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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)

    146 vote(s)
    62.7%
  1. SYK
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    SYK Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    This thread is such a real look at what it takes to be successful in business. Anyone just starting out should know this is the reality of being an entrepreneur.

    Also reninds me of the Mark Cuban quote: “You only need to be right one time”.

    For me, sitting around 3.5. And I’m sure I’m not done yet...
     
  2. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    6 or 7. But every one of them I can trace exactly where I went wrong in using MJ's "CENTS" model. I used to think failed businesses would be like "oh shit that came out of nowhere", but it's almost always a failure to meet "CENTS" or meet it to the proper extent.
     
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  3. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    This is the first time I’m creating a list of my failed attempts. Counting 5 real attempts in total and I haven’t made it yet. I haven't lost my motivation and will continue once I’m fully recovered from my burnout.

    Attempt 1: International dorm finding platform for students
    I started this with 2 partners: my brother and a developer, back in 2007. We were gaining some traction and wanted updates to the website but the developer wasn’t motivated enough. We quit. Now there is a successful platform called HousingAnywhere. In hindsight, I should have learned to develop it myself. Unfortunately, at that moment I hadn’t read TMF yet.

    Attempt 2: Recruiting unemployed Spanish technicians to fill gaps in the Dutch market
    I found a client and traveled to Spain to network with recruitment agencies and schools. In the end I couldn’t find the right people and the client lost interest. It was really hard to combine with my fulltime job. And it really didn't fit my personality.

    Attempt 3: Weight loss blog and ebook
    This was my first attempt in which I made money. Sales of the ebook were doing well using Facebook Ads but finally the audience got saturated. The blog wasn’t doing too well. I finally lost interest and quit.

    Attempt 4: Clothing line for influencers
    Together with my brother we had the idea to create clothing lines for influencers. For a percentage of the sales we would take care of all the design, manufacturing and distribution while the influencer would do the marketing. We found a client (influencer) and started working. We found a designer and a manufacturer. I traveled to Portugal to meet the manufacturer. 6 months later we had 3 sweaters ready for sales. It flopped and we lost 10k. We decided to quit. This is where I experienced the first signs of a burnout.

    Attempt 5: Supplement brand
    I got this idea based on my own health issues. I saw an opportunity to create a supplement brand. I jumped on the opportunity and gained traction using Facebook Ads. Unfortunately, not too many customers were reordering. This is where I noticed the importance of recurring revenue! And a productcracy. The product just didn't fill a big enough need.

    It was also too niche for a small market like The Netherlands. I couldn’t find an insurance which covered sales to the US. I started thinking of products to add but couldn’t find a direction. I should have focused on a target market fist instead of being focused on a product. I gave this so much thought that in the end, next to having a fulltime job and 2 young kids at home, it caused me to burnout back in in April 2017. I’m still recovering from the burnout.

    It's definitely hard to create a business but for sure the 5 previous attempts have taught me a lot. I hope these lessons will be enough to make the 6th attempt a success!

    Lessons learned
    • Focus on a market, not solely one product
    • Focus on creating recurring revenue to promote growth
    • Find a market and a solution that fits my personality
    • Focus on something that has been done before and add my own twist/improve/be awesome.
    • By finding something that fits my personality finding the next step will come to me more naturally. This will avoid me getting completely stuck and shift into a burnout.
     
    Last edited: Dec 13, 2018
  4. ned.ryerson
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    ned.ryerson Contributor

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    Leaders develop strategies to assess, position and execute against opportunities in the market. They employ tactics to implement the strategies. Tactics are realized through programs, which are made up of projects, having work streams of tasks.

    How should businesses fail?

    Being at the edge of innovation means that projects and programs will fail. But our strategies account for this and loosely couple them from core business operations. That’s how R&D functional areas spin out of engineering or operations.

    How businesses might fail?

    Often launching a venture in an emerging market means using new strategies and tactics that aren’t proven. This, however, can often produce a huge landfall if it’s viable. But is failing as a result of calculated risk truly failing? Idk.

    How businesses will not fail (ultimately).

    Following the pattern of proven strategies on how to start to monitor and exit the market. Doing so allows you to be cash flow positive from day one and not lose money in the venture.
     
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  5. Carrenoda
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    Carrenoda New Contributor

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    PPC, is where I'm focusing right now, specifically FB, so it's great to see someone here who's got it down.
    Congrats!
     
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  6. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I'd guess around 10 if you count each individual website. If you're just going by business models then 2.

    I started out with affiliate marketing for Amazon and while I wouldn't recommend it as a platform for long term success it was a great learning tool and played a hand in building my eCommerce business.

    In a way though, I never really considered most of my affiliate websites as failures either. I usually made at least some money from them. I just didn't see enough success to warrant putting in the effort required to really grow them to where I was making a decent living.
     
    Last edited: Nov 20, 2018
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  7. momomaurice
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    momomaurice Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I started my first business in March. An exterior cleaning business in Ireland wasn't the greatest idea but i learnt alot from it and I finally got started. The business was going well and I still get calls but I had absolutely zero interest in the work and in the end it just became a money grab.

    I'm now trying to do Google Ads for local service businesses but I haven't found any clients, yet.

    Me and my friend are meeting tomorrow to maybe start a painting business and I can use my google ads skills to get us leads and contract the work out.

    I don't give a F*ck if I fail 50 times, I'm gonna crack this entrepreneur thing someday and get me my money tree.
     
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  8. Cameron Aanonsen
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    Cameron Aanonsen Contributor

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    Thanks for all the reply's everyone learned a bunch here! Just met someone who is an mechanical engineer and we are working on creating some products that dont exist yet. This is much like the story in MJs book about the guy he saw in the Ferrari who was an Inventor. Very exciting times!
     
  9. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Marking NOTABLE so people can understand that failure is a piece of the puzzle.

    Your first attempt at business will rarely be the one you succeed at.
     
  10. Flybye
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    Flybye Bronze Contributor

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    I hate using the word fail. I prefer to see it as a discovery of how not to do things. Oh and sometimes you need to find a lot of the wrong ways of doing things before you finally find the right way of doing it. There will always be trial and error from choosing the best stapler to having to close down an entire business. Just make sure you always learn from them. Don't get stuck in the same flow because of persistence.

    I'm not sure where I land. I am currently on my first MY business adventure, but I have learned much from family businesses I have been involved with. Some have failed due to management, some have failed due to external factors (travel agency after 9/11), some are struggling, some were closed simply due to boredom then reignited because of a struggling alternative business, and some were very successful and finally sold off to retire.
     
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  11. Thomas Baptiste
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    Thomas Baptiste Third of His Name Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Do you see failure as a necessary component to business success?
     
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  12. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    I've turned this into poll and posted on the front page.

    I'd love to get a forum sampling too see what is reality around here!

    Please vote!
     
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  13. Everyman
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    Everyman Get To The Choppa! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why would you say it is like that? It's interesting...
     
  14. MHP368
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    MHP368 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Yeh , let dollar city hedge on the expanding lower class and poverty sales. If someone can't casually drop 50 bucks on a thing then I'm going to ens up with headaches on the back end anyway (or so it seems)

    I wonder if anyones ever done some data analasys on that and seen how complaints / returns etc correlate with the price of a good or service. I feel like its lots more trouble on the low low end but I wonder how expensive a single purchase has to get for it to pick back up again with the same ratio.

    500 bucks? 5000? But I digress...
     
  15. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Well, I just figured it out. A total of 10 failed businesses before real success.
     
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  16. Get Right
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    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  17. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Damn, I'm curious what you told yourself after the 5th and 6th.
     
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  18. minivanman
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    minivanman Gold Contributor Speedway Pass

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    So I have a question. On #3, the blog, if you would have been having success, would you have kept it going or do you think you would have lost interest even if it had been a success?
     
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  19. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    grew up in small business ... had to get out of there
    helped build a department ... politics
    sole proprietor ... did well, incorporated
    inc .... should have folded twice due to cashflow issues

    no true 'failures' ... am on like the 5th iteration, so said 4
     
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  20. RoadTrip
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    That is a really good question. And thinking about your question seriously now I can't give you a conclusive answer. I would lean towards loss of interest because I'm not really passionate for the weight loss market. But who knows that passion might have sparked after helping lots of people.

    Just out of curiosity... why are you asking?
     
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  21. Get Right
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    I told myself I have another 25+ years to get it right. It doesn't have to be right...right now. I just have to keep learning, trying and giving myself the opportunity to draw a gold gumball. It only takes 1 gold gumball.
     
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  22. minivanman
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    minivanman Gold Contributor Speedway Pass

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    I didn't want to hi-jack this thread so I sent you a message.
     
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  23. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    MJ, you didn't have a 0 option!

    So I really thought about this and I can honestly say zero. But I say this with an asterisk because I dabbled before. I had a blog with adsense, I had a hobby business (where I made it a business to get wholesale pricing) and I had real estate. But I don't think any of those really qualify as me really trying to start a business. My first real business was my ecommerce camo business that I started in 2007. This was the first one that I actually got an LLC, a business license and business bank account.

    So I think I got lucky with my first one, but my next 3-4 businesses failed and I ultimately decided to stop trying to start more businesses and to stick and grow my first one.
     
  24. rollerskates
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    I'm still failing, sort of. Still working on stabilizing my primary business (handmade stuff) which is not fast lane. I do make a small profit, but the income needs to be stable before I dabble in any more fast lane ventures, although they are always being worked on in my head and in the background.
     
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  25. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Any ideas why your subsequent ones failed?

    I'd like to think that once I sell my current business I'll be able to start another successful one but often worry that this one might have been a fluke.
     

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