Do YOU Have the FEAR of Regret?
09/17/20 • 11 min
Is there something you’ve always wanted to try out, but the fear of regret has stopped you from doing so? Join Jay today as he discusses how to stop this fear from holding you back as he draws on his own personal experience on how some of his business ventures have turned into life lessons. Discover why it is important to test and measure your new idea, why setting yourself a deadline is beneficial and why the best lessons sometimes come from our failures.
KEY TAKEAWAYS
- When you have got an idea, and you want to run with it rather than just think about it you should test and measure it and let the results decide if it is going to be something worth doing. The fear of regret and not doing something outweighs just going ahead and doing it. Whatever happens, you will learn from it.
- Going ahead and doing something, gives you this power of ‘tried it, it didn’t work, learnt your lesson’ and you are able to move on from it. The biggest regret you will have is not doing it. If you decide not to do something, you will be plagued with ‘what if’ thoughts.
- You have to go into these ventures and put some action into them. Put a time frame on things and give it a go. If you put a short enough time frame on your new business idea and stick to it, you can really push it forward. You are able to test and measure the results you get. Testing and measuring is the only thing that will make you look at this new idea and decide whether or not to proceed with it.
- The key thing is to set a deadline. If you are going to test something, tell yourself you will give this idea 2-3 months. Use the results to determine if you will continue. This doesn’t mean that you will give up straight away. Make sure you are aware of your key performance areas and ensure that they are relevant to what you are
- When you have created your plan, make sure you execute the plan correctly. If your budget allows, spend some money on testing the product. It is better to test something quickly and get direct feedback from your end consumer, rather than try to build it organically. Don’t let the fear of regret eat you up when you get older. Try things that you wish to do, the younger you are the easier it is to do.
BEST MOMENTS
“At the time I thought ‘oh I wish I never did this’ but looking back, it was a great lesson, a lesson that I can share.”
“I don’t look back and think ‘I wish I would’ve saved that money’ what I’ve learned is a great lesson and I made some great partnerships.”
“By doing nothing, you gain nothing.”
VALUABLE RESOURCES
- Sign up to the Transform My Life Online course: https://beautifulminds.com.au/transform-my-life-online-course/
- Join The Disruptive Movement: https://www.disruptivedare.com/
- Read As A Man Thinketh by James Allen. Order it on Amazon: https://www.amazon.com/As-Man-Thinketh-Complete-Original/dp/1523643536
- Subscribe to The Business Mentor Podcast, the #1 iTunes Business Podcast in the UK! http://businessmentorpodcast.com/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of businesses fail within the first five years and Jay aims to reduce that number.
Backed with the ha...
Is there something you’ve always wanted to try out, but the fear of regret has stopped you from doing so? Join Jay today as he discusses how to stop this fear from holding you back as he draws on his own personal experience on how some of his business ventures have turned into life lessons. Discover why it is important to test and measure your new idea, why setting yourself a deadline is beneficial and why the best lessons sometimes come from our failures.
KEY TAKEAWAYS
- When you have got an idea, and you want to run with it rather than just think about it you should test and measure it and let the results decide if it is going to be something worth doing. The fear of regret and not doing something outweighs just going ahead and doing it. Whatever happens, you will learn from it.
- Going ahead and doing something, gives you this power of ‘tried it, it didn’t work, learnt your lesson’ and you are able to move on from it. The biggest regret you will have is not doing it. If you decide not to do something, you will be plagued with ‘what if’ thoughts.
- You have to go into these ventures and put some action into them. Put a time frame on things and give it a go. If you put a short enough time frame on your new business idea and stick to it, you can really push it forward. You are able to test and measure the results you get. Testing and measuring is the only thing that will make you look at this new idea and decide whether or not to proceed with it.
- The key thing is to set a deadline. If you are going to test something, tell yourself you will give this idea 2-3 months. Use the results to determine if you will continue. This doesn’t mean that you will give up straight away. Make sure you are aware of your key performance areas and ensure that they are relevant to what you are
- When you have created your plan, make sure you execute the plan correctly. If your budget allows, spend some money on testing the product. It is better to test something quickly and get direct feedback from your end consumer, rather than try to build it organically. Don’t let the fear of regret eat you up when you get older. Try things that you wish to do, the younger you are the easier it is to do.
BEST MOMENTS
“At the time I thought ‘oh I wish I never did this’ but looking back, it was a great lesson, a lesson that I can share.”
“I don’t look back and think ‘I wish I would’ve saved that money’ what I’ve learned is a great lesson and I made some great partnerships.”
“By doing nothing, you gain nothing.”
VALUABLE RESOURCES
- Sign up to the Transform My Life Online course: https://beautifulminds.com.au/transform-my-life-online-course/
- Join The Disruptive Movement: https://www.disruptivedare.com/
- Read As A Man Thinketh by James Allen. Order it on Amazon: https://www.amazon.com/As-Man-Thinketh-Complete-Original/dp/1523643536
- Subscribe to The Business Mentor Podcast, the #1 iTunes Business Podcast in the UK! http://businessmentorpodcast.com/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of businesses fail within the first five years and Jay aims to reduce that number.
Backed with the ha...
Previous Episode
How To Spot A Good Opportunity
New opportunities can often be exciting and intriguing, but not every opportunity is a good one. Join Jay today as he takes you through his seven steps for spotting a good opportunity. Learn how all good opportunities are those that solve common problems, how important market research is and to make sure your new business opportunity is scalable.
KEY TAKEAWAYS
- Does the opportunity excite you? Are you excited about it? This is the easy part. Every idea or opportunity you may get will have some form of excitement about it because it is new, fresh and interesting. If at this initial point, you are not excited then it is advisable to go and look at something else. You don’t want to be doing something you are not excited about just because somebody else has done it.
- If the opportunity or idea that you come across does not solve a problem, then you do not want to be doing it. Have a look at the idea and ask yourself if it would make life easier for other people. You can look at problems in any kind of industry, small or big and come up with ways to solve these problems which people would appreciate and support.
- Do your market research. Many people skip this process as they get so overwhelmed with the idea or opportunity. Look at the finer details such as competitors and price points. You need to do that in order to assess whether or not there is a demand for this new product or service. You need to build a minimum viable product. Build something that looks like what you would hope to be the end result and get some orders. You need to get the orders in order to create a real demand.
- In certain industries, you may not be able to get a physical order in, but get the commitment from people. Many times, people will tell you it is a great idea but will not want to commit when asked to purchase the product or service. People will give you a false sense of security.
- Can this business be scaled? Is there a big enough market for this product? Make sure that you can scale the business. There is no point doing the business unless you are able to scale it. You will find that after the initial hard work and effort, you cannot take your business any further.
BEST MOMENTS
“Why would you not want to go with something that is already moving forward?”
“Unless people are buying your actual service, you are going to get unstuck.”
“Start looking at this as a business, this isn’t a dream. Business is competitive.”
VALUABLE RESOURCES
- Sign up to the Transform My Life Online course: https://beautifulminds.com.au/transform-my-life-online-course/
- Join The Disruptive Movement: https://www.disruptivedare.com/
- Read As A Man Thinketh by James Allen. Order it on Amazon: https://www.amazon.com/As-Man-Thinketh-Complete-Original/dp/1523643536
- Subscribe to The Business Mentor Podcast, the #1 iTunes Business Podcast in the UK! http://businessmentorpodcast.com/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of businesses fail within the first five years and Jay aims to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Me...
Next Episode
What Does it MEAN to be an Entrepreneur? Interview with Multi-millionaire Entrepreneur Neville Wright
Jay welcomes back author, mentor and entrepreneur, Neville Wright to the podcast to discuss what the current economic situation means for those of you wanting to start, grow and scale your own business. Discover what it takes to capitalise on new business opportunities, what it means to learn something new each and every day and what it means to be an entrepreneur today.
KEY TAKEAWAYS
- The doom and gloom of the current economic situation will continue for the near future, however, it will push those of you who are on the fence or concerned about starting a business to go ahead and start your business or grasp that opportunity you’ve been waiting to take. If you do not start a business now it’s something you may regret. If the economy recovers in the next couple of years you may not have the same opportunity again.
- With many people being made unemployed it’s a fantastic situation for business owners to find new employees with skills and qualifications to bring into their business.
- Business owners that want to improve and increase their business need to accept the reality of the current situation and take your luck as it comes. Now is a great time to start your own business and capitalise on current opportunities in the marketplace.
- Can you utilise a ‘secret salesperson’ in your business? A secret salesperson is utilising a feeling, emotion or niche audience or even fear to help market, promote and sell your business to the customer and market your brand. In Kiddicare the secret salesperson was the pregnant mother.
- As an entrepreneur, you need to be ‘in it to win it’ and prepared to grasp opportunities when they present themselves. Wherever you are there is someone running the same business as you but some of them are thriving and some of them are just surviving, which business are you?
BEST MOMENTS
“There are no benefits to the benefits system in the long run”
“With businesses, you’re always learning”
“Once you taste your own freedom of being your own boss I don’t think you’ll ever go and work for someone ever again”
“Businesses in today economic situation has to adapt and change with new rules and remote working.”
VALUABLE RESOURCES
- Sign up to the Transform My Life Online course: https://beautifulminds.com.au/transform-my-life-online-course/
- Join The Disruptive Movement: https://www.disruptivedare.com/
- Read As A Man Thinketh by James Allen. Order it on Amazon: https://www.amazon.com/As-Man-Thinketh-Complete-Original/dp/1523643536
- Subscribe to The Business Mentor Podcast, the #1 iTunes Business Podcast in the UK! http://businessmentorpodcast.com/
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all with no investment other than a slight amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota, and New Look, to name a few.
Its immense success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to succeed as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of businesses fail within the first five years and Jay aims to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.
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