Welcome to the Back Bedroom to Big Business podcast hosted by entrepreneurs and coaches Dino Tartaglia and Simon Hartley. This podcast began with a series of episodes regarding the characteristics of successful entrepreneurs. This episode is the third in our hosts second series titled Fatal Mistakes. This is no ordinary business podcast. There are no gimmicks and no false promises. No snake oil salesmen here. Dino and Simon are tried and true with years of success and experience to back them up. If you desire success in your business you've come to the right place.

In this episode, Dino and Simon dig into the thrill of the chase. This mistake affects not only small businesses and entrepreneurs but also big businesses such as Lehman Brothers and Enron. Simon makes a great point that understanding a bit of psychology and human behavior can go a long way in understanding any industry. We must understand our own mindset and our emotional investment to ensure that we're making rational decisions.

Listen for great details:

Irrational exuberance
- Speech by Alan Greenspan
Building a bubble
- Jordan Belfort - The Wolf of Wallstreet
Conversions by Door-Knocking
- Drives commission = drives greater losses
How to avoid this error
- Revenue - Expenses = Profit
- Revenue - Profit = Expenses
- Sales is not profit
Cashflow / money in the bank
- Working capital
- Taxes
- ROI
- P&L

"Lots of people . . . put an incentive out there, special knock down price for six months, but what you've done is undersold your next six months."

"Some sales are bad volume. Not profitable sales."

"Sustainable growth and sustainable profit are imperative."

"The online entrepreneur has minimal overhead."

"Just because the money is in your bank account doesn't mean its yours."

"Focus on both top and bottom line health."

"I am the business. The business is me."

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