I Failed Enough to Know How to Succeed

Throughout my entrepreneurial journey, I've made my fair share of mistakes. But I've come to realize that these failures have been some of my greatest teachers. They've taught me what doesn't work, and more importantly, they've taught me valuable lessons about what it takes to succeed in business. I’m sharing them with you with the hope that it’ll save you some of the biggest pitfalls on your way to the top.

The Pitfalls of Multiple Businesses

One of the biggest mistakes I made early on was trying to run multiple businesses at the same time. I had my law firm, but I was also invested in a car dealership and a property management company. At the time, I thought I could be successful in any industry. I had an ego, and I believed that my success in one area would automatically translate to others. But I was wrong. Running multiple businesses was a huge distraction. It pulled my energy and focus away from my law practice, which should have been my primary concern. I was constantly dealing with problems in the other businesses, and it cannibalized my time and resources. It wasn't until I met my wife, who is now my co-founding partner and the chief marketing officer, that I realized how much I was wasting my time with these other ventures. At her suggestion, I stopped pursuing them and focused 100% on our law firm. And that's when everything changed. My practice took off, and I started seeing real success.

The Importance of Specialization

I learned that it's crucial to specialize in one thing and do it better than anyone else. I don't recommend multiple businesses to anyone. In fact, when someone tells me they're a serial entrepreneur, I'm always a bit skeptical. More often than not, they have one successful business and a handful of failures or businesses that are just breaking even. The only exception I would make is for an ancillary services business that directly supports your main venture. For example, we now do a lot of offshore staffing for our law firm. We hire contractors in other countries, and I could see putting the recruitment and training for that into a separate entity. But even then, it's only because I know it will be done right and it won't take away from our core business.

Navigating the World of Marketing Vultures

Another area where I've learned a lot through trial and error is marketing. There are a lot of what Ben Glass calls "marketing vultures" out there - consultants and advertisers who are only interested in their own bottom line. They'll sell you garbage and make empty promises, but they don't really care about your business's success. I've lost a lot of money listening to these so-called “experts.” They'll tell you that you need to focus on branding or that you can't track certain results. But that's nonsense. In the first 5-10 years of your business, there's no such thing as branding. It's all about actual sales, having a sales funnel, and knowing your cost for client acquisition.

The key is to figure out what works for your business and then double down on that. Track everything religiously. If a marketing avenue isn't delivering results or can't be tracked, don't use it. Be disciplined and skeptical. Remember, most people are looking out for themselves, not for you. In our business, we started with radio advertising. We tested and tested until we found a station that worked for us. Then we increased our budget until we topped out. We repeated this process with another station, and then another. Eventually, we moved into TV and digital marketing, always tracking our results and adjusting our strategy based on the data.

Let’s Talk About Faith and Personal Growth

Finally, I want to touch on something that I believe is even more important than business strategies or marketing tactics. And that's faith and personal growth. Before my business really took off, I had a spiritual conversion. I'm a Christian, and I believe that most of the principles for success can be found in the Bible. But regardless of your specific beliefs, I think it's crucial to figure out your faith before you start a business. A lot of people get into entrepreneurship because they're lost. They think that money will solve their problems. It won't. No amount of business or financial success can fix personal issues or a struggling marriage. In fact, it will often make those things worse. You have to work on yourself first. Solve your traumas, address your issues, and build a strong foundation. Because when you start a business, you will be tested. And if you don't have your faith and your relationships in order, it can wreck you. I know because it happened to me. Steve Harvey said it best: money doesn't change your character, it reveals who you really are. If you're a jerk now, you'll be an even bigger jerk with $50 million. But if you're a good person, success will give you the resources to be even better and to help more people.

Embrace the Journey

Entrepreneurship is a journey of personal growth as much as it is about business growth. You have to become the person who can handle the success you're chasing. And that means learning from your mistakes, staying focused on your strengths, and continually working on yourself. I've failed enough to know what it takes to succeed. It's not always easy, but it's always worth it. Embrace the challenges, learn from your missteps, and never stop growing. That's the path to true and lasting success.

Watch the full video Here!