Failed Business Venture Stories

[miket]

Thanks for sharing. Was there anything unique about your design that would’ve made it attractive for a larger company to purchase the rights to?




Thanks for sharing. Was the business still profitable through all that? What would you do differently looking back now?



Sent from my iPhone using Tapatalk

No. The Photon and X sight came available right about the time I was developing mine. I remember seeing the the Photon and immediately felt like I was just a minute too late. Then I compared mine and the Photon side by side and my image clarity and range was much better, so I thought I had a chance. But in the end it was introduced by a large company and itsdang hard to compete against a large established company mass producing a product in China. Never really felt like I was competing against the x sight, maybe a mistake, I just never had much respect for it.

I did have an outdoor product business owner that I respect tell me I need to cut cost and have it made in China. Being in American manufacturing for 20+yrs, I just couldnt do it.

To top it off, I am a terrible salesman. I cant lie or mislead, and am brutally honest about my product. I was more critical of it than I should have been, customers loved it.

[SabreKiller]

I was a professional bikini waxer. But, the business got too hairy for me and I had to cut out.

[miket]

As most know in the construction field its a constant roller coaster of highs and lows.
I left a decent job and went to work for a customer, was only there 6 months before they pulled the plug on my department. I was left jobless with a new home and a 6 month old baby. Had a buddy that was in construction that could help me get started.
I subbed out some remaining jobs that my previous company had contracted and jumped in the pool with no reel life jacket besides my best friend.
I had zero back ground in actual construction except what I learned in that short 6 months. As I learned the ropes I almost crashed and burned several times. I tried to get too big too quick and it all came to a head. I did not file for bankruptcy even tho most would have. I started back over with just myself and the only 2 loyal employees that stayed with me. I worked in the field which in the end was the best because it helped me understand what it truly took to do the jobs. Also gained the respect of my employees that saw I wasn't just a finger pointer and paper pusher. Slowly grew the right way this time and now am a pretty large contractor and live comfortably. I could have quit several times but I was determined to make it right.
The best advise I can give anyone that is wanting to start a business. Work in that field for someone else first. Particularly in the trenches then work your way up the chain. Once you've seen all aspects of the business then strike out on your own.
Basically "Learn on someone else's dime"
Here is my motto I found a while back that I use everyday
"Some succeed because they are destined to, but most succeed because they are determined to."

( the text in blue ) Yes sir! Love it! I know I am not destined for it, but I am determined to succeed though hard work and grit. Plain and simple. I make sure I work harder thsn my guys day in day out. Thats why I named my company Resolute.

[Spearchunker]

Cool thread.

I started my first business in high school 27 years ago! I put a Tommylift on my truck and delivered appliances for Sears and other folks. I elected work program and was out of school by noon both Junior and Senior year. I'm sure my grammer shows it... Turned into a nice gig, I was making avg 500 week cash. I would charge 25 bucks per appliance ( washer dryer paid 50). Then I would charge $15 to haul off old appliances. Then I sold the old appliance to a used appliance guy for 20 to 40. Made really good at it. But the day I graduated and hauled *** to Dallas and became a plumbers helper. Had to get the hell out of New Braunfels.

Since then I have been self employed with exception of 2007 - 2012. So here is where I failed. I started RJ Contractors in 2000 and we specialized in insurance restoration. I did well and spent well too. New trucks, new boats, new houses, etc. I was young and making it good. I never planned or saved. I always thought work would come and assumed good work was all it took. Wrong...not only did most insurance companies raise deductibles they stopped covering shower pans and slab leaks. I was part of the reason honestly. We jumped into the Mold remediation side and yes raped the insurance companies. We didn't set the market price, but certainly demanded it. We would bill 200k to pack out, remediate, and build back house worth a lot less. Was not fraud, we used the Xactimate program to our benefit.

So when the economy crashed and my leads stopped , I lost almost everything.

Thankfully in 2012 the DFW market for construction started exploding again. I started TriPhase Interiors and we now have over 100 employees and knocking it out if the park.

This round I saved 10 percent of every dollar I see. The first 3 years were tough. I sure wanted new trucks etc. But I didn't.

In closing, dont spend it all assuming work will always be there. We are just one election or terrorist attack away from 2007 all over again. This time when (not if) it happens I am prepared not only to survive but to take advantage of such a market. If I had just 200k saved in 07 I could have bought at least 6 houses in Mesquite or Garland for avg 30k that would be worth 150K each today.

So save every chance you get. And IMO if you dont include God and treat it all as his you will not gain the riches your really desire.

Sean

[Chew]

I was a butcher. But accidentally backed into a grinder and got behind in my work.

[M16]

I was a butcher. But accidentally backed into a grinder and got behind in my work.

So you lost your azz in that business ?

[Chew]

[emoji16][emoji16][emoji16][emoji16]

[Bubba]

I've had a few businesses that made a living but never hit it big.I was talking to a friend about this very thing a few days ago. It took him many years doing many different things to really hit it big and I mean real big. I asked him about his success and his thoughts on it. He said your heart has to be able to take the big risk to get big rewards and most people's hearts just won't let them commit.
This explains me. I can get to a place where all I need to do is take one giant leap. I just haven't been able to do it on hopes it all works out.
I've been working to fix this problem.

[Biggs]

My brother and I bought a small piece of property in a very good school district with the dream to develop it into a duplex rental community. We got denied by the city council. Waited a few years for the power to shift in the council... but by that time we were too busy and didn’t have the desire to commit to the development. So we sold off. Lost some money but it was a very cheap learning experience.


Sent from my iPhone using Tapatalk

[Biggs]

Also, in flipping houses... Realtors are expensive and being on the market a month late can break you. My market took a huge swing downward from mid August to now. 10% difference in prices. That hurts!


Sent from my iPhone using Tapatalk