Written By: Avery Birch
This is a topic I believe all entrepreneurs will face a few times in their career. Luckily as one gains experience rebounding from one opportunity to the next, they grow a little bit as well!
I frame this topic in such a way because I have recently rebounded from a failure that occurred over a year ago. Oddly enough, the part that I was embarrassed to talk about would have probably saved my business if I did. I was ignorant and didn’t listen to the advice and telltale signs; I was always right.
I received a loan from futurpreneur in June 2016 of $15k and was able to burn through it in a matter of months. My biggest lesson obviously became financial management, but mainly it became embarrassing to talk about. For this reason I decided to bury it, switch directions, and begin the repayment period. This would’ve been the point where I should have sought counsel from experts to guide me back on track or even discuss what to do next. Instead, I proceeded on and with a bit of luck fell into place right where I belonged. The debt I had created set me on course to discover the Canadian Ski & Snowboard Club (CSSC).
CSSC, which I currently operate, has seen incredible traction across the country. It was stumbled upon accidentally as the founding name of “Halifax Ski & Snowboard Club”. Growth was instant and profits came right away. This led to the discovery of a gap in the market and naturally led to the feeling of actual accomplishment, something I had been lacking before. From this point I was able to re-engage my mentor along with new connections I had made through the development of this new company. The point I’ve reached now is one of mild satisfaction where I’m able to openly discuss my failure in the past months.
After a downturn like this, there’s a sense of relief when being able to overcome defeat. The defeat I faced of business failure could have been avoided if I had asked for more expert advice rather than relying on my “fail-fast” method. What’s truly important is that I was able to learn the lesson within, which was truly just an expensive university course!
The points I would like to communicate to others are simple.
When these points are taken seriously, I believe any of us can become great leaders. It is with a mindset of continuous improvement and a state of constant dissatisfaction that creates greatness and innovation. All that remains is the individual to realize this and own every action along the way. From this, great business will occur.