The Best Mistake I've Made

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The savviest small-business owners don’t see mistakes as failure, but as one step on a longer journey. In this small-business panel, founders shared the best lessons they’ve learned from hard-earned experience. Some of their most important lessons include:

Get the right team in place. You might be inclined to hold on to the wrong people for too long, but don’t think hope and great intentions can always make a difference. Not everyone is a fit to work at every business. “People can make you or break you,” says Chris Hernandez of Arizona’s Hernandez Companies. 

Seek steady growth. Growing too fast could put your entire company in jeopardy, says Mauricio Simbeck, founder of wellness chain Milagros de Mexico. “Grow at a moderate rate,” he warns, since “if you trip, it can be very painful.”  

Ask the experts. Most small-business owners don’t look to professionals soon enough, says Alice Rodriguez, an executive at Chase Bank. Make sure that you have the right advice at the start to prevent problems before they occur. “The key is to get the professional expertise before it’s too late.”

Related: Every Business Must Raise Funding and Other Startup Myths

This article is editorial content and reflects the personal views and opinions of the participants.

Edition: November 2016

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