Friday, November 6, 2009

Screwed Up? Ask Yourself, "What Did I Learn?"


In all labor there is profit. Which makes me feel awfully good because that means that all those countless business meetings (saw a book- "Death by Business Meetings") were not a loss.

I've struggled for a few months now as to what to do with one of my companies.

The most major problem I was having with it had to do with the fact that it was a luxury product and service... uh huh. Now THAT was a smart move for 2009, wasn't it!?

Ah well. None of us have crystal balls.

I appreciate the feedback I've gotten through blogging- most specifically,

Kim Ayres, who, being an expert in the field I had inadvertently launched the said business- took the time to review and comment on my dilemma.

He said, "Your website is crap on a number of levels." Hahahahaha. It IS! I adore it when people simply level with you and cut through the nicey-nice.

What did I learn? I learned that I'm proud of myself for forging ahead with an idea and concept, knowing nothing about it, and still pulling together the various components to pull it off- for a little while.

I learned there's a whole lot of people out there with a whole lot of talent who know what's going on- and I'm glad I can defer to them.

I learned that a fundamental rule of business failure is always going to be under capitalization AND to keep throwing money into a losing proposition does not turn a sow's ear into a silk purse.

I learned that I lost interest, and sometimes have the business attention span of a ferret.

I learned I do not like dealing with the general public, but only business to other busineses.

I learned that I still have to take a risk when I think I have a viable idea anyhow, and that money is only an idea- but I have an idea that I lost a lot of money!

Still, in the end- moving on an idea is usually always going to be worth it 'cause I'm Entrepreneur Chick and I can't help myself.

21 comments:

  1. Great philosophy! Do not worry about what critics think, do or say. Persistence wins out in the end. Learning from mistakes turns defeat into victory.

    Great blog entry!

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  2. Why, thank you, Mr. Bailey. :-)

    Hey, you want to buy a cool biz for cheap, heh?

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  3. While I don't have a business, I find all the tidbits in your blog so interesting and, in my next life, I hope I remember them! At 65, I've finally retired and I could certainly use more income. Having to adjust to $100,000 less a year, is not my idea of fun so one never knows when I might enter the business world.

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  4. When we learn major lessons about ourselves through screwing something up, provided it's not fatal, it's such a powerful investment :)

    My first business died horrifically as I learned that a) the whole business model was based on cold calling of some form or another and b) I hate, despise and loathe cold calling.

    My 2nd business was based on networking and worked considerably better :)

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  5. It seems you've learnt some very useful things. Thanks for sharing them with us.
    BTW, I like your new header.

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  6. LOVE the new design!!!! :), Amy

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  7. "In all labor there is profit." I love this. It's a very elegant, wise statement.

    About having the attention span "of a ferret" - That's the problem with being a creative, "idea person" type, isn't it? At least for me.

    Sex robots could have crystal balls.

    Sorry. That was bad.

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  8. Oh, I almost forgot - I adore this background and the new header.

    Have I ever mentioned how gorgeous you are? Well, you are.

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  9. RNSANE,

    Thank you!

    Let's see what happens. What I like about life the best is- you just never know how it will work out.

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  10. Kim,

    "I hate, despise and loathe cold calling." LOL Sooo, you're pretty sure it's not for you, huh?

    No wonder it didn't work.

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  11. DUTA,

    Aww, thanks.

    It's easy for me, when it's a holiday or whatever, to really 'crap up the joint'.

    Translating that to my blog- same deal! I think this look is a little more simple & sophisticated.

    Our house though, is not crapped up. If I don't use something for a year; I'll donate it or throw it away.

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  12. Amy,

    Ah, my little lurker girl. Thank you.
    I'll see you in just a minute.

    We are bringing our dominoes just in case. :)

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  13. Polly,

    "In all labor there is profit." I love this. It's a very elegant, wise statement.

    I try to read a Proverb each day, which corresponds with the number of the day- as there is 31.

    That is Proverbs 14:23. I figure if I hear it enough times, something might stick. lol

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  14. Polly,

    I'm so glad you like it! I've put together a few more- I can't wait for summer 'cause I have a really cool background & header.

    One's a little racy though.

    AND, that's so sweet of you to say that you think I'm "gorgeous". I'm humbled.

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  15. Now I almost forgot- Polly?

    The sex bot with the crystal ball? That's an add on service- for the low price today of $800.000.00. Of course, we take Visa, Mastercard and Discover or a personal check if it is not from out of town.

    How would you like to pay for that today, Polly?

    Sir Sex-A-Lot is SO coming with um, an extra ball.

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  16. Stupid question from non-entrepreneur (or soon-to-be entrepreneur, all other things being equal): is there a catch-all solution to under-capitalization? Or perhaps I should rephrase the question: are there steps that can be taken to avoid under-capitalization?

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  17. Postman,

    That's not a stupid question! How many businesses might have survived had they have asked?

    Steps that can be taken to avoid under-capitalization? This is what an investor told me once after I had worked all the numbers that were going into a start up, which happened to have a standing location-

    "See that final figure?"
    "Yeah."
    "Triple it."

    There's a lot of unforseen costs associated with startups sometimes; but the way I like to go is usually with my own capital until I roll out a test market, then I get more funding through a bank after I've already proven, on a smaller scare, the viability of my business.

    And good for you to be a "soon to be entrepreneur".

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  18. Ah-ha! That's sound advice. Triple the figures, eh? I'll need to remember that. You might have just saved my venture. I appreciate your time and counsel very much. And thanks for the well-wishes, too.

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  19. Postman,

    Well, if I saved your venture, you know I'm going to need a certain percentage... lol

    Anytime. No problem.

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  20. I'm thinking of calling it Rogue Airways. Keep an eye to the stock market. And thanks again.

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