What I Learnt From Failing 39 TimesJul 15, 2021
I’ve been getting a lot of questions about how I kept going after failing 39 businesses. After 1 failure, after 3, after 10. How did I keep going after 39?
I wrote about this in my new book, “Go Live! 10 Principles to Launch a Global Empire”.
Finder was the 40th business after 39 fails.
What kept me going? I want to win 🥇
Each of these businesses was a test and I learnt a lot from every single one.
Some were great ideas but they just weren’t big enough. Or they didn’t have the ability to grow into something massive. Some even made quite a bit of money but they weren’t going to the next level, they weren’t scalable or global, they just didn’t have the potential.
One example was a business that sold poker chips and poker tables. It was during the time when Texas Holdem became really popular. We put lots of effort into it but the problem was that no one would pay $150 for shipping to get a poker table. Shipping a poker table is not exactly the easiest thing and chips are really heavy so the economics were terrible.
I'm grateful for all 39 of these failures because they taught me so much. For instance, when you do e-commerce, make sure that the product you’re selling is easy to package up and ship. That’s why we sold face masks during the pandemic. I knew masks would work because it was simple, it was small and it was lightweight. Whereas poker chips and poker tables are really heavy and it was never going to work.
⚡️VELOCITIZE TALKS ⚡️
On Velocitize Talks I spoke about how as an entrepreneur, you have to continuously fire yourself, rehire yourself in a different role and relearn your entire skillset.
You need to figure out what performance looks like, what is not performance, and you do this every six months.
I put myself on purpose into a constant state of uncomfortableness, to grow as an individual to ensure that basically, I'm not the limiting factor of the company.
I also spoke about the number one thing you should do when starting a business or anyone starting a new role: find a channel that you master, that you are going to dedicate an extreme amount of resource and energy to baking into the company.
Laser very specifically on the one thing you are 10x best at and focus only on that.
You probably have a lot of ideas but today and now the reality of what your customers are going to experience and what you're going to do, you need to discipline yourself for two to three years only on that service.
📚Go Live! is out August 10 pre-order here.
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