Navigating Failure: Embracing New Opportunities in Entrepreneurship
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Chapter 1: Embracing Change
What am I skilled at now? Crafting resumes? Searching for jobs?
No…this is surreal.
But here I am.
The day I dreaded has finally come.
Oh, the heartache?
It's profound.
For those who've experienced entrepreneurship only to return to traditional employment, I salute you right now.
This section will cover:
- The predominant emotion I’m experiencing and why it’s valid
- Reflections on my entrepreneurial setbacks
- Strategies to transition into employment
- Was it truly a failure? Absolutely not!
I've taken entrepreneurial courses at the university level, operated a business during my college years, and launched a marketing agency two and a half years ago. Prior to that, I delved into consulting methods from Sam Ovens, Six Figure Mentors, and Douglas James. I’ve consumed a plethora of content—books, podcasts, and videos—from industry leaders such as Alex Hormozi, Tony Robbins, John Assaraf, Gary Vaynerchuk, Chris Do, and many others.
I’ve created momentum, acquired clients, and achieved a $23K month this year. By now, I should be surpassing $35K monthly, basking in the fruits of my efforts. That’s how I conveyed my journey to my family and how I presented myself online. But now, it feels like an overwhelming mess. Or does it?
I almost feel inspired to write a song in response. (I’m also a singer-songwriter.) Here’s a spontaneous chorus for a future piece:
"But what about the journey, what about the path you're on? Are you really that far off now? Or, are your dreams all lost and gone? It's never been the glory or about achieving things. It's true. The journey is in you."
Not a Failure: Reason #1
I've transformed immensely in the past two and a half years through the challenges of entrepreneurship.
I've developed skills in marketing, negotiation, sales, and business management. That doesn’t feel like failure to me.
Not a Failure: Reason #2
I made a positive impact on others.
Whether through services, products, or sharing my expertise, I left a mark on the world and the lives of those around me.
Not a Failure: Reason #3
I secured an $18K sale, which signifies a shift in my mindset.
Overcoming discomfort and self-doubt allowed me to reach new milestones. When I learned to “price based on my worth,” and it worked, I transcended my past self.
Not a Failure: Reason #4
My entrepreneurial journey is far from over.
Once an entrepreneur, always an entrepreneur. I plan to develop new revenue streams while maintaining steady income, avoiding the high-risk environments that once stressed my family.
I often questioned, "Does this mean I've failed?" But here’s why I’m at peace now.
I've recognized that we are not failures; our emotions may fluctuate, but this is part of life. We learn, try, fail, and succeed. I’ve gained valuable insights that I will share in future discussions.
Thoughts on My Current Path
I can’t wait for my next article to express why I’m stepping back from entrepreneurship for now. Here are some thoughts:
Top 3 Reasons for My Business Challenges
- Financial Discipline: I’ve been candid about my struggles with financial management. Keeping track of finances, taxes, and funds was overwhelming.
- Cash Flow: My wife and I aren’t extravagant spenders, but with a house and seven kids to support, I struggled to generate consistent sales revenue to sustain our household and reinvest in my business.
- Personal Challenges: I deal with a mood disorder, which affected my productivity, especially as a solo entrepreneur without support.
Additional Challenges
- Isolation: I lacked a partner to brainstorm with, which made the journey lonelier.
- Research: I didn’t conduct thorough market research to understand the needs of my audience.
- Offer Clarity: My offerings could have been clearer and more appealing.
- Fulfillment: Managing delivery was draining for me, and despite hiring help, stability was elusive.
- Mentorship: I didn’t prioritize mentorship investment, though I had access to valuable guidance.
- Overextending Myself: I wore too many hats, managing everything from vision creation to project management, which was unsustainable.
Moving Forward to Employment
Perspective is everything, isn’t it?
How we interpret our experiences shapes our emotions.
I realized I was feeling disheartened about returning to work and decided to explore the situation further.
What I discovered was that countless others face similar challenges.
I found coping strategies and fresh insights that motivated me to take action.
I have resources available for additional learning, and most importantly, I’m being honest about my situation and the need for change.
I’m reconstructing my identity from my setbacks and the lessons learned along the way.
This journey is ongoing. It’s life. It’s challenging, but essential for my transition from chaos to order.
Key Takeaway
There is a good, better, and best approach to everything.
I did my best under the circumstances. It was time to set aside the many roles I played but not to close the door on opportunities.
I refuse to shut the door on entrepreneurship. It’s part of who I am and who I aspire to be.
When the moment arrives to explore new opportunities, I’ll be prepared, more so than ever before.
That’s why seeking employment excites me—it's a step in my ongoing journey.
Chapter 2: Learning from Setbacks
In the video "The #1 Reason Why You're Failing As An Entrepreneur," the speaker discusses common pitfalls that entrepreneurs face and offers insights on overcoming them. This resource can provide valuable guidance for anyone navigating similar challenges.
The second video titled "Why You Have to FAIL as an Entrepreneur...to be SUCCESSFUL" emphasizes the importance of failure as a stepping stone to success. Understanding this perspective can be crucial for entrepreneurs at any stage of their journey.