Lost Over $100,000 in His Business & How He Recovered
Lost Over $100,000 in His Business & How He Recovered
What are the main benefits of owning a business over a W-2 job?
At this point, our drive to reach our goals is much stronger. Early on, I hesitated to start my own business, even though multiple people encouraged me to. The reason we were homeless at one point was because my dad, a business owner, invested everything he had in a deal overseas in Central America. Unfortunately, the person he trusted ran off with the money. My dad had stopped working to focus on this deal, which put us in a tough situation. Because of that, I was reluctant to pursue business ownership and worked as a W-2 employee for a long time. I made good money, but there's a ceiling on that income, and you don’t have the time that business ownership offers. One of the greatest benefits of owning a business is the freedom to spend time with my kids—taking them to school, picking them up if they’re sick, and attending all their events. To me, that’s what it's all about.
What is the mindset shift from employee to entrepreneur?
It’s not just one thing, but overall, it’s about investing time and money in yourself, getting educated, and shifting your mindset. The mindset of a W-2 employee is completely different from that of a business owner. You have to believe in yourself.
Why is due diligence essential when choosing business partners?
There have been a few bad choices. One of the most recent was related to partnerships. Choosing who you partner with in business opportunities is critical. While it wasn’t entirely due to a poor decision, we did lose six figures on something, partly because of that. It involved several factors, but the key takeaway is to always do your due diligence on potential partners.
How can a spouse's influence shape better decision-making strategies?
If I’m being honest, when it comes to decisions that involve both my wife and me, she generally has a stronger influence. I’ve made decisions in deals that, had I consulted her beforehand, we probably wouldn’t have pursued. Fortunately, those decisions worked out, but it could have gone differently.
*This interview has been edited and condensed for clarity.*
