The #1 mistake is, and will always be, to get into a business and invest without deep and broad information about the market you are entering. In practice: without knowledge. The comment may seem obvious, but a required impetus cannot be confused with pure impulsiveness. There is a big difference: never skip research, and work to prepare for the terrain.
In fact, there is a big gap between our wishes and reality itself. Only deep information can mitigate risks, without ever eliminating them. Searching for qualified information, in every possible way, is what I have been doing all my life.
What is the most valuable strategy, worth far more than $1 million, that you wish someone provided you with early on that you can share here?
What I am about to recommend is not always possible, but it is worth mentioning: in addition to getting qualified information, as a principle, it is important to have, for each dollar invested, three dollars available. You will inevitably sail through rough seas. It turns to be another obvious but little-taken advice, maybe due to the enormous difficulty to put it in practice.
What was the major turning point, point of increased momentum, or strategic choke point, that once you acquired or completed, made everything you were doing surge forward?
This brings us to a key question: how did the person get the first million? What’s the story, how was the beginning, from scratch, how much sweat and struggle in order to reach it? No matter the currency considered, the first million represents a huge volume of efforts, risks, and creativity: that story tells you a lot about the person and indicates his or her future possibilities, even though there is effectively no guarantee for anything at all. Most people are interested in the present life of billionaires, but the real jewel is there: on the way to the first million.