In the world
of entrepreneurship you have lots of stories about successful entrepreneurs
starting with an idea, growing it and making millions. These stories make
it sound so appealing. These stories make you want to quit your crappy
job tomorrow and start something new. The reality is the path less taken
is tough with few making it out of the woods on the other side with a
profitable business, let alone millions of dollars.
I am one of
those stories of who got stuck in the deep dark woods of Entrepreneurville not
once, but twice. The good thing about the woods is you always end up
finding your way out at some point. My most recent exit from the woods
took place on a beautiful September day in 2009 when I called some good friends
at a great company and I started reloading.
My
second startup, BigLeap GPS, was a location based company focused on finding
lost seniors and children by use of a very small GPS device or phone.
After a letter of intent was presented to me and I stopped fundraising I felt I
had made it successfully to the other side of the woods, or at least I could
see the light. Well then came the Great Recession and everything changed
when the letter of intent disappeared and overnight I had no runway left.
So I did what many of us have done, I started extending my runway by consulting
and finding short term gigs to help me continue down the path. When
everything started falling apart around me, this was when I knew it was time to
end the ride. Hence the phone call to my good friends and a great company
where I remained for almost 4 years.
Over those
nearly 4 years accounts were paid, mortgages were caught up and overall
happiness returned to the Milam household. When you pour everything you
have into what you believe it takes some time to build back up, pay off your
debts and start looking for what is next.
Looking back
I have come to realize my first two ventures were not failures in any sense of
the word. They sustained my family for more than 4 years, I learned more
about all aspects of business then I could have ever learned by doing anything
else, and each day that I lived that life I became closer and closer to making
it. Both businesses that I started are still in existence. They are
still doing what I set out to do. But I personally ran out of runway both
times but I did make it further down the runway each time. Sounds like I
like the pain. Like some folks who like tattoos not for their beauty but
for the pain and just keep going back to the needle. I am convinced I am
going to keep going back to the needle until my body is covered (I really only
have two tattoos that is).
It feels
good to sit here and write this especially after everything I have been
through. I am glad my drive to create took a break for a little while so
I could get back on solid financial footing. All creative juices tend to freeze
up when you are in a machine. Once out
of the machine it is hard to turn back on. I used to not even try to be
creative. I would write, create, and think of all the possibilities in my
life and business all the time. When you unplug and are removed from that
creative culture you have to try super hard to be creative. I compare it to trying to boil water on the
sidewalk to get the creative juices moving again. So I have plugged back
in and surrounded myself with those friends who are experts at sidewalk
cooking. Don’t eat the eggs however,
kinda crunchy.
I was
initially embarrassed to re-enter the loving network of my entrepreneurial
friends. It was hard for me to swallow big and reach back out. I
had disappeared for about 4 years inside a big company with little outlets for
a tattoo loving entrepreneur. What I found, by the way, was the exact
same community that I had left. The same friends remained who would do
anything for me if I needed them. Some of those friends were with me in
the woods, some are still in there. I have faith that they will make
it. I have faith we all will make it.
1 comment:
Great post and I can relate on many levels. Unfortunately, in my situation there was no revenue nor a lot of investment so there was little runway and no sustainable income. I owe a lot to my wife for supporting me (us) both emotionally and financially. Now I will toward recovering - getting back to a stable income - and then keep exploring ideas until I'm ready to do it again.
Appreciate the heads up on this post.
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