Failure is an inevitable part of any entrepreneurial journey. When it comes to business, even celebrities aren’t immune to failure. While popularity can help, it doesn’t always guarantee success. In fact, many celebrities have had their fair share of failed business ventures.
Take, for example, Megan Young and her husband, Mikael Daez. Even though they were popular, they admitted that they had made some mistakes along the way that caused some of their business ventures to fail. In their vlog, “Our Businesses Failed,” via their YouTube channel, Megan & Mikael Podcast, the couple opened up about their experiences and learnings.
Overstocking
According to Megan, their first business was to buy and sell products from abroad. The business initially took off because it was 2012 and it wasn’t easy for other people to purchase from other countries. She admitted that their biggest mistake was probably overbuying or overstocking. She recalled how Mikael just kept on purchasing too many items. They eventually had to stop that business.
She told Mikael, “I would’ve told you to stop buying. Seriously, Mikael was buying stocks every single week not knowing if he will be able to sell this or not. I remember telling you why don’t you preorder para at least you only order what people want and you don’t have overstock.”
Overpricing
Their second business was a coffee shop named “Nine Cups,” which lasted for about six to eight months. This time, their problem was their pricing. Mikael said that they were so invested in their coffee that they were spending too much and ended up with an “overpriced coffee.”
He recalled, “We are so passionate about it, we could’ve kept a level head in terms of the money that we were spending, because we want the high-end beans, we want the high-end equipment, we want the best looking tiles and chairs, and marble countertops. To be honest with you, it was not the best business decision.”
In the end, the coffee shop had to close, and unfortunately, they weren’t able to get their investment back. They simply referred to the money as their “tuition fee” for all of the business knowledge they gained along the way. Megan advised, “Accept that the business failed, accept that it didn’t become what you thought it could be and figure out the reasons why.”
When it comes to experiencing failures in business, the most important thing is to remain positive and stay focused on your goals. But sometimes, failed businesses could also be redirection to venture into a more favorable business venture. For instance, an entrepreneur who had many failed businesses found his success in crispy isaw or the siblings who found success in selling corndogs after numerous failed businesses.
You can watch the rest of the vlog via Megan and Mikael Podcast on Youtube:
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