The $2 Million Business Mistake That Taught Me A Valuable Lesson
Bedros Keuilian・2 minutes read
The speaker's biggest failure was a business venture called Hightech Trainer, which became obsolete due to technological advancements, leading to diluted shares and conflicting visions with partners. The experience taught the speaker the importance of industry research, leading to success with Fit Body Boot Camp and expertise in franchising and compliance, later creating TR Lean Wellness Shot to simplify supplement intake and improve health.
Insights
- Failure of Hightech Trainer stemmed from lack of foresight on technological advancements, leading to obsolescence post-iPhone release in 2007.
- Importance of industry trend research and adaptability highlighted through speaker's experience, leading to success with Fit Body Boot Camp and TR Lean Wellness Shot, emphasizing immune system support.
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Recent questions
What was the speaker's biggest business failure?
The speaker's biggest failure was a business venture called Hightech Trainer.
How did the speaker learn from their business failure?
The failure taught the speaker the importance of researching industry trends and being prepared to pivot.
What expertise did the speaker develop following the business failure?
The speaker developed expertise in franchising, compliance, audits, and industry research.
What product did the speaker create after the business failure?
The speaker created TR Lean Wellness Shot to simplify supplement intake.
How did the speaker's failure impact their approach to entrepreneurship?
The failure led the speaker to prioritize industry research and adaptability in entrepreneurship.
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Summary
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Speaker's Business Failure Led to Success
- The speaker's biggest failure was a business venture called Hightech Trainer, created in 2003-2004 before iPhones and Google were prevalent.
- Hightech Trainer became obsolete with the release of the iPhone in 2007, as the speaker failed to anticipate technological advancements.
- The failure was exacerbated by having multiple partners whose equity diluted the speaker's shares, leading to conflicting visions and decision-making.
- The experience taught the speaker the importance of researching industry trends and being prepared to pivot, as seen in the success of Fit Body Boot Camp.
- Following the failure, the speaker developed expertise in franchising, understanding compliance, audits, and the importance of research in the industry.
- The speaker later created TR Lean Wellness Shot to simplify supplement intake, emphasizing immune system support and inflammation reduction, offering a discount with the code "bed Roose."
