#Entrepreneurship #BusinessStruggles #OvercomingAdversity #AddictionRecovery
Hey there! 😊 It sounds like you’ve been through a lot, but the fact that you’re reassessing and making plans shows that you have the drive and determination to bounce back. Starting over after losing over 100k and closing three businesses may seem daunting, but with the right mindset and strategy, it’s absolutely possible to turn things around. Here are some steps you can take to get back on track:
Assess Your Strengths and Assets
– Take inventory of your skills, expertise, and assets. You mentioned that you have around 50k worth of camera equipment for content creation and two rareish cars that you can liquidate. Assess how these assets can be leveraged to start a new venture.
– Consider your past experiences and the lessons you’ve learned. What were the strengths and weaknesses of your previous businesses? How can you apply these insights to a new endeavor?
Explore New Opportunities
– Research the market and identify potential business opportunities. Given your creative background, a product-based business could be a viable option. Look for gaps in the market or emerging trends that align with your interests and skills.
– Consider the viability and scalability of different business ideas. Will the market for your chosen product or service continue to grow in the long term? Is there a demand for what you want to offer?
Reconnect with Industry Contacts
– Rebuilding your network is crucial, especially if you’re considering a new business venture. Reach out to former industry contacts, colleagues, and mentors. Share your story and express your interest in exploring new opportunities.
– Attend industry events, seminars, and networking functions. Building new connections and nurturing existing ones can open doors to partnerships, collaborations, and valuable insights.
Seek Guidance and Mentorship
– Consider finding a mentor who can provide guidance and support as you navigate this new chapter. Look for someone with experience in the industry you’re targeting or someone who has successfully rebuilt their own business after setbacks.
– Learn from the experiences of others who have overcome similar challenges. Engage with online communities, forums, and social media groups where entrepreneurs share their stories and offer advice.
Develop a Clear Business Plan
– Once you’ve identified a potential business opportunity, create a detailed business plan. Outline your goals, target market, competitive landscape, marketing strategy, and financial projections.
– Conduct thorough research and gather as much data as possible to inform your plan. Consider seeking professional advice from a business consultant or advisor to ensure that your plan is robust and realistic.
Stay Mindful of Personal Well-Being
– As you embark on this new journey, remember to prioritize your well-being. Maintaining a healthy work-life balance and managing your stress levels is crucial, especially considering your history with addiction.
– Stay connected with a support system of friends, family, and professionals who can provide encouragement, accountability, and understanding.
In conclusion, while it may feel overwhelming right now, you have the opportunity to build something new and impactful. By assessing your strengths, exploring new opportunities, reconnecting with industry contacts, seeking mentorship, developing a clear business plan, and prioritizing your well-being, you can lay a solid foundation for a successful comeback. Remember, the most successful entrepreneurs have faced setbacks and challenges, but their resilience and determination have been key to their success. Best of luck on your entrepreneurial journey! You’ve got this. 💪🏼 #Resilience #StartingOver #EntrepreneurMindset
I should also mention I was diagnosed with Epilepsy this year and can no longer drive, which doesn’t make things easier!
Also, my current 9-5 is a content creation/e-commerce management role so I’ve really learnt a lot about product based businesses over the past year.
I’m not trying to be a smart ass, but addiction will ruin your life. Money will come and go, but health won’t come back.
I think if you stop doing drugs you’ll become a millionaire.
Your creativity will come back once your mind calms down. Breathe, start to meditate to learn how to properly calm your mind. Do it in quite environment so you can focus afterwards. Your vision of your future will come to you in a form that is acceptable to you in that present moment, so it is important to do this process consistently to gain traction to propel you back in that “all possibilities moment” that you abused and distance yourself.
Remember, life is of small cycles and you’ve just had a rough lesson. Learn, accept and move forward, specifically to calm your mind first. Don’t rush into next new thing by having fear of missing out, rather have the guts to accept yourself as you are in this moment, say thank you god for making me stronger and strive forward of bettering yourself, so you can no longer subjugate to another relapse, because that can’t happen again ever. Out of the equation.
​
Ideas will come sooner than later after you learn to control your body and mind. Start working out if you aren’t already, drink only water and watch what water you do drink (IMPORTANT!), also start with fasting methods and start forcing yourself to take a run if your body allows it.
You are in a divine position right now, you have your health, roof and cash liquid. Be smart, toughen your body and toughen your mind. The rest will lay itself in front of you brother.
​
Tc,
Dom
”All the businesses are now closed” Do that shit again.. Goodluck
They often say if an addict goes back to their environment they’ll get back into it. Be aware of that as much as possible so you don’t get back into drugs. Wishing you luck.
I would delve into what triggered the drug addiction at the time and make sure it wasn’t related to the start-ups or related stress.
Health is the most important thing in life and it’s not worth going back into entrepreneurship, if it could potentially send you off track again.
What type of cameras? You can freelance from that. Weddings? I mean, shooting a wedding on a RED will suck but that’s something.
For me, it sounds like a excellent Situation to start over again. Be happy that you made the experience with 26. And as an Entrepreneur you already know. One year of dedication can change alot. The only thinh you have to do is just start. I‘m in a kind of „fucked up“ situation like you bro. I started with 25. open my first business and it went to the roof. open up 2 more branches the last 5 years & yeah got addicted heavily to drugs like you. Im 32 now. And I lost 10x more than you and also went bankrupt. But hey at least I paid for a very good lesson right. Im trying to get sober from all this shit especially alcohol where I‘m practicing sobriety for 78 days tho. Did I lost hope? yeah man! more than once but I also gained it back, little by little. I know I‘m a genius. Can‘t waist it. Life is short we die anyways, I‘m blessed that I made the experience with addiction so now I know how strong I actually am. And damn, its the hardest thing I ever did and it makes me proud. I hope it helps buddy. You are not alone. Only love for you man ❤️
Can you work on something that helps addicts? Not being a jerk but you have relevant experience and may be in a good position to help others.
Have you completed the 12 steps?
I experienced a similar situation and timeline to you, however kept my businesses going, but by a shoe string. Years of wasted productivity, money and misery. Almost cost me my life.
There are some things in life that are infinitely more important than money and one is your health.
Make sure you are 100% spiritually well before driving back in. You know entrepreneurial shit can be addictive and ego-driven, it can and will take over your life completely if you let it.
7 years. NA saved my life. Keep coming back.
$100k on drugs i mean how many high quality cocaine you buy and whats makes you stop addicted i just wonder
Do what you know. Get moving and don’t look back.
join New Money
OP lived a whole life in 3 years lol life doesn’t even start until 30. You’ve got all the time in the world
I mean you literally are doing better than the majority of the people at your age just by having no debt.
I have never started a successful business but you have had 3 by the age of 26. I think you realized that drug addiction is not sustainable or at least get someone to run your business if you want to get high. Lesson learned indeed.
I would remind myself of all the good things I achieved – its a proof I can achieve them again. Lost industry contacts? Will build them again. Have to try a new idea? no problem – your first idea was also new when you started.
You are an incredible entrepreneur who managed to run 3 businesses at such a young age. And you are still very very young. I would recommend not worry about it too much – build your health and slowly get into entrepreneurship again. Start meditating, breathing exercises and most importantly be proud of yourself.
It’s great that you’ve come this far and still have good assets. Think about using your content creation skills and camera gear in a fresh way. Maybe start a small business making a unique product that you really like. Try to connect with people nearby who know about selling products and can give you advice. Start small and grow your business slowly, making sure you’re also taking care of yourself. https://www.cuppa.so/post/how-to-find-your-business-niche-what-should-you-focus-on
It’s good your taking some time off, entrepreneurship is hard, but you’ll get back at it sooner or later if you keep that spirit up, best of luck! 🤞🏽
My man you’ve done it before, you can do it again 🙏🙏
I’d go back to web design if your any good at it the leads will come in on their own. You have the cameras to do some high quality video integration etc for people etc.
Not sure if this is relevant, however I’m building a partnership/company with a bunch of young successful entrepreneurs and you seem to be pretty similar to us, happy to introduce you for morale support, accountability and advice.
Whats worked well for me, is to have a physical product to sell. Then just market it on social media.
I own several ecommerce companys and also do Turo. Turo itself is where all my money comes from now tho.
Does your employment contract have any clauses about out of/after work hours? I’d look to slowly start something on the side that is in line with your employment contract and see where it goes? If you do have a clause in the contract then content creation is out and you look at other areas to focus and gradually narrow down on
I went to rehab at 26 and got clean after 4 years of IB and I didn’t save a dime and was in $50k debt from all my drug and alcohol use.
You have a talent and you can get to that $20k mark again. You’re totally in a good spot man
I promise the creativity and stuff will come back. Give yourself time to heal. I felt particularly great at the 1 year mark with a ton of improvements every month.
Hey OP, Idk how are you dealing with all these thoughts.
I would highly suggest you to do some physical exercise and read good books, start with Bhagwat Gita.
You did this before, you can do it again. More power to you man.
Try it. You seem to have connections still.
Hi OP? What kind of content creation did you do? If you are uncomfortable revealing, whats the similar competitor are there? Is it on youtube? Tiktok? Or everything?
Good luck with your take v.2
Wait until your 30…. Something changes. many people who did drugs in their youth grow out of it . Work on staying clean…. Go enjoy your experiences then when your mentality is changing try again
Get those businesses back up bro. You have all the knowledge which is the hardest part in starting a business. Sure you may have lost clientele, but you have 7 years of experience under your belt. Rebuild a better brand than your last ones. Clean your mind (I know it’s fucking hard, I’ve seen it first hand. A bit myself too but mainly alcohol and nic). Meditate, occupy yourself. Let loose sometimes (Absolutely nothing hard. Nothing worse then grass). And live your life. Honestly I know your in a bad place RIGHT NOW, but honestly wish I was in your position.
GET THE BAG GOING, YOU GOT THIS.
IMO your unexamined soul is the unknown quantity which will catch you out next time. Get to know yourself and how your entrepreneurialism connects to your addictive streak. They are inextricably linked and need to be splayed out and tamed.
What stuff were you addicted to and blew 100k on???
I went through something similar when i was younger. When i was at my lowest one day i was like what the hell am i doing? I literslly have the means to build a successful life right now and here i am wasting my time ruining my relationships and burning bridges, basically looking at any way to mess my life up. Snapped out of it and here i am.
I believe you did it once you can do it again (get money). But the thing is, what makes you truly feel joy, is it drugs or is it making money? Some people always go to drugs and well, thats what they end up having in the end.
i would choose the money, and i think you will too
Do you mind sharing which drugs and how much they cost every month
Everybody loves a comeback story. But i would identify the triggers for the drugs use. So that if you decide to create content again, you don’t fall back.
Instead of a comeback story, it wil be a ride on the never ending rollercoaster.
Good luck, we’re cheering for you.
You’ve done it before. There’s absolutely no reason why you can’t do it again. Take some time off and heal up and prepare for your next journey. A lost opportunity always creates a new and better one.
Your partner really dodged bullet with you. I can imagine how your lifestyle terrorized him.
Welcome to the fucking show my man.
You’re in a great position. Just get calm. And take a couple of months to plan your next moves.
In case you didn’t already figured it out. I can tell you a few things that went wrong:
1. Stick to one business. It’s easier to get a business across the cusp if you only have one focus. Very hard to do with 3. You’ll make more money with 1.
2. You spent too much of your money on lifestyle. Don’t do that. You’re 26. All the women are trash and no one cares about the clothes you wear and car you drive.
3. You took your foot off the gas. You thought you’d made it, but honestly you’d barely begun. You do not stop to celebrate because you’ve made a little money. You can relax when you hit 10m annually and a company that requires you for board meetings.
I’ve made all these mistakes. Almost all of us make these mistakes.
Your mission now is to ensure you don’t make them again.
If you’re going towards the product, I’m open to chat about ideas and partnerships.
You have learned that drugs ruin life. So stay away from it in future.
It is comparatively easier to build a business 2nd time.
Don’t underestimate your experience of entrepreneurship.
If you have done it once, you can do it again too.
Drugs scientifically proven to damage brain permanently. The first thing you want to do to get your creativity back is to stop doing drugs.
Everything else will fall in place eventually once you’re off the hook.
I’m 44, and $200 in the hole with almost exactly the same set of circumstances. It’s taken me a year to get my mojo back and now I’m looking forward to my next potential disaster.
Invest in dogecoin. I made years ago 6500 bucks of 300 euro’s today it would have been worth 650 000 bucks. I am going to invest 20 000 and let it rise to 1 and up (10 for example). Sure it doesn’t crash and go down. Just a suggestion. Much Love M. Schervan
Just start with what you know (content creation is great)
Action builds momentum.
Momentum builds success.
You’ll figure it out after you start, never before bro.
Business and money drove you to excess. Maybe take a different approach? Pursue moral value for a while, this can help you heal.
best of luck bru
Have you ever thought about getting others in to take over the business, on a royalty basis or equity split?
OP let me tell you a story that is eerily similar.
I had a lot of drug problems as a teenager, when my kids were born I got clean at 21. Over that time I started a software company, sold the gaming side of that company and left the web design side, then purchased a bail bonds company using the funds from what I sold. I had more money than I knew what to do with in my early 20s.
Mid 20’s I went through a custody battle over my kids which resulted in me relapsing (this was no fault but my own). By 27 I lost most of my assets, and by 28 I was sentenced to 5 years in prison for drug and weapons charges.
I got out of prison with nothing 12 years ago. Everything I had previously was gone. My cars, businesses, quite literally everything. I was fortunate enough to have about $1,500 to my name from being sent to work release for the last few months of my sentence.
It’s now today. My gross revenue was over 8m last year. Profitability is not as good as it should be due to remnants of Covid chaos but was more profitable last year than the previous year with 10m of gross. I don’t mention this to brag, I just mention this to state that rebuilding gets easier each time you do it.
With that being said, a lot of success comes from doing something you are passionate about. The more you believe in something, the harder you work. If you are still passionate about it continue doing it. If you aren’t, find something new to do.
I’m currently in an industry I didn’t know anything about 4 years ago. A lot of previous things I’ve done translated over but there was, and still is, a lot of learning I have to do every single day.
To not relapse you could try to replace an addiction with a healthy one, had somewhat the same experience and now quite heavy smoking and other for about 3 years now, gym helped me , might not be for everyone but try and find your groove.
What seems unique about your experience is not only were you able to start 3 businesses, but that it led to a drug addiction. Did the stress of building, maintaining and growing those businesses lead to your drug addiction? You might have great insight into how pushing yourself too hard can lead to a destructive burnout. Could you share that story? What insight do you have into creating a better balance? What warning could you provide to other ambitious entrepreneurs heading down the same path?