What Happens When Past Success Blinds You
As we continue our “Sometimes You Win and Sometimes You Learn” series, I am excited to share my entrepreneurial adventures with you today. The spirit of business has coursed through my veins since childhood, when I would rent out the Famous Five novels my mother purchased for me to eager classmates for a small fee. Since those early days, I have ventured into four distinct businesses, each offering its own victories and valuable lessons. Allow me to share two experiences from opposite ends of the spectrum.
Big Win
In 2001, a fortuitous introduction from a friend changed my business trajectory completely. He suggested I explore designing and selling custom-made shirts, an idea that resonated with my creative instincts.
My approach was methodical yet adventurous. I would journey into the bustling interior markets of Lagos, hunting for premium fabrics that stood out from mass-produced options. I built relationships with skilled tailors who could transform these fabrics into impeccably crafted shirts. Then came the most exhilarating part taking these unique creations to prestigious corporate offices throughout Lagos.
The financial rewards were extraordinary, over 200% profit margins on average! This success was not merely about selling shirts; it was about understanding a deeper need in the Nigerian corporate world. My business addressed the critical elements of image and branding in a culture where professional appearance carries tremendous weight. By providing busy executives with convenient access to distinctive, high-quality attire, I solved a genuine problem they were willing to pay handsomely to resolve.
Big Loss (Lesson)
Fast forward to 2015, when Fulfillment by Amazon (FBA) was gaining tremendous momentum. Business forums buzzed with stories of entrepreneurs sourcing products from China and selling them to North American markets for substantial profits.
The excitement was infectious, and I believed I could translate my previous shirt business success to this new model. Blinded by memories of past triumphs, I rushed headlong into the venture without adequate market analysis or economic validation. My enthusiasm overshadowed my judgment.
Even more consequentially, lacking liquid capital to launch this new venture, I made the fateful decision to withdraw funds from my retirement savings. I invested in specialized training programs and began sourcing materials with great expectations.
After approximately six weeks of intensive searching and the complete depletion of my investment, the harsh reality became undeniable, this business model was fundamentally unsuited to my circumstances. Thousands of dollars from my retirement fund and countless hours had evaporated without producing a viable business.
The pain was both financial and psychological. However, this expensive lesson indelibly impressed upon me the absolute necessity of thorough due diligence before committing to any business venture. While complete certainty is impossible in entrepreneurship, sufficient investigation to make informed decisions is non-negotiable.
Action Points:
- Develop a Structured Due Diligence Framework: Before your next venture, create a comprehensive assessment template that includes market analysis, competitive landscape evaluation, startup cost calculations, operational requirement assessment, and realistic revenue projections. Commit to completing this framework for any business idea, regardless of how promising it initially appears. This weekend, begin drafting this framework based on your industry interests.
- Establish a “Venture Validation Board”: Identify three trusted individuals with complementary business expertise who can serve as your unofficial board of advisors. These should include someone with financial acumen, someone with marketing insight, and someone familiar with your target industry. Present any serious business consideration to this board for structured feedback before committing significant resources. This week, reach out to potential board members and schedule your first informal consultation.
Remember, entrepreneurship is not merely about avoiding mistakes, it is about learning from them when they inevitably occur. Each business attempt, whether culminating in triumph or teaching, contributes valuable wisdom to your entrepreneurial journey.
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