BIO: Jeff Bullas is the owner of jeffbullas.com. Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter.

STORY: Jeff bought a mattress and bedding furniture store, an area he had no experience or passion in. He did no research or did any due diligence, and within no time, he was deep in debt and had to close the store. He lost everything, including his marriage and the family home.

LEARNING: Don’t start a business unless you have expertise and passion in that industry. Running a business is not all about the money.

 

“Just start. Create and share your craft, and then the world will show up.”Jeff Bullas

 

Guest profile

Jeff Bullas is the owner of jeffbullas.com. Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter.

Worst investment ever

Jeff once bought a mattress and bedding furniture store on a whim. He had zero experience in running a retail business. He did zero research and due diligence. He was just thinking of the money he would make from the business.

Within a day or two of buying the store, Jeff realized he’d made the wrong decision. Instead of making money, the business was chewing up cash for months on end. Jeff’s bank balance was getting lower and lower. He decided to pivot to another location to get a long-term lease.

Jeff hated running this business. He was in the store seven days a week. He felt trapped. Eventually, he got to a point where he realized that he needed to pull the pin. Jeff closed the doors one day and walked away.

This failure caused Jeff’s marriage to break. He was too deep in debt that the bank took possession of the family home, and he was left with nothing.

Lessons learned

• When starting a business, don’t do it just for the money. Start a business that you’re uniquely qualified to run. Ask yourself if you have the curiosity, passion, and expertise to do it. If not, don’t do it.
• Just start. Create and share your craft, and then the world will show up.
• Entrepreneurship is not just about chasing the money; it’s also about tapping into why you’re here and why you’re doing it.

Andrew’s takeaways

• Most people fail to do their research when starting a business. They see an opportunity, get seduced by it, and end up putting aside their normal rationality because they’re excited about it.
• Money is an outcome of your passion.
• Failure can shake not only your confidence but the confidence of the people around you. But, don’t forget that failure is inevitable and when it happens, just walk away.

Actionable advice

Don’t force it. We live in a perfect world, but it doesn’t always unfold in the way we want. When you try to force it, generally, bad things happen.

No. 1 goal for the next 12 months

Jeff’s number one goal for the next 12 months is to launch a new product and have some fun doing it.

Parting words

 

“Just start and learn. Don’t try to be a perfectionist.”Jeff Bullas

 

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Connect with Jeff Bullas

• LinkedIn
• Twitter
• Facebook
• YouTube
• Website
• Podcast

Andrew’s books

• How to Start Building Your Wealth Investing in the Stock Market
• My Worst Investment Ever
• 9 Valuation Mistakes and How to Avoid Them
• Transform Your Business with Dr.Deming’s 14 Points

Andrew’s online programs

• Valuation Master Class
• How to Start Building Your Wealth Investing in the Stock Market
• Finance Made Ridiculously Simple
• Become a Great Presenter and Increase Your Influence
• Transform Your Business with Dr. Deming’s 14 Points

Connect with Andrew Stotz:

• astotz.com
• LinkedIn
• Facebook
• Instagram
• Twitter
• YouTube
• My Worst Investment Ever Podcast