• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

NOTABLE! How many Business Failures did you have before success?

Discussion in 'General Entrepreneur Discussion' started by Cameron Aanonsen, Nov 12, 2018.

How many failures before your first success (Profit!)

  1. 1

    19 vote(s)
    8.2%
  2. 2

    13 vote(s)
    5.6%
  3. 3

    16 vote(s)
    6.9%
  4. 4

    7 vote(s)
    3.0%
  5. 5

    8 vote(s)
    3.4%
  6. 6-7

    13 vote(s)
    5.6%
  7. 8-9

    2 vote(s)
    0.9%
  8. 10-14

    6 vote(s)
    2.6%
  9. 15 or more

    3 vote(s)
    1.3%
  10. Still failing (no success yet)

    145 vote(s)
    62.5%
  1. Cameron Aanonsen
    Offline

    Cameron Aanonsen Contributor

    Messages:
    10
    Likes Received:
    27
    Joined:
    Nov 6, 2018
    Gender:
    Male
    Location:
    New Jersey
    Rep Bank:
    $196
    MODERATOR NOTE: POLL ADDED!! PLEASE VOTE!!

    How many business's have you all had before you found your breadwinner?

    My first business was a success by normal standards (200k a year +) but not by fast-lane standards.
     
  2. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,413
    Likes Received:
    88,299
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $374,439
    Admin Post
    Can't recall the exact number, if i had to guess I'd say 6 or 7.
     
  3. Cameron Aanonsen
    Offline

    Cameron Aanonsen Contributor

    Messages:
    10
    Likes Received:
    27
    Joined:
    Nov 6, 2018
    Gender:
    Male
    Location:
    New Jersey
    Rep Bank:
    $196
    I guess that's the bueaty of it all. Once you find success you dont really care to remember the failures but its part of the necessary process. Kind of reminds me about when i had lasik surgery. I woke up one morning with perfect vision and don't really remember the times I couldn't see.
     
  4. Startup Steve
    Offline

    Startup Steve Contributor

    Messages:
    81
    Likes Received:
    78
    Joined:
    Oct 29, 2018
    Rep Bank:
    $467
    I've ensured that all of my Ventures are cash flow positive from day one. That being said some I've had to shut down while others were acquired.

    Sent from my SAMSUNG-SM-G930A using Tapatalk
     
    babyballer and Suzanne Bazemore like this.
  5. Get Right
    Offline

    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,223
    Likes Received:
    5,148
    Joined:
    Jul 16, 2013
    Gender:
    Male
    Location:
    Sunny Florida
    Rep Bank:
    $35,249
  6. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,413
    Likes Received:
    88,299
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $374,439
    Admin Post
    The eBook? ;)
     
    SYK, Kingmaker and Get Right like this.
  7. Get Right
    Offline

    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,223
    Likes Received:
    5,148
    Joined:
    Jul 16, 2013
    Gender:
    Male
    Location:
    Sunny Florida
    Rep Bank:
    $35,249
    HAHAHAHA!! Ok, revised to 7.05 attempts.
     
  8. Phikey
    Offline

    Phikey Contributor Read Millionaire Fastlane

    Messages:
    11
    Likes Received:
    42
    Joined:
    Nov 7, 2017
    Gender:
    Male
    Location:
    Sydney Australia
    Rep Bank:
    $242
    1. Shopify store selling confectionery (failed, didn't understand my market)
    2. Blog on controversial topics (failed, didn't persist and gave up after 3 months)
    3. Web design freelancing (didn't fail, but I didn't try to scale so i moved into..)
    4. PPC management (currently succeeding, hit 6 figures this year and growing HR so I remove myself entirely from the business)

    As long as you learn something, each business is not a failure.
     
  9. Tom.V
    Online

    Tom.V Tom Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    898
    Likes Received:
    1,839
    Joined:
    Feb 20, 2012
    Gender:
    Male
    Location:
    Raleigh
    Rep Bank:
    $9,612
    6 for me. Seems like 6-7 seems to be the common theme here. With proper education and direction this number can surely be reduced.

    The older I get the more I truly see how experience in entrepreneurship is at such a great toll to sanity and general well being. If I had to do it all over again, I would have focused so much more on finding a mentor. All of the pain and pitfalls that could have been avoided effortlessly.
     
  10. Almantas
    Offline

    Almantas Nothing to Lose Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    861
    Likes Received:
    3,905
    Joined:
    Dec 21, 2015
    Gender:
    Male
    Location:
    Ireland
    Rep Bank:
    $1,179
    I stopped counting after 5th or 6th failure...mhm lesson...
     
    TheCj, Dramolion, ZF Lee and 3 others like this.
  11. YoungPadawan
    Offline

    YoungPadawan Miles to go before I sleep Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    347
    Likes Received:
    822
    Joined:
    Nov 7, 2015
    Gender:
    Male
    Rep Bank:
    $476
    I've failed a lot. I've pretty much lost count at this point. I haven't "made it" yet, but at this point, I don't really care how many more times I have to fail until I succeed.

    Something that @biophase said in one of his threads really resonated with me.

    About how he doesn't care if a product gets a crazy amount of sales per month, just as long as it is a superior product, to be happy with even profiting an extra $100 to $200.

    So that's what I'm focusing on now. I'm just focused on creating a product that is better than what is already out there.

    Even if it barely sells any at all, I will feel good that I'm actually helping people and I will build my business one $100 product at a time if I have to.
     
  12. WJS
    Offline

    WJS Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    102
    Likes Received:
    313
    Joined:
    Dec 3, 2017
    Gender:
    Male
    Location:
    MY
    Rep Bank:
    $1,670
    Lost count of how many failures I've had.. still working/failing and trying my best to make the most out of the experiences..

    If only mentors are so easy to find.. so far I've only met "Gurus" and "Pseudo mentors with ulterior motives". Having said that, I'm glad I found this forum. Learning a bit of everything from everyone is by far the closest I have to getting a mentor. They definitely opened my eyes to things I didn't even know existed, and their stories helped me avoid huge pitfalls and kept me going when things are really rough
     
  13. 404profound
    Online

    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

    Messages:
    866
    Likes Received:
    1,793
    Joined:
    Aug 27, 2017
    Gender:
    Male
    Location:
    Desert of Desertion
    Rep Bank:
    $3,754
    I've failed two that I consider serious attempts so far.. still looking for success.
     
    RoadTrip and TheCj like this.
  14. Suzanne Bazemore
    Offline

    Suzanne Bazemore Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    172
    Likes Received:
    291
    Joined:
    Sep 30, 2018
    Gender:
    Female
    Rep Bank:
    $1,365
    Thanks for sharing @biophase's great advice.
     
    YoungPadawan likes this.
  15. AllenCrawley
    Offline

    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,848
    Likes Received:
    15,456
    Joined:
    Oct 13, 2011
    Gender:
    Male
    Location:
    Scottsdale, AZ
    Rep Bank:
    $72,476
    At least 3 major failures that nearly destroyed me and my family. The other 4 or 5 were minor failures. All were just stepping stones.

    So that's zero failures? Teach me old wise one. LOL.
     
  16. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,421
    Likes Received:
    10,395
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,169
  17. ZF Lee
    Offline

    ZF Lee Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,656
    Likes Received:
    2,826
    Joined:
    Jul 27, 2016
    Gender:
    Male
    Location:
    Malaysia
    Rep Bank:
    $8,691
    Failure could mean anything.

    If we follow the strict definition of business existing when you make a sale, even if you have no formal business body that you can operate in, then of course lots of people can say they failed lots in that scope.
    I stopped counting failed proposals, freelance gigs, resell attempts and so on. You can easily fail without a business structure in place, as they take longer to die.

    Failure could also mean downsizing a company, wrapping it up and liquidating everything. Have we failed at that level yet? Of course you find fewer failures there, as fewer people have gotten up to that level.

    Failure can also be more micro. Failing a business partner. A supplier. Employees.
    One of my biggest regrets from freelancing is not following up with a client well enough to deliver some writing work. The guy was getting married, and he said he would continue our gig after the honeymoon. I congratulated him and wished him well. I respectfully did not bother him for too long a time, I must say, until the contract lapsed.

    I hope he's alright.

    I think we should fail safely, in a way that doesn't kill us or the business, or create a system that 'fails' for us. That is why folks have developed concepts like statistics and A/B testing as a means to 'fail' for them.
     
  18. GoGetter24
    Offline

    GoGetter24 Gold Contributor Speedway Pass

    Messages:
    560
    Likes Received:
    1,004
    Joined:
    Oct 8, 2017
    Gender:
    Male
    Location:
    Various
    Rep Bank:
    $4,283
    Haven't had the success bit yet, but haven't been swinging at it long (started in earnest roughly around the time of registering here).

    Bona fide business failures so far: 2.

    The first was something I had no idea if it would be in demand or not, but I just wanted to launch into selling a product to get my feet wet in business. It sold enough to make a pittance, which given the work put into it made it a failure. Learned a lot as to why it was a pointless venture from the get go, but couldn't have gained that knowledge without executing on it, so was worth it.

    The other seemed like something that would be in demand, but really wasn't because I didn't properly understand that type of customer, but really couldn't have known they were a dead end without executing on this idea (they turned out to be the type of dumb-a$$ customer who claims they want a thing but absolutely don't want that thing -- kind of like how most gym goers start after new years and never go back after 2 weeks), so it was worth the test and wasn't wasteful.

    Result: went broke, but the skills I built under those businesses were in demand, and the work I'd done acted as portfolio, so it allowed me to fall back to a decent job that paid well enough to rebuild savings at an acceptable rate.

    What I did right:
    • Targeted areas I had at least a little skill or interest in, which helped get them to market
    • Didn't take on any debt, so just ended up broke instead of bankrupt
    • Hedged my bets by making sure the work involved overlapped somewhat with skills that were in demand in the job market
    • Worked at my fatigue limit for a sustained period of time
    • Knew roughly when the play was a dud and when to ditch it, without giving up too early.
    What I did wrong:
    • Failed to get advice from people who knew what they were talking about. Boy did I try though. Unfortunately, finding these people turned out actually more difficult than working things out yourself. There is no correlation between how confident someone sounds in their advice, and its quality. Being an absolute braindead dumbass has never stopped anyone convincingly sounding like an authority on a subject. The best solution is just to learn the basic principles behind succeeding by reading biographies of successful men who are dead (the dead have no ulterior motives), and then learning the fine details yourself through trial and error. Always assume that 99% of people who open their mouths to give advice are as dumb as shit, regardless of how convincing they are.
    • Didn't have enough runway and didn't try to find partners. Both would've boosted the chance of a timely success. More capital and a complementary partner or two would've allowed 2 more business plays in the same period, which may have been enough to start something that gripped.
    • Didn't have enough understanding of different types of customers, and the market depth/breadth/money flow generally. Customer selection is probably more important than the product or service you present: a good offering cannot get money out of shit customers. Better to have a so so product that targets moneyed customers than to have a good product that targets nickle-and-dimers, is only considered a "nice to have... if I get a discount" to them, etc. I had no idea this was even a factor until I did more research and started to notice patterns. Now it will be a key factor going forward.
    Key finding: A wallet, with wads of money in it, that opens, is all that matters -- this should be the starting concept of any new business play. Definitely not "this seems like a good business idea".

    The overall value was: I learned why those two ventures failed, which is putting me on stronger footing for when I execute the next one.
     
  19. Startup Steve
    Offline

    Startup Steve Contributor

    Messages:
    81
    Likes Received:
    78
    Joined:
    Oct 29, 2018
    Rep Bank:
    $467
    You'll have to get your flamewar merit badge somewhere else.
     
    Last edited: Nov 14, 2018
    Real Deal Denver and MoreVolume like this.
  20. eliquid
    Offline

    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,290
    Likes Received:
    6,045
    Joined:
    May 29, 2013
    Gender:
    Male
    Location:
    Louisville - Kentucky
    Rep Bank:
    $47,575
    Not sure I can count the number of attempts, but I know it took me roughly 6-7 years from start of journey ( knowing ZERO ) to hitting good money in my choice of business.

    It took me roughly 12-13 years though from the mindset of "I know Im gonna hit a million NET in the bank", to actually hitting it. This is me telling myself at 17 I'm going to make it.

    So if you do the math, I spent the first 6 or so years in my 12-13 year journey floundering around not knowing what I should focus on or do. This was from the ages of 17-23. Once I did find my focus, it took another 6-7 years to go from ZERO to hitting my goal ( ages 23-30 ).

    If most people attempt something for a year and failed ( and got their 6-8 failures above ), then I am pretty much on the same track like everyone else because it took me that many years once I got focused and started.

    .
     
    Last edited: Nov 14, 2018
  21. Jaden Jones
    Offline

    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    156
    Likes Received:
    171
    Joined:
    Aug 22, 2018
    Gender:
    Male
    Location:
    Canada
    Rep Bank:
    $932
    It really depends on the definition, Ive had a lot of side gigs fail, enough that Im fully scripted right now I guess.
     
    Timmy1990, TheCj and ZF Lee like this.
  22. JAJT
    Offline

    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,591
    Likes Received:
    13,197
    Joined:
    Aug 7, 2012
    Gender:
    Male
    Location:
    Ontario, Canada
    Rep Bank:
    $66,179
    Depending on how you count - I'm up to 4 or 5.

    The quickest thing a new entrepreneur should learn to help avoid mistakes (IMHO) is understanding their costs - fully and completely.

    It's (relatively) easy to build up impressive looking revenue numbers - $100k in year 1 is not even remotely unrealistic for most businesses. But there's a very, very good reason why you don't often see the after-tax profit number being thrown around in case studies and success stories. The number of businesses running high revenue, low profit businesses is staggering. I'd even say it's the rule, not the exception.

    Even bank account screenshots aren't great indicators - look at any business bank account after Black Friday and you'd be downright envious until you realize that the owner just ran the most expensive month of the year for advertising dollars spent, needs to do an expensive inventory re-order, is about to be bombarded with returns, and still has to pay their taxes.

    I know I've been guilty myself of not understanding what I made in a year until I got the summery from my accountant after tax season. This should never happen.

    Keep good financial records, then keep them better than that.
     
    handog, NMdad, Mac and 14 others like this.
  23. Jello
    Offline

    Jello Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    73
    Likes Received:
    152
    Joined:
    Jan 1, 2018
    Gender:
    Male
    Location:
    NL
    Rep Bank:
    $993
    To many to count. Mostly because of not knowing what I was doing, not knowing my numbers and losing very fast interest.

    Thanks to TMF, Unscripted and this forum I now know what to do or more important what not to do.

    In fact the business I was running last time and did fail miserably at I'm running again and this time with success.

    It's still a job and not fastlane but I'm pulling in revenue. When the opportunity knocks I can go fastlane with enough experience and capital.

    It's all about setting goals and stick with them.
     
  24. YoungPadawan
    Offline

    YoungPadawan Miles to go before I sleep Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    347
    Likes Received:
    822
    Joined:
    Nov 7, 2015
    Gender:
    Male
    Rep Bank:
    $476
    Amen
     
  25. AllenCrawley
    Offline

    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    3,848
    Likes Received:
    15,456
    Joined:
    Oct 13, 2011
    Gender:
    Male
    Location:
    Scottsdale, AZ
    Rep Bank:
    $72,476
    :rofl:
    I just find it disingenuous to come in here presenting yourself as such an amazing business person that you've had no failures and everything you touch is gold.
     
    gClaw, RoadTrip and SYK like this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page