I've made a lot of mistakes in my career as an entrepreneur. I've launched products that no one wanted, hired people who weren't the right fit, and wasted money on just about every shiny object you can imagine. But my most expensive mistake had nothing to do with money. It was a mistake of a different kind, a mistake that cost me something far more valuable: time.
The Seductive Allure of the "Big" Client
Early in my career, I landed a "big" client. They were a well-known brand with a huge budget, and I was convinced that this was my ticket to the big leagues. I poured all of my energy into the project, working nights and weekends to meet their ever-expanding list of demands. I ignored my other clients, I neglected my own business, and I put my personal life on hold. I was all in.
The Red Flags I Ignored
Looking back, the red flags were there from the beginning. They were slow to pay their invoices, they were constantly changing the scope of the project, and they treated my team with a general lack of respect. But I was so blinded by the prestige of the client that I ignored my gut and pushed forward.
"The bitterness of poor quality remains long after the sweetness of low price is forgotten." - Benjamin Franklin
The Inevitable Crash
The project, predictably, was a disaster. We delivered on our promises, but the client was never satisfied. The project dragged on for months longer than it should have, and by the end, my team was burned out, my other clients were unhappy, and I was on the verge of a breakdown. We eventually parted ways, but the damage was done.
The financial cost of the project was significant, but it was nothing compared to the opportunity cost. The months I spent on that one, all-consuming project were months I could have spent building my own business, developing new products, and nurturing relationships with clients who actually valued our work. That's the time I'll never get back, and that's what makes it my most expensive business mistake.