Last week, we asked the people who attending the Forbes Under 30 Summit what mistakes they made in their career and they advise they would give entrepreneurs and new graduates so they don't repeat the same errors. Here is a collection of the things attendees shared. The first-ever Forbes Under 30 Summit brought together 1,000+ members of the Forbes 30 Under 30 lists with some of the globe’s top leaders and mentors to create partnerships that will change the world over the next 50 years.
“My biggest mistake was staying in school as long as I did. I should have left sooner instead of spending money on tuition I could have better utilized to jumpstart my brand sooner,” Stephen Mikhail, fashion designer.
“The biggest mistake I made was being a ‘Yes' person. I took on too many projects thinking the opportunities wouldn't come around again. I tried to do it all and theres only so much coffee you can handle until you crash. I've since learned to say no, stopped stressing about unimportant details, made time for myself, and use my calendar, iphone, and handwritten journal religiously. I've also made it a priority to give back by mentoring and providing support to arts organizations. This not only provides the much needed assistance to their programs but expands my network, makes my heart happy, and often times inspires new business ventures. For me a career needs to be a lifestyle worth living. I love what I do and I am appreciative everyday of the opportunities before me. Stay humble. Stay grateful,” Tara Ansley, vice president and partner at New Artist Pictures and Storyboard VC.
“As an entrepreneur there will be good days and bad days, days you don't sleep and days you may not get to hang out with your friends and live a so-called ‘normal’ life. During these times, some around you may not understand your hustle. I've made the mistake of allowing negative voices to drown my inner thoughts and encourage me to quit but have been fortunate to have mentors who have brought me back on my feet. It's not HOW MANY people you surround yourself with but WHO you surround yourself with. Walk with those who will lift you higher and not only be there for your success, but be there for your struggle,” Mayank Amin, founder and CEO at PlatinumDreamEvents.
“The biggest mistake I made was not trusting myself and taking full advantage of opportunities while in college and immediately graduating from college! I was so scared to see the world and to explore and make mistakes that I missed opportunities and second guessed everything. As a recent grad and or entrepreneur my advice to you is: follow your passion, let go of your fears and live life with the sole intent on just being happy!” Evelyn Reed, HR business partner at Hertz.
“Great question Emily! For my team at S4S College Advisory, we tried to grow too fast. When you get positive traction, it's natural to get excited and want to increase staff and expand rapidly. We brought on team members and tried to push into 3 other international markets, and it really came back to bite us a little. After that settled, and we focused on our NY domestic base, our clients organically brought us into the international markets!! We learned the hard way to stay grounded and really perfect a product and service before getting caught up in scale and expansion plans!” Justin Chase Lafazan, founder and CEO of Students4Students College Advisory.
“One of the biggest mistakes that I made in the past was to wait to build a 'perfect' product before getting feedback from the public. At Skyless Games, we missed out on multiple great demo and marketing opportunities with the fear of our prototype not being good enough to show off.
My advice is - don't criticize your work to the point where you become your own obstacle. There is no such thing as a 'perfect' product, so as soon as you are fairly comfortable, don't be afraid to get it out there for feedback. This will help you capitalize on current opportunities and continuously improve future iterations,” Arad Malhotra, co-founder of Skyless Games Studios.
“Trying to do too much. Ultimately I would rather be great at a few things and differentiate myself than be average at many things,” Abbas Jessa, director at Wentwood Realty and tax consultant at PricewaterhouseCoopers.
“My main piece of advice would be to not be your own obstacle. When you put so much passion into a project it is normal to want every decision to be well thought out and perfect, but in the start up space you need to act a lot quicker. Move and fail fast, pivot where necessary and follow your gut. When you let go of limiting yourself, everything will get a whole lot more exciting!” Jessica Wilson, founder at Stashd.
“The biggest mistakes in my career arose from underappreciating the opportunity costs of time. Every startup founder understands that time is their most important asset, and the most successful are those who spend this capital wisely. Not jumping sooner from the corporate world to follow my dreams, lengthy reaction times, and acting with insufficient speed on past projects or ideas all had their consequences. Young entrepreneurs can accelerate their success by clearly understanding the costs and benefits of their time choices. There is an opportunity cost associated with everything and as long as you understand this and make wise choices, your mistakes will become apparent, and they will decrease in frequency and cost,” Jacob Perler CEO and co-founder at Snaapiq.
“I would say the biggest mistake is wrongly defining success. Too often entrepreneurs define success in monetary terms which is temporary and volatile at best. Rather, I have switched my focus to an earnest desire to literally be the best at what I do. As cliche as it sounds, a focus on performance in oppose to profit seems to have magical implications on the bottom line,” John Weakley, CEO at Prodigy Consulting Inc.
“Early on in my career I was so passionate about taking a dream job that I didn't care about the salary. I soon realized that I should have been firm in negotiating my worth. I hope to save anyone from making that mistake. Always negotiate your salary as an employee or CEO,” Jeff Boodie, co-founder at JobSnap.
“I had a penchant for being overly tenacious-- or more so trying to do something instead if realizing the futility of my efforts in advance. I would say that the best way to move forward on a mission is to realize when something isn't working, go back to the drawing board, and try again. Realizing when it is time to start over is no easy task but it is in my opinion and imperative one to reaching your goals,” Eli Wachs, president and founder at High Schools HeroesX.
“September 15, 2008, the day Lehman Brothers filed for bankruptcy protection, was my toughest moment in business. I was working as a corporate and securities lawyer, and transaction activity came to an abrupt halt. I knew I had to reinvent myself as a lawyer or face a grim future. Fortunately, social media was gaining popularity. I took to Twitter and was able to develop an international network in a short period. My online presence helped to catapult me to partnership in seven years, one year early under the traditional track. This experience taught me that mindset matters most, and it isn't what happens to us, but the way we respond, that ultimately defines us. More of my story is covered in @Denise Restauri's ‘Their Roaring Thirties,’” Jayne Juvan, partner Roetzel & Andress.
