I lost everything… Then built a $15M/Year Business

Summary

The speaker reflects on their journey of failure and growth, sharing how they lost everything multiple times—businesses, savings, and even their trading account. Despite facing rejection and mockery from peers, they realized that failure is a necessary part of success. Each setback helped them build resilience and skills, ultimately leading to the creation of a successful $10 million business. The message emphasizes the importance of perseverance, learning from mistakes, and making incremental progress. The speaker encourages others to embrace their failures as stepping stones to success and to keep moving forward, no matter the challenges.

Takeaways

• 😀 Failures are temporary and can lead to greater success if you persist through them.
• 😀 The lowest points in life often set the foundation for future growth and achievements.
• 😀 Learning from your mistakes and adjusting your strategy is crucial to long-term success.
• 😀 You can’t let setbacks define your future, they are only stepping stones if you allow them to be.
• 😀 Every failure builds your skills and resilience, preparing you for greater challenges ahead.
• 😀 The key to overcoming failure is consistent progress, even if it’s just a small step each day.
• 😀 Failure is not unique to you; even highly successful people have faced major setbacks.
• 😀 Risk management is critical in any venture—whether in trading or business—to avoid losing everything.
• 😀 It’s important to reframe failure as a learning opportunity rather than an endpoint.
• 😀 Building confidence after failure takes time, but it’s essential for long-term success.
• 😀 Success is not a straight path—there will always be tests along the way that challenge your resilience.

Q & A

What were the main challenges the speaker faced in the beginning of their journey?

The speaker faced the challenges of failing three businesses in a row, blowing up their trading account, losing all their savings, and having to move back in with their parents. This period was marked by feelings of failure and embarrassment, especially when comparing themselves to their successful peers.

How did the speaker cope with the feelings of failure during their low points?

The speaker coped by gradually reframing their mindset. They understood that failure was not permanent and focused on taking small steps forward each day. They also learned from the failures of others, like Ray Dalio, which inspired them to keep moving forward.

What is the significance of the mindset shift the speaker describes?

The speaker emphasizes that failure is not an indicator of future outcomes unless you allow it to define you. By reframing failure as a learning opportunity and focusing on daily progress, they were able to rebuild their confidence and push forward toward success.

What role did risk management play in the speaker's success?

Risk management played a crucial role in the speaker's ability to rebuild their trading account after initially blowing it up. By applying proper risk management strategies, they were able to avoid repeating past mistakes and build a sustainable income over time.

How did the speaker view their business failures in hindsight?

In hindsight, the speaker viewed their business failures as key learning experiences. Each failure helped them build the skills and resilience needed to succeed in future ventures. They saw these setbacks as essential steps in their growth as an entrepreneur.

What lessons did the speaker learn from their experience with UCLA's startup accelerator?

The speaker learned that rejection is not the end of the road. Despite being rejected twice by UCLA's startup accelerator, they did not give up. Instead, they used the experience to strengthen their resolve and continued to pursue their entrepreneurial path.

What advice does the speaker give to others facing failure?

The speaker advises not to give up and to make daily progress, even when facing setbacks. They suggest reframing failure as a stepping stone to success, and building resilience over time, which will ultimately help overcome future challenges.

How did the speaker rebuild their confidence after moving back in with their parents?

The speaker rebuilt their confidence slowly by taking small, consistent steps. They continued trading, which helped them regain financial stability, and also kept up with daily habits like going to the gym. Over time, these efforts helped them rebuild their self-belief and led to a successful business venture.

What was the turning point that led to the speaker's eventual success with their business?

The turning point came when the speaker started their fourth business, *Stock Navigators*. Despite their previous failures, they applied the lessons they had learned, leading to a business that now generates over $10 million annually. The foundation for this success was built on the knowledge gained from their past mistakes.

How does the speaker define success in the context of their journey?

The speaker defines success not as a one-time achievement, but as an ongoing process of overcoming challenges and tests. Success is something that must be earned continuously by adapting to failures and making progress day by day. They believe that only the most deserving individuals, who are willing to persevere, will ultimately attract success.