Episode 70

In today’s episode, David will share his failed business experience and the lessons he learned from it. He realized later on, which you should realize as early as now, that just because you can do something doesn’t mean you should do it. You should consider this thought especially if you also want to fire the man. David is willing to try this business again, though, but this time, he’ll do some things differently. 

Listen to this episode and learn from this failed e-commerce business! 

[00:01 - 01:52] Opening Segment

• We introduce our topic for today
• Key lessons in a failed business venture 

[01:53 - 10:19] Woodworking Business 

• How did David start his woodworking business 
  • Don’t miss this pro tip from David
• The biggest investment in David’s woodworking business
• Why was this business model not enough to fire the man?
  • Great hobby but not a great career 

[10:20 - 21:07] Lessons from David’s Failed Business 

• “Having fun” and “firing the man:” Can they work together?
  • Points to consider 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• Lessons David learned from his unsuccessful business venture
  • “Just because you can doesn’t mean you should”
  • Proof of concept 
  • Understand cash flows 
  • The true purpose of a hobby
• What David will do differently this time

[21:08 - 23:54] Closing Segment 

• Will David try this business again? 
• Connect with us. Links below
• Final words

 

Tweetable Quotes:

“If your goal is to fire the man, get a good understanding of how much annual cash flow you’re gonna need or even monthly cash flow or weekly cash flow.” - David Schomer

“When you learn a tough lesson firsthand, it sticks.” - David Schomer

“I think when you get emotions into business, it’s to the detriment of yourself, your time.” - Ken Wilson

Resources Mentioned:

• SawStop

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