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Back on track after first failure / How do you guys deal with failure

Discussion in 'General Entrepreneurship and Startup' started by rsj, Mar 4, 2017.

  1. Blair
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    Blair Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Sorry to be blunt but suck it up and move on, it's going to keep happening even if/when you become successful you will still have constant failures probably just on a more micro scale. At least you have your health is what I always say, always someone having a worse day.
     
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  2. craig1928
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    craig1928 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    This is not a failure per say, it is literally a function of paid traffic, and if you're going down this route you will have to get used to it.

    You've spent money to see what doesn't work, you just have to keep going, spend more money. more products more ads. When you find a winner you scale it and it'll cover your losses many times over for all the "failures", Also..

    Have you isolated why it didn't work?

    Is the product just bad?

    Is your targeting off? Were you trying to sell to the wrong crowd?

    Do your ads suck? Are they relevant to your target audience?

    Does your landing page do a bad job of selling?

    Did you spend enough money to get statistically significant data or did you pull the plug too early?

    I know it's emotionally distressing to spend money and not see results but if you keep going you'll eventually learn to take it in your stride and realise that "failure" is just part of the process.
     
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  3. Siberia
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    Siberia Surprise FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    ... The failure affects all the symbols in which it identifies the people... most are not real.

    If we keep the good image of Mj that of participation in a game.

    The entrepreneurial game.

    There remains only one thing to do ... try again to sit at the right table.

    The only thing that counts and 'to sit down again at the table that counts.

    Which table?

    That of your true dreams without compromise or surrogates .... but in a new way.

    In your own way.
     
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  4. Siberia
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    Siberia Surprise FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    ..... with a good Kaizen control of their continuous and constant daily improvements ....
     
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  5. AndrewNC
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    AndrewNC Limitless LEGENDARY CONTRIBUTOR Read The Millionaire Fastlane Speedway Pass

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    Dang...why so long?
     
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  6. rsj
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    rsj New Contributor Read The Millionaire Fastlane

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    I used adwords but other companies spend way more on PPC then i could, i got the most success from Instagram, specially with videos on Instagram.
     
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  7. rsj
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    rsj New Contributor Read The Millionaire Fastlane

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    thanks for the advice MJ, it does help when you view it as a game, life is no different honestly.
     
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  8. rsj
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    rsj New Contributor Read The Millionaire Fastlane

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    Yeah I learned the hard way, I was competing in price but not by much, and I agree I feel like if I would've been selling a product that wasn't so expensive I could've won. I'm only 20 so I don't have anywhere near the capital needed to compete in the market I was trying to compete in
     
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  9. lowtek
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    lowtek Silver Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    What is working for me is "getting zen". Emotionally divorce yourself from the outcome of any particular experiment and look at things with pure logic and reason. It's obviously difficult, and an ideal one will never perfectly attain. However, even starting down this road has given enormous benefits for me.

    It's allowed me to think more clearly and stay in motion when confronted with difficulties.

    Another thing I do is stay focused on the big picture. I'm not a detail guy, so I need to see how what I'm doing now fits into my 3, 5, 10 and 20 year "plan". Staying focused on where I'm going and not being emotional about my current situation and setbacks is what I do.

    Your mileage may vary :)
     
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  10. LPPC
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    LPPC Contributor Speedway Pass

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    This is exactly how I see it too. You have to see paid advertising as ''buying data''. You are spending money to find a winner, scale it and cover the ''losses'' you made before. My first time buying ads and testing a product failed too, but I just saw it as a learning experience. Now I'm on to my second product.

    And as @lowtek said: take massive action and care the most , while simultaneously detaching from the outcome. It's a fine line and it's a paradox. Very helpful video on this:

    View: https://www.youtube.com/watch?v=cWaDDCjuM0w


    You may want to get into spirituality to deal effectively with the ever changing and dualistic nature of the external world.
     
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  11. Hassen
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    Hassen Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    I lost quite a lot of money last Christmas bc half of my products wouldn't sell & half that did sell were seasonal and arrived too late at FBA centers. Still trying to pay off the debt resulted from taking loans to purchase inventory.

    I don't especially mind having failed though! Really pushed my life in a new direction, now freelancing part time in a completely new industry to pay the bills, trying out other forms of ecommence now, still making time to pursue hobbies & enjoy myself, met a lot of new people & did lots of things I'd never done before just during the last three months.

    What's so terrible about failing anyway? Money goes, money comes back. Your experience and good memories stay with ya.


    Sent from my iPhone using Tapatalk
     
  12. OldFaithful
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    OldFaithful Silver Contributor Read The Millionaire Fastlane Speedway Pass

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    This is an example we should all learn from...

    Care to elaborate?
     
  13. Hassen
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    Hassen Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Nothing much to elaborate really, took out some loan for Christmas seasonal products since the year before the profit during the year-end season was ten times the usual and I didn't do anything about Christmas. Thought I'd better actually take advantage of the holidays and put in some effort, and just downright lost money. In the end I still didn't prepare in advance enough to cut down on shipping, also Christmas wasn't exactly a good time to launch new products or jump on the seasonal stuff bandwagon, some stuff just never sold. I figured it would be better to stock up on the usual inventory.

    I don't think any of these would 100% apply to anybody else though, so not sure what you can learn from it. I mean, investing in the wrong products really could have happened at any point, I think.


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  14. amp0193
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    amp0193 Gold Contributor FASTLANE INSIDER Speedway Pass

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    One rule of thumb that has kept me safe:

    Don't take inventory loans for products that I don't know will sell. If there's any question or doubt... no loan.
     
  15. OldFaithful
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    OldFaithful Silver Contributor Read The Millionaire Fastlane Speedway Pass

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    This, exactly, would be my take-away!
     
  16. NFT
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    NFT New Contributor Read The Millionaire Fastlane

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    Hey I want to ask you something.
    What kind of business do you do that allows you to boost your income with social media?
    I am currently building a website to sell an infoproduct and after some time I hope that I can apply some PPC (I dont have a huge budget).
    It would be highly appreciated if you could tell me a little bit about what you do and your usage of social media.
    Cheers
     
  17. Evil_Jester
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    Evil_Jester Bronze Contributor Speedway Pass

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    Everything is an experiment, not a failure. Look up the scientific method for the exact steps :cool:
     
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  18. The-J
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    The-J Legendary Contributor LEGENDARY CONTRIBUTOR Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    I eat some humble pie and keep going.

    What's that MJ quote? About him missing 9000 shots in his career?

    "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."

    - Michael Jordan

    See that? Not only has he missed shots, he's been trusted to take the game winning shot... and missed.

    In entrepreneurship, you're gonna let people down. You're gonna fuck up, hopefully not too big. Eat your humble pie, bow to the floor and apologize, and keep going.
     

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