Three years ago, I opened up a Korean Fried Chicken restaurant with three of my friends. I was the main investor and put in the most of my hard earned money. It ended up not working out and we liquidated everything, and got almost nothing back for our investment. I learned many things from trying to open up this joint.
This failure helped me understand a lot about running a business and if I can go back, I would have done many things differently. Or heck, maybe I would’ve decided ultimately to never try it in the first place after realizing some of the things we lacked as a group. I sometimes reflect and think… what if I put all that capital into cryptocurrency, I could’ve had significant significant gains but I’m over it now. There is no point in living in the past.
It did slow me down to grow my wealth and my pursuit of financial freedom but I think without it, I wouldn’t have ever learned the valuable lessons I have learned until I experienced it on my own.
I think one of the most important lessons I learned from this failure was that I need to be ALL IN and be willing to put in a ton of work. For a small business owner, I can’t rely so heavily on a manager I hired no matter what my relationship to that person may be. I needed to put in the work and be willing to commit enough working capital (which requires an ALL IN mentality) to survive the storms…
Whether or not crypto succeeds or fails, I can really respect those who are trying to earn their living doing something they are passionate about. It probably takes a shit ton of work to make all this happen. Respect to ya’ll who are working so hard to maintain and make this community grow.
Did this failure invigorate me to try again? To be honest, I’m not there yet to be an entrepreneur. I am still working at a good firm and making a decent living. It’s safe… but it drives me crazy that I am not doing something I am so passionate about. I definitely envy you and those who are pursuing their passions. One day I will join you.