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My first eCommerce business' went bust after reaching £6m revenue.

The history books are written by winners, and most self proclaimed entrepreneurs omit the failures. Why?


We're only human, we are fallible. If we're strong, we get back up, we learn, we evolve.


I started my first eCommerce business out of a pig shed (really), and within 3 years it became a £6m business (short story). Happy Days!


The following year I was starting over from rock bottom, I couldn't afford a beer. Here's what went wrong:


-I trusted a flashy sales agent and overstretched to back his needs. He was a bullshitter. Shame on you!

-I did the above again, with another, same result. Shame on me!

-I went wide, not deep. Too many stock lines too quickly, we got carried away.

-The business gravitated away from high ticket, high margin, to low ticket, low margin in pursuit of 'volume'

-We changed the model too much, we didn't pick a lane and stay in it. It was feast and famine with no way to measure


Bump!


There's a pattern. The old adage "if it ain't broke don't fix it" holds true.


When things were working, I tinkered and tampered. It was an awful trait, and I paid the price.


Next time around, I made 2 decisions and have stuck to them rigidly since;

-I would be consistent, when it worked I'd go deep not wide

-I would put people in place that removed me as gatekeeper...smarter people than me


I'm grateful to have built numerous successful businesses' since then, but it's ok to share the bad times...there is no shame in failure so long as we learn


I hope this inspires someone today to keep going...

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