Early business failures are essential learning experiences that build resilience and provide critical lessons for future success; the speaker's first Vietnamese roll cafe venture failed because they rented unnecessary equipment and lacked basic accounting skills, spending more than they earned, yet this failure taught them valuable lessons about market research, financial management, and perseverance that ultimately contributed to their eventual success.
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The business mistake that taught me everythingAjouté :
You need what is called the failure stack. And my failure stack is so, so bad. Honestly, if you looked at me when I was creating businesses early on, you would have been like, "This kid is going nowhere." But, that is the prerequisite to success. [music] I failed more times than anyone has even tried like in these early stages. The very first failure that I had taught me so much. I loved eating Vietnamese rolls, and I was like, "I am going to launch a Vietnamese roll cafe." And they were trending on Facebook. I kind of understood a little bit of Facebook. So, I went and there was one [music] next to my gym, and I used to train a lot back then. I was like, "This is easy. I'll go to the gym, I'll come make some rolls, I'll make some money." So, I rented my first ever lease for a bunch of random equipment from a cafe around the street, which by the way, I needed none of it. I needed a bain-marie to warm up all of the meat, and I had bought none of those important equipment. So, I basically just lost all of my initial investment on day one.
But, I finally just kind of pushed through, pushed through, pushed through until I could finally open the store. I remember day one, someone came in and gave me a $5 note. And it was the best feeling, just like feeling physical money. And the smile on my face when there was actually a lineup that first day was just incredible. But, the writing was actually on the wall the whole time. After that day, I didn't even know how to do accounting. I was like, "Wow, I've got this big stack of cash." But, I spent way more than I was actually making. Every single week, I was like, "I'm going to make money."
But, it never came.
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