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Failed entrepreneurial journeys - when is it time to re-examine your choices?

InstantNoodles

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I found these two posts on 4hourworkweek and news.ycombinator.com. This is just anecdotal evidence, but I think they illustrate well what can happen.

If you can slum it up effectively, you could do the entrepreneurial journey forever. Work a part time job, some freelance writing or craigslist hustling and you got your basic costs covered. You have the rest of your time to devote to your projects.

At what cost to your life though?

I wouldn't be surprised if there's a decent amount of people who started the entrepreneurial journey after college and at 30-35 are still not successful.

What if you're 35, and all your college friends are well into their corporate careers, have houses, are married, having children?

Your business consists of a couple of acai berry adword campaigns and some outsourced adult fiction ebooks that have a shelf life of 2 months.

But you tell yourself you're awesome because you're independent and free of the man.

That's what I told myself when I attempted this path. I had a part time job at UPS and tried making a living offf of AdSense. Something very bad happened to me about two years in. It ended up being good luck because it convinced me I needed to snap out of it and get a corporate job. I've lived very frugally since then , I'm buying rental properties and there's a good chance I'll be financially independent by the time I'm 30.


---
I first read 4HWW in 2007. I skeptically opened it in the book store and didn’t get up from my seat for 3 hours – read in one sitting. I had just resigned from a a soul-sucking entry level corporate sales position a few years out of undergrad, was thinking of going to law other grad school and doing some soul searching. Reading Tim’s experience with TrueSAN totally floored me. I was so excited after I read it, I felt unstoppable. Grad school wasn’t happening – I was going to make it happen on the internet marketing/entrepreneurial world. I dove full force into this ‘world’, devouring the works of everyone from Seth Godin, Dan Kennedy, Michael Gerber, all of the big names of marketing and entrepreneurship.

I’ve been continuously involved in real estate and internet marketing ventures since then. I’ve more marketing and business books and courses than all my friends put together. I cut out a lot of my social life in the process, even broke up with my girlfriend to give myself more time to focus on “making the dream happen”.

3.5 years later, I’m 28 but broker than my 23-24 year old roommates just coming out of college, who I am living with because it’s all I can afford. I wish I could pinpoint the thing I did wrong, the area I need to improve, but I can’t see the forest through the trees. I’m totally disillusioned. I wish I could say I learned something from the things I’ve tried, but I don’t think I did. Mainly I get a headache when I think of all the sacrifices I made and the lack of progress.

Also, my Dad was a freelance video producer and my parents were always flipping out about money because his business was so inconsistent and my mom was a teacher’s aide for the public schools. My Mom would whisper in my ear “make sure you get a safe secure job so you don’t end up like this”. Maybe that had more of an effect than I suspected, who knows. But it does weigh on my conscious increasingly now. How can I ever raise a family or be a partner in a relationship when I can barely take care of my own needs because I’m always crashing and burning with business?

Anyway, I don’t want this to be the story of my life. This is no way to live. I feel I need a total re-define my identity while I still can. I’m considering joining the US Military or even the French Foreign Legion. I’m still healthy and in good shape; this might be my last shot to make something of myself. Yes I will lose free will, but at least I’ll have camaraderie and do interesting things. Because let’s face it, so far my track record with free will hasn’t been all that great.
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I've lived with a parent (it's a big house they'd alone otherwise here) for I guess too many years then I've should. Also I'm old and my g/f who is similar age of five years also lives with a parent. Though she is getting antsy and wants kids and she only has a few years left. I want a family too but have been holding off for that big moment when my team and I start generating money and or sell our work. Ugh will that happen I don't know but I need to get back into the workforce and do our startup on the side. This what I was doing for the last year and half until I lost yet another developer job because of my incessant need to startup. I've lost two jobs in the two and half years because my bosses found out about my startup or we become friendly and I talk about it a lot.
Ugh I'm sorta feeling stuck professionally and tomorrow I start my 3rd incubator yet im unemployed.

You might want to reconsider startup pursuits after your early to mid 30s.
 
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Gale4rc

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I have given myself up to the game like people give themselves up to god.

30s 40s or whatever, i'm on this path and will be successful.

Maybe someday i'll compare myself to other people like you do. Haha jk
 

jilla82

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I dont know...that guy just seems like he has no vision, and isnt self aware.

I havent hit it big...but I have more money than pretty much all of my friends.
There are a ton of ways to make money these days that dont require you to get a corporate job.
He just wasnt cut out for it.


why didnt you include a link OP?
 
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Birdie

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I'm no expert, but I can give you anecdotal evidence too.

My father is a serial entrepreneur. He falls in love with ideas and loves import/export businesses and goes to tremendous lengths to make it work. His projects happened before the big Internet explosion, while he didn't really have any technical skills. He is just a business person, kind of ok with numbers.

I realize most of his failures where because he gave up after a while, or because he wasn't working "smart".

He attempted a one-man operation of exporting heavy furniture internationally... In his excitement, he didn't really think things through. He didn't think he would need help carrying the heavy furniture, that he had no idea where to store it or how to transport it. Even worse, his English was intermediate. He truly hustled and learned through trial and error instead of doing his proper research.

I learned a lot, being a 13 year old helping him carry furniture. I understood that it takes determination and hard work... But it also takes cash flow skills, research and planning. I understand a one-man operation is hard to pull off... You need input and opinions, and someone brave enough to give you the cold hard truth when it's needed.

Business failures have been hard on my dad, but his mistakes and his example have actually inspired me to make it to success.

No man is an island... This is where mentors come in. I think my dad just needed a business partner who could do more strategic planning and less dreaming.
 
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Birdie

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By the way, my dad is doing fine. He is mostly doing consulting work in the areas where he is more savvy... Mining.

His passion is still import/export and he is well into his 60s still trying to make it happen.

I don't think age can defeat enterpreneurial spirit;)
 

RazorCut

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Hi Noodles,

Interesting but sadly an everyday occurrence.This is my opinion from lots of study and inward thinking.

From my understanding many, many enterprises fail due to simply a lack of commitment and execution. This is wholly due to the limiting beliefs of the person responsible for the enterprise. Negativity (either perceived or more often on a subconscious level) dooms that person to failure. They go through the motions but their lack of self-belief convinces them that they don't have what it takes to be a success.

And the sad thing is that limiting belief creates a self-fulling prophesy - they fail. And the more they fail the easier it is to fail in the future. It is a vicious circle that sees them disillusioned and they eventually give up their quest for success or settle for a low level of attainment. However they only see external forces at work and don't appreciate that is their mindset that is the root of their failures.

Fix the mind. Build an inner success, learn from the mistakes of the past, plan and move forward. However in my experience you HAVE to fix your limiting beliefs first. Success is 90 percent mental.

As Henry Ford said

Whether you think you can, or you think you can't--you're right.
 

tafy

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What a bunch of balls, you cant go around thinking "What-If"

What if you get fired from the company job?
What if you cant get another job as its been outsourced?
What if you cant keep up the payments on your investment properties?
What if your tenants cant pay?
What if your gf leaves you?

I could go on forever..
 
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RazorCut

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What a bunch of balls, you cant go around thinking "What-If"

lol now that is coming from someone with no self-doubt (or very little) ;)

Tafy is out there taking it to the next level everyday and WILL be a major success. He is betting on it and betting big. There is no room for failure in his mind.

The difference between Tafy and your two examples are like Chalk and Cheese:

...But it does weigh on my conscious increasingly now. How can I ever raise a family or be a partner in a relationship when I can barely take care of my own needs because I’m always crashing and burning with business?

So they give up and join the French Foreign Legion? How self pitying is that? Doomed to failure

Ugh I'm sorta feeling stuck professionally and tomorrow I start my 3rd incubator yet im unemployed.

You might want to reconsider startup pursuits after your early to mid 30s.

This says to me:

I live in my parents house but still can't fully commit to my start-up(s) so do it as a part-time thing (as secretly I don't think they will work) So, because I can't make it as a successful entrepreneur, you better reconsider if you are 30+.

These are sad examples of people going into business with hope and excitement but once the dust has settled go through the motions half heartedly, and with a lack of commitment and self belief.

Success breeds success and unfortunately failure breeds failure and it is very difficult to change that mindset once it is firmly entrenched.

Entrepreneurship is not for everyone and regrettably many fall to the wayside in their attempt to attain it.
 

tafy

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lol now that is coming from someone with no self-doubt (or very little)

I get plenty of little doubting thoughts come to my mind everyday, I have to burn them quickly in my mind or they will grow bigger and bigger.
 

Get Right

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Looks like you have 2 choices.
1. Let life keep on making decisions for you or
2. You start making life work for you.

If you choose #2 I would ask how many businesses you started post reading TMFL? Also why you think 29 is a make or break year?
 
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The-J

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These two scenarios have something strong in common: they are living for OTHER PEOPLE. The first one: discouraged by seeing his 'friends' live decent lives and he wants to impress them. Second one: his girlfriend wants him to do this and that so that she can live a better life.

F*ck dat, live for yourself! It's nobody's business that you have a $20k/yr job while you build your income stream. It's nobody's business that you don't have a degree. It's nobody's business that your last business failed before even making money!

WHO. GIVES. A BLOODY F*ck.

If you are able to have a roof over your head and food in your/your kid's belly, then you are ready to start working on a business. Whatever 'extra' money you used to use on dates, dinners, and video games should be going to your business. If you're able to put away $100 every month to start something on the side, do it.

Also: when should I give up on a business? Honestly, if it's making you unhappy to work on it, I would stop and move onto something else.
 

Kak

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I think you should get the highest paid job you can possibly qualify for and work on something on the side.. Your chances of success are so much better if you have money in the bank than if you are wallowing around with 80 bucks in the bank... I can't even imagine how some people think that can get from A-B without money...

At some point your business will outgrow your job income qualification... That is when you shouldn't be working a job any more.
 
G

Guest3722A

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A solid financial foundation with a well researched and understood plan and knowing there will be guaranteed income coming in to pay your bills is a necessity. Otherwise its just pipe dreams.
 
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Esquire

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The ultimate goal ... is to be happy.

How you achieve that ... is irrelevant.

You need to figure out what it is that makes you happy ... and make your decisions accordingly.

Pursuing the Fastlane dream entails sacrifice -- no doubt.

And with no guarantees.

How much of your time you are willing to wager ... chasing the dream ... is really nothing more than a judgment call.

Only you can answer that question.

There is no right or wrong answer.
 

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