The year I lost almost £500,000 in two projects. The absolute worst part of it was that the projects went pear-shaped because I didn't follow my own advice.
One
project was a co-venture and it collapsed when the other partner
pulled out. How many times have I told people not to have 1 main
customer because if you do they have control over your business? Yet,
I ignored that when it came to every other aspect of the business
like business partners or investors. Now I say if you're going to
have business partners or investors have at least three so losing one
isn't an issue.
The
other project went belly-up because I broke the first rule of
software development: clearly write down what version 1 will contain
- all other ideas will go into later versions. However, because it
was taking so long to develop, I weakened and started adding
modifications to placate our beta testers and, of course, each
modification extended the development process. Stupid! Stupid!
Stupid!
So
technically, I didn't lose almost £500,000. I gave it away
Failure
Credit: The header image
is available as wallpaper from wall.alphacoders.com
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