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How did you handled starting over?

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WJK

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I'm starting this thread to hear your stories. And I have a list of questions. Some will apply and others won't. It's just a jumping-off point...

At what point did you know that you were going to start over?
Did you make that decision willingly or did you feel forced?
Was it in response to a failure or were there other factors?
Were you hopeful for your success in your new start-up?
How did you factor in any past successes and/or failures?
Did you feel like you were building on your past experiences and expertise?
Were the planning and the steps in the process easier for the new start-up?
How did you feel along the way?
As you moved forward, did your feelings toward your past ventures change?
Also, did your feelings about the current start-up evolve over time?

I've had to start over multiple times. I can say that today I can go through the process faster and more efficiently. I have a history of experiences on which I can build. I also know much quicker when I'm getting into trouble. Everything must pass the "smell test" and be vetted before I get involved.

What are your experiences?
 

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monfii

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What are we talking about? Is it business-wise, or in terms of moving to a new city where no one knows you, or, starting a "project" from the ground up?
 

WJK

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What are we talking about? Is it business-wise, or in terms of moving to a new city where no one knows you, or, starting a "project" from the ground up?
Go for it! Did you fail and have to start again? Have you made that crazy move to somewhere new? What were your last start-up sticking points? Did you do it on the back of your last project? I'm interested in your choices and how you handled them. Also, how did all these elements have fit together for you? Over the years, I've done all the above. I learned more from my struggles and failures than I gained from the golden days. Our collective stories here on the forum are so important to everyone's success!
 

monfii

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I am someone who prefers stopping a wobbly project and start it from scratch on solid foundations than keep on doing it. So yeah, I have "started form zero" quite a few times, but that never really annoyed me because every time I did it, I mostly did it to have more control over the project/my life.

Also I don't think there is such a thing as "starting from zero". Whatever you did before, you learned from it. You're starting the project from zero, yes, maybe, but your knowledge is still there.
 
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Ismail941

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I felt like a looser for first few minutes and then I told myself: Go for 2nd Chance by overriding my emotions with my brain.

Motivation framework and structure: I will give up when I stop breathing.
 

WJK

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I am someone who prefers stopping a wobbly project and start it from scratch on solid foundations than keep on doing it. So yeah, I have "started form zero" quite a few times, but that never really annoyed me because every time I did it, I mostly did it to have more control over the project/my life.

Also I don't think there is such a thing as "starting from zero". Whatever you did before, you learned from it. You're starting the project from zero, yes, maybe, but your knowledge is still there.
At times, I've been able to take what was a "wobbly project" over from someone and make it into a winner. I like to buy it for pennies on a dollar and then run with it. Or, are you talking about your personal projects that have gotten off to a bad start? Either way, with another running start, or a few tweaks, many projects or businesses can be saved. I find that most of the problems that people encounter are operator's errors. They don't know how to meet the daily problems and solve them -- both quickly and forever.

Then there are those that simply aren't worth the time and trouble. And there are always unforeseen events. If I see something going sideways, I too always try to limit my exposure. I sold off 2/3rds of my stock this week in a major local project. I don't see any way it's going to get built out anytime soon. The price of the shares has been trending down. I had been hopeful about the project's future. Now, it looks like a dead project until something changes in the permitting process.

Like you, I don't ever start over from "zero". Do you find that a lot of businesses share the same basic structure and business model? You already know the footprint?

Thanks for your reply.
 

WJK

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I felt like a looser for first few minutes and then I told myself: Go for 2nd Chance by overriding my emotions with my brain.

Motivation framework and structure: I will give up when I stop breathing.
I hate to give up. I've had to learn how and when to walk away. But, then I take that basic framework and try it a different way.

One of my greatest defeats was in the Los Angeles ghetto. My partner and I had commercial buildings in that area when they had the Rodney King riots. The operative word here is "had". The rioter burned down 3 of our larger commercial buildings. Did you know that fire insurance does work in this kind of situation -- civil unrest is an exclusion? And the bank holding the mortgages on those piles of smoldering rubble still wants their money? I got an up-front and closeup lesson in the risks concerning man-inflected disasters. And neither of us have invested a dime in that area again. It was an expensive loss.

That was just one of my brushes with "death-by-a-bottomless-money-pit". How have you done?

Thanks for sharing...
 

MJ DeMarco

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Was it in response to a failure or were there other factors?

Believe it or not, I had a little success in an MLM. But it was a constant grind. I remember when the company changed a product formula and in a month's time, my income dropped by 1/2. Then one of my top distributors bailed out. That's when I was like "F-this" -- it felt like months of work went down the draig-- I resolved to never again will I particpate in one of these "plug and play" cattle calls. I was fresh out of college and still pretty naive.
 

WJK

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Believe it or not, I had a little success in an MLM. But it was a constant grind. I remember when the company changed a product formula and in a month's time, my income dropped by 1/2. Then one of my top distributors bailed out. That's when I was like "F-this" -- it felt like months of work went down the draig-- I resolved to never again will I particpate in one of these "plug and play" cattle calls. I was fresh out of college and still pretty naive.
I remember when the MLM companies were all the rage. And they, by nature, violated your rule where you must keep control of your business. How can you keep control when you are selling a product where you have no control over the actual product or its supply chain? And, as you learned, a lot of your income and future success is dependent on developing down-line, independent distributors -- who are only loosely bound to you through a corporate organizational chart and your personal relationship with them?

My problem with many MLM companies is the rah, rah, rah socialization part. It always made me cringe because it has NO direct relationship to actually conducting & growing the basic business. I didn't at all feel motivated, nor inspired. The other part that put me off was the low entry threshold. I like businesses that take a lot more than just throwing a few bucks at becoming the newest distributor on the block.
 

monfii

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At times, I've been able to take what was a "wobbly project" over from someone and make it into a winner. I like to buy it for pennies on a dollar and then run with it. Or, are you talking about your personal projects that have gotten off to a bad start? Either way, with another running start, or a few tweaks, many projects or businesses can be saved. I find that most of the problems that people encounter are operator's errors. They don't know how to meet the daily problems and solve them -- both quickly and forever.

Then there are those that simply aren't worth the time and trouble. And there are always unforeseen events. If I see something going sideways, I too always try to limit my exposure. I sold off 2/3rds of my stock this week in a major local project. I don't see any way it's going to get built out anytime soon. The price of the shares has been trending down. I had been hopeful about the project's future. Now, it looks like a dead project until something changes in the permitting process.

Like you, I don't ever start over from "zero". Do you find that a lot of businesses share the same basic structure and business model? You already know the footprint?

Thanks for your reply.

It doesn't matter whether it is my own project or that of someone else. If I come in as a "leader", I say "look, let's start afresh, my name is mon_fi, nice meeting you".

Unfortunately I can't answer your question regarding business structure and footprint. The only business I ever ran was when I was writing assignments for my peers in highschool lmao. For the rest, I have been employed by business owners to run part of their stuff and I have always done the same: focus on the customer.

I like to make people happy so that wasn't too difficult.

I agree when you say that many businesses can be saved.
 

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