a time saver if one can learn from the mistakes of another. Thanks for sharing!
April 15th, 2009
It is an awesome post. I have learnt a lot. Thank you.
April 16th, 2009
It’s good to learn from mistakes. And remember never repeat them.
April 18th, 2009
Wow! So much experience at this young age. Brilliant. I am glad I read this lovely post.
April 16th, 2009
Another BIG mistake you can make I guess, is to repeat the mistakes.
April 21st, 2009
That’s one rocking post.
One of my biggest mistakes was to start a blog because (as you said in your 3rd paragraph, I was scared of someone stealing my idea) when I had had not much time to invest in it. I had to down it after a year… but I’m planning to start from zero again and your posts will most likely be of a great help!
Thanks,
Nic.
April 23rd, 2009
Always good to know that I am not alone in making mistakes! It is how we learn from them that helps us move forward.
Tom - StandOutBlogger.com’s last blog post..FREE EBOOK: ‘7 Traits Of A Successful Blogger’
April 23rd, 2009
When I used to freelance, I made a mistake with one of my first clients (because we had been friends for a while) and let him pay the last 50% of the money he owed me after I completed the work. I didn’t see that money until 3 months later. Such a stupid, noob mistake on my part. I never let that happen again though, so we’re not that different in the category of making stupid mistakes.
Alex | Blogussion.com’s last blog post..Dealing With Blogging Challenges You Just Don’t See Coming
May 12th, 2009
It’s great that you’re willing to share some of your challenges with other entrepreneurs to help out. I know a lot of people who have so many great ideas that they try to work on all at once instead of planning them out. While it works well for some, in most cases, it doesn’t. Always better to plan ahead and never take on more then you can handle.
May 13th, 2009
You, many things can be learned from your mistakes.
But, I think you can add some serious points to it
They will be much more worth. Spend a little more time on this post and update this
April 12th, 2009
Thanks.
April 12th, 2009
Glad you liked the post
Yes you must NEVER give up.
April 12th, 2009
Thanks a lot Rahul!!
April 12th, 2009
haha It is a nice one xD
April 12th, 2009
Glad you liked it
April 13th, 2009
Yes, that is one solid point I should have added, I have gone through it too. Thanks for pointing out
Always people tend to take advantage of you 
April 13th, 2009
Yes, I agree.
April 13th, 2009
Thanks for the comment Kyle
April 13th, 2009
Thanks for the comment and thanks for joining
April 13th, 2009
Thank you Kimberly.
April 15th, 2009
You are welcome. And thanks for commenting on my blog
April 15th, 2009
Anytime buddy!
April 15th, 2009
Glad you liked it
Thanks for the comment.
April 15th, 2009
Glad I could help.
April 20th, 2009
Yes, I have learnt a lot with time
April 21st, 2009
Good luck Nic!!
April 27th, 2009
Mistakes are the steeping stones to success
April 27th, 2009
haha
The good part is you learnt from the mistake.