# 2054: [Part 2] 8 Small Business Mistakes to Avoid by Philip Taylor of PT Money on Improving Your Business

Page: https://stenobird.com/podcast/optimal-work-daily-career-productivity-and-entrepreneurship-433985/2054-part-2-8-small-business-mistakes-to-avoid-by-philip-taylor-of-pt-money-on-improving-your-business
Text version: https://stenobird.com/podcast/optimal-work-daily-career-productivity-and-entrepreneurship-433985/2054-part-2-8-small-business-mistakes-to-avoid-by-philip-taylor-of-pt-money-on-improving-your-business.md
Podcast: [Optimal Work Daily - Career, Productivity and Entrepreneurship](https://stenobird.com/podcast/optimal-work-daily-career-productivity-and-entrepreneurship-433985)
Published: 2026-05-16T07:00:00+00:00
Episode link: https://traffic.megaphone.fm/OLD1547850147.mp3?updated=1778525359
Audio file: https://traffic.megaphone.fm/OLD1547850147.mp3?updated=1778525359
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Duration seconds: 532

## Resource

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2054: Philip Taylor shares the cautionary tale of turning a profitable side hustle into a legal nightmare after reselling Lacoste shirts without understanding trademark and licensing laws. His experience highlights the importance of researching the legal side of business ownership before scaling, offering valuable lessons that can save aspiring entrepreneurs from costly mistakes and setbacks. Read along with the original article(s) here: https://ptmoney.com/small-business-mistakes/ Quotes to ponder: "My pitfalls in starting this small business lie squarely in my inability to do enough research about the legality of my business, this venture taught me one of the more valuable lessons I’ve learned in life." "Mistakes will happen as your business grows but, the more you know, the more mistakes you can avoid." "If you decide to open your own small business in the future, I urge you to learn from my mistakes and triple check with as many lawyers and legal minds as you can to make sure everything you do is 100% within the law." Episode references: JustAnswer: https://www.justanswer.com/ LegalZoom: https://www.legalzoom.com/ TradeKey: https://www.tradekey.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

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