Every entrepreneur embarks on a journey filled with passion, dreams, and sometimes, unforeseen pitfalls.
In this episode, I'm giving you a look into real-life stories that unveil why even the most successful entrepreneurs face setbacks.
From overconfidence to unforeseen market changes, learn the nuances of what brings giants to their knees and how you can sidestep these common mistakes.
Your dream venture deserves the best shot at success.
Join us as we unravel these lessons and remember, every setback offers a setup for a comeback!!
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Every entrepreneur feels a burning passion deep within. It's not just a job or another professional venture. It's a whisper from our very soul, urging us to make our mark, to change our little corner of the world and follow our dreams. This is why I am addicted to the spirit of entrepreneurship. I remember vividly, a few years back when I was speaking at an event in San Diego. I was having breakfast and sharing insights with 10 highly driven entrepreneurs as part of a VIP experience at the event. I was so blessed to be able to spend a couple hours with these unbelievable visionaries as they shared their challenges, their wins, their losses. They weren't just any entrepreneurs, they were leaders of businesses that spanned from$1 to$10 million in sales. Each face around the table had a story of dreams pursued, risks taken, battles fought, some big honking wins and, unfortunately, some devastating soul-crushing defeats. We had a visionary general contractor from Denver, the tech wizard from Seattle running an IT services company, there was the queen of confidence, I remember her vividly, a rock star from Dallas running 3 restaurants, an Air Force veteran from Connecticut with a team of 14 who was running a marketing agency, and there were a handful of other powerful, driven entrepreneurs sitting around a table having breakfast. Now, whenever you sit around with a bunch of self-made entrepreneurs, the conversations usually include intimate personal stories, highs and lows, ups and downs, and needless to say, this was a memory filled morning where I was able to gain a true appreciation for their core DNA, their struggles, their dreams. I got it all. While the experience was beautiful, one conversation still haunts me to this day. It was a woman and a mom running a staffing agency. She had her company for 8 years, 9 employees, and was living the very manifestation of her dreams. She spoke of her rapid growth, the nights she missed tucking her children into bed and the immense pressure of depending on one major tech company for nearly half of her revenue. I felt the weight of her world as her voice broke, tears streaming down her cheeks as she shared the reality of her challenges. She was in unfamiliar territory, she had just passed$3 million in sales, was overwhelmed and quite honestly, underprepared for the next step she needed to take. She was surrounded by storms and deep in the woods without a compass. Now, to me, this wasn't just another entrepreneur's plight. This was a heartfelt cry of someone who had poured everything into her dream. She had walked away from the security of"Corporate America", armed only with faith and determination. But sometimes, even the mightiest warriors forget that they don't have to face every battle alone. Our entrepreneurial spirit oftentimes tricks us into thinking we are islands and seeking help is a sign of weakness. The heartbreak of this tale? Well, The tech company that made up the majority of her sales eventually switched to another agency and she ended up losing her dream. Her empire crumbled, and she ended up returning to corporate America. Now, every entrepreneur's journey is filled with unknowns and while it's admirable to forge ahead with sheer willpower and mental toughness and hustle, it's equally crucial to recognize when it is time to seek guidance. Arrogance and pride have been the downfall of so many great entrepreneurs. And I speak from personal experience here, as my greatest failure in business can be directly related to my inability to swallow my pride and ask for help. Unfortunately, here's the challenge. The entire concept of entrepreneurship is about self-confidence. I can do this! I can change the world. I don't need anyone. I am going to venture on my own and I know I will be successful. Trust me, I get it because without this mindset on day one, you don't have a chance in hell of being successful. So herein lies the primary reason why most entrepreneurs will eventually fail. Yeah, that's right! Most will fail. The statistics reveal 25% of us will fail after year one, 50% after five years, and a staggering 80% will fail by year 10. Entrepreneurship is the only sport where the longer you play, the greater your chance of death. So what should you do? Learning from your personal experiences is valuable, no question, but at times the cost can be unbearably high- in money, in time, and in spirit. Sitting at the feet of someone who has"been there and done that", someone who has walked your path before, will not only propel your venture, but can also go a long way to solidifying your confidence, which is so important. From my own journey, I know the gut wrenching pain of seeing a dream dissolve. Many years ago, I lost a business and felt the sting of regret, thinking,"if only I had sought guidance earlier." So, for all of you riding this amazing rollercoaster of entrepreneurship, I implore you, seek mentorship, lean on others, and never let pride and ego blind you. The brutal reality is that most entrepreneurial ventures fail, but armed with wisdom, guidance, and humility, your dream will become your reality.