Question 3: Biggest Mistake - Fox Tail Designs

What happens here

Justin (Fox Tail Designs) identifies his biggest mistake as trying to do everything in his business himself, operating with a 'hub and spoke' model. He realized he was making decisions without prior knowledge and leaning too heavily on his own perspective. Specifically, his biggest financial mistake was not truly knowing his numbers for costs. He learned he needed to 'dig deep' to provide proper quotes to clients. One example he gives is building a $100,000 retaining wall without getting paid and then almost being sued by the contractor, losing $60,000 due to not having adequate documentation in writing.

Goal: Identify the financial impact of poor financial understanding and lack of proper documentation in business.