July 22, 2021
7 minute reading
Opinions expressed entrepreneur The contributors are their own.
When you go bankrupt or feel that you have failed financially, it is easy to blame yourself for it. But what too many people don’t realize or remember is that failure is only temporary. It just means you have more things to learn and complete.
Every business I started over the years — And every subsequent failure — I learned more and more methods Is not failure. As a result, each successive enterprise has grown larger and faster than the previous enterprise. My experience proves that bankruptcy is not the end of your story. If so, my story would have ended several times. When you have a good idea, all you need to start your own business is willingness to do whatever it takes, even if it means failure.
The following are some of the lessons I learned from five bankruptcies to a millionaire.
1. Follow trends
Understand what people want and find a way for them to get it. My first commercial attempt was at a beauty trade show selling nail products. Everyone started asking about the beads in the hair of a girl in our booth. At the time, this was not something we were selling.But, I felt it right then—these beads are hit. We immediately went out to buy as many beads as we could, sat overnight to pack them, and the next day, we sold out all. Therefore, we bought more beads and signed up for more trade shows-a 12-hour shift every day, counting beads at our booth, plus a few extra hours in the evening to prepare for the next day, we Constantly sold out. It was exhausting (but exhilarating) and another show was always on, so we continued to drive, count and pack more beads.
This is hard work, but from the beginning, we have seen the trend there and are ready to take off. In the next eight years, we became the second largest manufacturer of hairdressing products with an annual output of 2-3 million. We started with almost nothing and set foot in the hair accessories business based on inspiration alone. But we lack funding, and we make up for it by understanding what people want and finding ways for them to get it.
2. Work hard, but work hard
When you feel this feeling in your intuition and realize that you know a product or service that people want, it takes A ton Hard work-this is how I developed my second multi-million dollar company. After slowly starting to sell mineral cosmetics and cosmetics to beauty salons and beauty supply stores, the focus on trends has again triggered rapid growth. In the fashion world, trends cycle approximately every ten years: the dignified housewives of the 50s, the psychedelic colors of the 60s, the “girl next door” look of the 70s, and the wild neon lights of the 80s. When Dennis Rodman shocked the world with blue nail polish on the basketball court, we have entered the natural “no makeup” cycle of the 90s.
I still remember the impact of that message: the color is BackSo, I go all out to sell colors. I work 12 hours a day, calling and emailing suppliers to make and sell bold cosmetic colors. The more we develop, the more work we put in. In the biggest year, our goal is to complete 20 million. Willing to work harder than others are willing to work harder, so that we can achieve better success without missing emerging trends.
3. Seeing opportunities for failure between successes
When I lost everything again, in order to develop my third multi-million dollar company, I learned new ways to recover from it. Instead of waiting for some new expertise, I took advantage of my experience of having to browse new things: real estate. After selling my house and buying a new house with a low down payment, I have enough money to invest in another one. Once I made renovations, refinancing and leasing, I made some money and invested in another one. Three years later, with at least 100 doors, this company has US$30 million in real estate assets and US$10 million in equity.
Sometimes bankruptcy may be your opportunity to take on another project. When I went bankrupt again, I met a lady who spent five years trying to develop her small skin care company. After all her experience in beauty and cosmetics failed and succeeded, she suggested that I join her team. In two years, my business sales reached approximately $3 million—my fourth multi-million dollar company started from scratch.
4. Maintain income options
No matter what you sell, make sure you have a source of income to pay the bills. This is how I came out of bankruptcy, once again, Run my fifth multi-million dollar company. In the beginning, we tried several sources of income-trade shows, some private labels and our own brands-but private label skin care products quickly emerged as the best. Although we stop holding trade shows because they have the lowest profits, we will not give up anything if it can still generate revenue. In general, never give up a stable and reliable income for the expected income. Prove the model first, then do it!
Flea markets, exchanges, trade shows, 9 to 5 at the same time: you may need to spend 25 hours a day on it, but you need something to bring in income.In this way, commercial funds can be used as they are — to Build business, And your personal funds can remain personal. Run two or three different sources of income at the same time, the easiest source of income to generate is the horse you ride in the race.
5. At all costs
Working long hours is only half the cost at all costs-even when we feel a failure, reaching out and accepting help is another matter. When I founded my nearest company, I really went bankrupt. When I was 50, living in my mother’s house, I lost everything. My mother has social security and has to lend me money to support my child. Nevertheless, I have been working hard because I know that as long as I realize a good idea, I can figure out how to provide it.
When I received the initial $6,000 order to start my nearest skincare company, I didn’t have the money or factory to complete it, but I was confident that I could piece it together to make it work. So, with half of the money, I bought it from a supplier and repackaged it into something new.It’s not perfect, but the first order provided me with the funds I needed to get started, which became my greatest success story to date — Can’t see the end.
Take it from me — People who have repeatedly succeeded and failed A lot of– Failure is never permanent. No matter the reason for the failure, whether it is a divorce, a shady partner, a legal issue, or a stupid mistake, failure does not define you, nor does it mean that your story is over. This is just an opportunity to learn so that you don’t fail twice in the same way.Failed many times, I learned a lot of, This prepares me for my biggest and best company. As long as you are willing to ride that horse again and again, and really work hard, nothing can stop you from achieving incredible success.