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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. rogue synthetic
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    rogue synthetic * Not actually Rutger Hauer Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I've had at least 2-3 failures that I can remember, where either the business wasn't profitable or I folded up something that might have been profitable with more patience. I'm voting for the last option in the poll though, because despite some short-term profitability I haven't actually created a profitable business.
     
    Last edited: Jan 22, 2019
  2. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    It was a long time ago, but what I can remember is that for two of the businesses, my dropshippers were really unreliable. On the fourth one, I just didn't spend enough time on it. Basically I was trying to run a bunch of niche ecommerce stores, and once I decided to just do one store, it was much easier and it took off.
     
  3. Timmy1990
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    Timmy1990 I Will Not Stop! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Do What I Love business website for meal plans and advice about anxiety and lifting weigjts. (before I joined the forum)

    Subscription Underwear business failure number two after reading TMF I thought hey it meets CENTS! legit had no idea wasted a good couple months on this. Just found the forum and was pumped just to start anything.

    Third business - in the grind now don't know yet. But I'm definitely getting somewhere with this one unlike the others so not sure yet.
     
    Jello, Jeff Noel and RoadTrip like this.
  4. JokerCrazyBeatz
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    JokerCrazyBeatz Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    For me it was 1 but i still havent mastered it . I honestly just recently realized I was "successful" because I've made money online consistently . For the longest I was like "If im not making $50k a month I'm not successful " .
     
  5. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    0 I think? My business just evolves as I move along a sliding scale from contractor to freelancer to agency to platform.
     
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  6. Sheens
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    Sheens Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    I am also at 0. I had not considered starting a business during the 8 years of college and then worked as an employee before owning. Profit, yes. Fastlane, no.

    Would the poll still be amendable to add 0? Or zero with a mandatory explanation or options such as: I have never tried, I have made profit and not failed, or I am one and done swimming in my FU money!
     
  7. Kid
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    Kid Bronze Contributor Speedway Pass

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    How many do you need?
     
  8. Suzanne Bazemore
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    Suzanne Bazemore Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    These statistics are encouraging. As of today, 49 people have had success versus 72 who are still failing. I am one who is still failing, but I have a lot that I can change to get into the previous category, because I am failing through my own fault, and the cool thing is that I have the power to change it.
     
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  9. Kloetenlui
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    Kloetenlui New Contributor

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    I tried a clothing business without having any clue about how that industry worked. Failed really hard. Then I tried youtube. Worked but wwas unreliable. Now I have a mineral company. Let's see how that works.
     
  10. GoGetter24
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    GoGetter24 Gold Contributor Speedway Pass

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    It's widely anecdotally accepted that the lower the price point, the more complaints and returns. I found this myself, everyone I talked to found this, and every speaker in real-life or YouTube I listened to said this.

    The less money people spend, the more they complain and demand. It's to do with personality defects that disproportionately and causally affect the poor.

    For this reason it is absolutely critical for new small businesses to do the best they can to screen them out, and target monied / higher-class groups instead.

    You can always expand into their shitty market later once you've got the capital to create the necessary economies of scale and to hire customer service meatshields.
     
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  11. TheCj
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    TheCj Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    What I consider success has changed, before I considered just a time for money side gig was a success. Took me 4 attempts to find something that got me "profit".
    Now success is something that I will be able to scale and separate from my time and location, so still failing..
     
  12. Stevee2K
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    Stevee2K PARKED

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    What do u mean by successful? monthly income, popularity, tendency?
     
  13. RepetitionX2
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    RepetitionX2 New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Well, 4 big fails to date and...

    I don’t believe success is “balance”, but honest self-awareness + keeping family + financial freedom seems to be a “win”

    BUT Holy Crap

    I feel like I’m knee-deep and still in the “3B” quadrant.
    Habits..God help me.
    In the last 3 years I’ve generated millions and due to “consumption” and soft self-generated “fake FTE’s”,
    Along with great goals punctuated with poor “Act, Assess and Adjust” follow-thru,

    ...here I sit with failing business, struggling to pay bills.

    I grew up with a great, loving family and inherited position in a community.
    However, I inherited nothing but debt.
    Typical, but my biggest failure has been that I simply felt I deserved “things”. Add Marriage and kids to my kind-hearted upbringing and I only wanted to give them the life I had. My parents did a great a job of providing a loving home, but I was NOT prepared to lay down my comfort zone or even know how to look pragmatically at my own silly greedy tendencies toward “status” and “seeking comfort”.

    There is an absolute perversion in the “I want to work for myself” mentality.
    I’ve learned entrepreneurship begins with shear emotion and ends with real wisdom...if you’ve got the right mindset.

    In fact, I think we should all draw a bright line between what we consider our own skill and personality “gifts”.
    You have a gift but you also have a per version of that gift. MJ does an incredible job of creating a wake-up call to the 3B’s.

    I think you could take it a step further by assessing yourself on the things you or you’re business is gifted at. Such as:

    Leader vs Tyrant/Manipulator
    Steward vs time waster
    Giver vs Waster
    Servant vs Push-Over
    Attentive vs Micro-Manager
    Visionary vs Detached from reality

    This caused my “FTE” in the last 90 Days. WOW I’ve felt like ...a child.
    I brought a flower to a gun fight.
    Imagine leaving food out on your doorstep at night thinking your feeding homeless kittens...only to realize you’ve been sustaining a mother cobra and her babies
    ...and by the way, those kittens were tasty too.

    Now that I’ve begun to simply be real with myself, I’m just beginning to stage 3 “Adjust” my own habits with new ones.

    I’ve been poor and I’ve been rich. ..Rich is better.

    0 and 4.
    Now let’s begin again, Mr. Edison.

    ...and Thanks MJ




    Sent from my iPhone using Tapatalk
     
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  14. David 964
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    David 964 Contributor Read Millionaire Fastlane

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    This is so far 4th business, none of them failed but they transferred from one to another. None of them failed in making money, however every one of them fail to provide real wealth (time, finances , freedom and life on my terms).
     
    RoadTrip likes this.

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