SmartCompany | SmartCompany
As small business owners, it’s almost a rite of passage to make mistakes – and lots of them.
For some, simple mistakes can become a crisis while for others a misstep is a valuable learning experience.
Our Smart50 finalists and winners are growth businesses – they’ve made a few blunders but they’ve endured and thrived. Here, four winning Smart50 business owners share some of their mistakes and how they fixed them as well as some been-there, done-that advice.
Keep cash in your back pocket
Tony Nash, CEO of Booktopia (co-winner of the Community Hero Award), says doing your sums is essential, especially when it comes to raising more capital to grow the business.
“Booktopia is completely self-funded and we spent $3.9m on an attempted initial product offering (IPO) and we really should have had the money set aside from the outset rather than trying to pay for it from the proceeds from business,” he tells SmartCompany.