The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Crash & Burn, Again.

A detailed account of a Fastlane process...

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
441%
Aug 28, 2014
1,132
4,996
Poland / Belgium
I've read so many inspiring successful experiences from so many people. But I think everybody has his or her own story and learned something what you will never learn in a book.

Just learning by acting.

Last week I pulled the plug out of my company.

I did everything like it should have been, but believe me, that guarantees nothing. At the beginning, everybody was excited and couldn't wait til I started my business.

It was "the gap in the market", they said. Nobody did this before! I was going to have lots of customers!

I kept my costs low, and so was the margin. I thought that I just needed that one spark... And I got it...

But no ignition.

No clients.

My supplier started moaning because I had no orders.

So I decided to perish the short pain.

What YOU can learn from my failure(s)?
- OK, we've all read at least once that we should ignore the naysayers. Well, better ignore the yaysayers, for they can harm your future as well. You better be pessimistic when you start your company.

- Face it, we are overmotivated. Everywhere you see motivation, it's quiet depressing actually. I think it's typical for Generation Y. But it hits me how unrealistic many young people are and can't deal with the failure and sadness in case they fail.

- Don't clamp to what's written in any book. Every entrepreneur has his own story. Yours will be different. The only way to learn is to act. 90% you will learn or understand by trial and error. I've failed for 3 times right now. Let's say only the last one was heading for the right direction. The first one was a sidewalk daydream. At least I evolved! :)

- All time classic, but hard to understand: failure is part of the deal. After suffering some good old depressing failures, you're getting quiet immune to it. I never felt sad for shutting down my last company.

- As long as you didn't receive money for your work, you're not having a company. Stop daydreaming.

Now, I started copywriting. I'm a good writer in Dutch. So far (after one week), I have one client for whom I write blog articles for. But I have to find my niche.

And I still want to do something with public speaking :)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Chazmania

Silver Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
174%
May 23, 2013
465
811
USA
- All time classic, but hard to understand: failure is part of the deal. After suffering some good old depressing failures, you're getting quiet immune to it. I never felt sad for shutting down my last company.

That's it.

I think the thing that separates entreprenuers from fakers is the willingness to brush yourself off and keep going forward, even if the approach changes - until successful.

You only need to be right once, and the next venture might be the one.
 

AllenCrawley

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
420%
Oct 13, 2011
4,112
17,270
53
Scottsdale, AZ
Thanks for sharing your lessons learned. A couple questions...

How long was it from business idea to you pulling the plug?

What was the ultimate reason you believe the business failed?
 

SmoothFranko

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
115%
Jul 31, 2015
156
180
30
Australia
I too am very interested as I would assume are any that are new to the entrepreneur game, I'm not foolish enough to think that my first business idea will be a hit but GODDAMIT i'll do it anyway because the alternative is working my a$$ off for a megre wage for 40 years for someone else - no thank you i'd rather Kurt Cobain my way the what ever is next.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
441%
Aug 28, 2014
1,132
4,996
Poland / Belgium
Thanks for sharing your lessons learned. A couple questions...

How long was it from business idea to you pulling the plug?

What was the ultimate reason you believe the business failed?

Business idea was September 2014.

My products were for sale March 2015.

Pulled my plug last week. So, to answer your question: one year.

First I thought my formula was too complicated, so I made cheap "promo packages". Sold 2 of them.
Then I thought my prices were too high, so during summer period, I dropped prices. Sold nothing that time.
Finally, I thought I had a great deal with a club. I brought some of my products, to see if it would sell via the club. It did, they said. Only to find out the boss all used them himself.

The reasons why I think it failed: I see that even the very aggressive and cheap competitors are having troubles selling their products. Unlike the USA, I think Europe isn't ready yet for this kind of product. Also, I was very dependent from my supplier. I wanted to do it myself, unfortunately laws forbid me.

Should I wait until they are ready?

Maybe. But meanwhile, I want to act. My website isn't offline, so I can restart anytime if suddenly Europe starts craving for this niche.

What I would have done differently?

Start with €0,- investment instead of hiring a webmaster to make a fancy website.

What else did I learn?

That business plans are a waste of time and money. But while writing, it hit me that I'm pretty good in it :)
 

Petahh

Contributor
FASTLANE INSIDER
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
176%
Sep 24, 2015
17
30
@Longinus at least your past experiences (good & bad) will keep you going, and you'll not make the same mistakes again.

Grind on!
 

DamienP

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
159%
Sep 27, 2015
83
132
42
UK
Sounds like your business failed the commandment of need. What research and market testing did you do prior to launch? People saying its a great idea, and actually getting their credit card out of their wallet, are two very different things.

I sympathise with your situation, but keep pushing.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Sheps

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
175%
Oct 10, 2015
125
219
34
UK
I'm new to this side of life, but not to life itself.

Seems there are two good lessons falling can teach us. How to pick ourselves up and how to identify trip hazards. Both equally important.
 

Formless

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
267%
Oct 27, 2013
599
1,597
Not really a note for OP (because you know this) but for the others reading this thread. (Especially college business grads.)

'Gap in the market' =/= 'Demand in the market'

Whenever my friends approach me with 'unique' business ideas, I don't get excited. I get worried.

Because if nobody else is doing it, then there's probably a good reason for that.

OP you will win eventually. It's just a matter of time. Good luck to you and keep your head up!
 

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
441%
Aug 28, 2014
1,132
4,996
Poland / Belgium
Sounds like your business failed the commandment of need. What research and market testing did you do prior to launch? People saying its a great idea, and actually getting their credit card out of their wallet, are two very different things..

Dis, very much.

I assumed. Bad habit.

Not really a note for OP (because you know this) but for the others reading this thread. (Especially college business grads.)

'Gap in the market' =/= 'Demand in the market'

It's still a gap. Demand? Yes, but there are many (unhealthy) alternatives. But as I think about it, my execution was poor. I thought I could copy an existing system, but the system I'm talking about was situated in a big American city. I was situated in the West of Flanders. Nuff said.
 

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
441%
Aug 28, 2014
1,132
4,996
Poland / Belgium
My progress:

I ordered some test samples from China. One package is stuck at the customs in Brussels because they think the value of the products is higher than mentioned on the invoice and the supplier didn't write "SAMPLES" on it. DHL told me they might drill holes in it or scratch it so I can't sell it anymore. So I'm waiting for that outcome.

Small tip: if you do business with Chinese people, be nice and friendly to them. I have very good contacts right now. Treat them nicely and they will be friends with benefits (meaning they would give better prices). I guess they get in touch with very much uninterested prospects/clients. You can become their favorite just by acting nice and interested.
Sometimes I'm not sure if some girls are in love with me (saying I'm their idol, I'm very handsome, they want to stay in touch even I don't do business and stuff) or if it's just the mentality to customers.
It also hit me how we are complaining about 9 to 5 while they are working in a town far from their hometown, 6/7 days, 20 hours a day (of course only 8 hours paid) WITHOUT COMPLAINING.


To the wanderers here who are not INSIDERS:


Become an INSIDERS now. I have absolutely no interest if you do it or not, it's for your own good. I'm an INSIDERS for +/- one month and have the feeling I skipped many years in progress. I'm not exaggerating. It's worth it. Trust me.

MJ's book teached me the basics. Unconciously I kept believing that I had to make a new website or app. The insights and experiences of other members on this forum showed me it can be done on different way.

Thanks for this forum. Thanks for posting your progression. TMF and this forum were the best things that happened in my life. Without this forum I would have given up and be a bitter and frustrated person.

Thanks @MJ DeMarco
Thanks @Vigilante
Thanks @SinisterLex
Thanks @The Alchemist
Thanks @IceCreamKid
Thanks @biophase

I'm 10 years ahead in my life, thanks to you guys.

(I'm still reading lots of topics, so my thankslist will probably expand.)
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top