I was on the phone recently with one of my favorite clients. He’s a balls to the wall entrepreneur, fearless and always optimistic. Like me with my Rich Habits business, he’s chasing a dream. He’s got a neat business model in that there is enormous upside potential. One or two things can go his way and tomorrow he could be a millionaire. But since 2008, he’s gone through hell. The Great Recession, irrespective of what the politicians and their media cohorts tell you, is still devastating small businesses, even eight years later.
At times, my client said he felt as if the everything was crashing in on him. At times he confessed to me that he felt like throwing in the towel. At times, he pondered if it would be better if he just filed for personal bankruptcy. We had many dark conversations.
Somehow, he was able to survive. Somehow, he was able to find the money to keep the banks and creditors from taking action against him. Somehow, he was able to keep his business afloat. He pivoted into other areas in his industry that were potentially more profitable.
In 2014, things began to turn around. A few of those opportunities began to pay off. He was able to pay down some of the debt he had accumulated in order to survive. 2015 and 2016 was more of the same thing. He no longer has banks and creditors calling him every day. He’s not out of the woods, but he is out of the forest fire. As he said to me on our call, “I’m one or two deals away from being a multimillionaire”. What an attitude.
And it’s precisely the attitude you need in order to succeed as an entrepreneur. Successful entrepreneurs very often have to walk through hell in order to get to heaven. They understand that the law of averages at some point kicks in. If you persist and somehow survive the dark days, eventually you get lucky.