Experiencing Business: From Early Challenges to Success

Business is a journey that requires a lot of patience, especially in its early stages. There are days when you might go in with no sales whatsoever, but the journey is incredibly rewarding.

The Importance of Practical Experience

Merely reading about business is not enough; you can only truly learn by doing. My experience firmly confirms that. From the easy to the challenging, each phase of the business journey is vital for learning. When business is profitable, it feels impressive. When it generates no loss, it shows a steady progress. But the hardest phase is when we keep losing money. It is in these three phases—profitable, steady, and challenging—that we are truly tested and learn the most valuable lessons. Understanding how to manage these phases is crucial for ultimate success in business.

The Best Thing I Ever Did

My academic goal was to earn a Bachelor's degree in Accounting so I could qualify for an entry-level position in finance. However, after much research and reflection, I decided to take a different path. I founded a company in the realm of Mergers and Acquisitions, Corporate Raiding, and Hostile Takeovers. This business model is quite different from a retail model; it involves fewer transactions, but each transaction yields a significant amount of revenue. Additionally, our company focuses on guiding companies through the merger or acquisition process and expanding our own holdings.

Today, we have grown into a family of 23 companies across various industries and locations. One of my personal goals was wealth accumulation, and I aimed to retire at 40. Interestingly, by my deadline, I found that I didn't want to give up on business completely. I reached financial freedom by my target date and took a leave of absence when given the opportunity to serve as a Presidential Advisor. I couldn't turn down such an invitation, and after my term, I accepted a professorship at a graduate school of business while remaining the CEO of my companies.

This experience led me from the business world into public service and eventually into education. My business career has been wide-ranging, and I remain the CEO of our companies, which are privately owned.

Lessons Learned and My Journey

What are the key lessons I've learned from my business journey? Firstly, business can be daunting, but it is incredibly fulfilling. Patience is key—especially in the early days. Secondly, practical experience is indispensable. Finally, perseverance through challenging times pays off, and success often comes in unexpected ways.

Business is an art and science combined. It is about strategic planning, personal growth, and problem-solving. My journey, marked by both successes and failures, has taught me invaluable lessons that I continue to apply today. I hope these insights can help others navigate their own business paths more effectively and achieve their goals.