This happened to me with my second business that I started doing in retail and combining veteran services for free. I was so excited. I was a veteran myself and I felt like people needed the service. Well that excitement caused me to not react in the best way and research my target customer truly before really diving in. Before I knew it I had built up a debt only had a few sales, no one willing to really help me with providing my services and my business failed. I learned a lot during that failure. I learned the hard way just because I thought it was a good idea and a needed item didn’t mean my customers thought the same thing.
It was honestly a eye opening experience. However, it is important to not let these failures take you completely out of the market as a entrepreneur. Failures have a tendency to strengthen your resolve, make you learn lessons you otherwise wouldn’t have, and give you the backbone to stand back up. When I went to launch the third business, (which I only have two), the next time I researched, I only invested a small $500, rather than a full $20,000 loan. I moved slowly rather than quickly. Let’s hear others stories!