The HARDEST Business Lesson I Ever Learned (Don't Make These Mistakes)
Channel: Benson Sung
Date: 2018-06-18

Sharing the lessons I've learned from TWO failed businesses so you can learn from my mistakes. 

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0:30 Before I actually got into, when I got into the business, my first two companies, right? The first one that I did was a mobile app development company. The second thing I did was actually in the construction business.

1:30 I did pour thousands of dollars to be able to start the business. I put it on credit cards 'cause I didn't have the cash flow to do it and I put it on the stuff, on the first business, it failed. And then I had to kind of, it was obviously devastating to my confidence and devastating for me because I assumed that, hey, I can go into business, it's my first business, everything's going well, let's do this. But it failed because I wasn't able to keep the business running because of the cash flow side. So that's why the business failed. 

2:00 The second business that failed was the same issue. I ran into the exact same thing where we had the same process, we were able to reach out to construction people and we were able to supply them with certain things. But then when you're doing a physical product business, as you know, inventory and the cash flow is extremely tough. You gotta have a high turnaround time otherwise you're going to be cash-strapped and so that's why the business wasn't able to feed in with the cash flow and so it failed. 

3:00 That's one of the things that the whole discovery side is one of the biggest reasons why I'm where I am today because you had to deeply reflect on the past. Don't live there. But for sure that you want to be able to reflect on those things. And the lessons I learned from there, just to share with you three of them. There are so many people that are extremely successful in the space that you wanna do. Connect with them, learn from them, understand how they operate the business, there's only a few ways to operate the business. 

4:30 You want to focus on that one core thing that's going to make a big difference and you execute on that over and over again. It's all about the focus of what you wanna do. And then when you have certain ideas that you wanna do, you wanna go off on a tangent, bounce that off with entrepreneurs that are already very experienced so you can hear their insights or people that they have heard from, their stories from other people. 

5:53 Those are the insights I wanted to give you guys deeply a lot more value than based off the question you were asking and just be a little more vulnerable and transparent with where I came from and how I started out. Thanks for watching this video. I want to make sure you comment below. Let me know what insight or value you got from this video. 

6:00 Make sure you subscribe to this video, I mean subscribe to the channel. Hit that bell icon so you can get videos just like this sent to you guys. I look forward to ideally connecting with you one day through LinkedIn or YouTube or whatever platform that you're watching this on. Thanks for watching.

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