My Business Failed.
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- Опубліковано 5 лип 2024
- My construction business, the complementary service to my real estate business, failed. This is the story of failure. Take the lessons you can.
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I am not a CPA, attorney, or financial advisor and the information in these videos shall not be construed as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified CPA, attorney, or financial advisor.
Those who never make mistakes work for those of us who do.
-Henry Ford
I'm glad you went to this field and buried that business. Not every hit is a home run sometimes you strike out. The point of failure is to learn. Keep learning and keep yearning for that next project as you are doing great things in life.
You got a $300,000 dollar education!! That's why i love Capitalism. You don't get second chances. Under Capitalism, you get as many chances as you want!!!
wow so true! so thoughtful to say it that way; I didn't die or go to prison. Instead a number is smaller. thanks for that perspective wroozee!
As many chances as you can afford 🤣👍
wroozee i disagree, my 69 year old father just failed in his business after so many others that he owned. Failing at that age isnt easy to get up from.
What does not kill you makes you stronger.
Stefan The Guy yea right imagine failing at a very late age, easier said then done.
I appreciate the honesty on this channel. Keep up the good work man.
anytime tom
Kevin, you are going to be more successful than you think. Just a minor setback. A winner’s attitude leads to a millions in the long run. Keep that genuine caring attitude alive.
Yes! That's what I'm saying/.... screaming 😬😁
ah thanks rakesh!! i needed that!
This is one of your best videos I've ever watched. I didn't miss even a second of it.
It is tough to make a buck in construction!!
Love your positive outlook.
It's encouraging that your business 'failure' was only a 'Setback", not your Downfall; A 'Lesson', not your Demise. 😊
Extremely valuable insight. There are so many “gurus” out there telling us how we need to do things or how they became successful but no one ever talks about mistakes that were made or how to overcome failures etc.
we are never exposed to REALITY, so this was super helpful!
Thank you!!
The transparency is real, thanks for sharing your experience Kevin. I'm glad you were able to realize and mitigate any further losses. 🙏
Well kevin you gotta keep things in perspective! Yea you took a hit in your construction company. But at about the same time you are also beginning to move into youtube, and though you may not have seen it as a business in the 1st place. Obviously with 50,000 subscribers and your current rate of growth. You're moving into a very successful UA-cam passive income business. So of the 3 things you've opened as businesses real estate, construction and youtube your still 2 for 3 fam! Head up my man You Look Great!
Millennial Mike I’ll take a .667 batting average any day of the week!
ah thanks so much for that support millennial Mike! always such thoughtful comments! help cheer things up
A failure leading to many, many successes. And you're sharing this $300000 lesson for free with thousands of people! Thank you for this!
Sure, you have a setback, but you will succeed vastly because you drive your decisions through honesty, integrity, and most importantly, your heart.
I look forward to your next video, Kevin! 🙂
I sincerely appreciate you sharing this man.
Many thanks for posting this video. I don't do real-estate but I watch your channel for learning business principles from someone in the arena who works with morals, standards, and credibility.
Love hearing these construction videos Kevin! Keep it up you have so much knowledge to share with everyone! Always fun and educational to watch your videos!
You are awesome, Kevin! Never comment but I really felt compelled to do so this time! Great inspiration for the fellow entrepreneurs/business people to keep grinding. Keep it up! 👍
Bravo Kevin. Having these insights really gives you more of a perspective on life. Hope you bounce back strong.
That was a great freaking video. I appreciate your honesty and Humility. Rise again my friend
thanks shaun! needed that!
You're a star Kevin, you've got a live real estate show that is entertaining and has great content. Love the blog style videos too. Thanks for sharing your experiences with us!!
Damn man, thanks for sharing that. It's so refreshing to see an unvarnished commentary about trying something and failing at it, then showing how things went wrong. I hope many can learn from what you experienced so they may avoid a similar blow. You will continue to learn, grow, and accomplish great things!
Thanks so much for that support A Cup of Tea!
You make me feel so grateful for my contractor and his crew....thanks for sharing. It’s true that experience is a hard teacher. It gives the test first, then teaches the lesson....
golly it's a lesson I never want to go through again. definitely be grateful if you have an excellent circle. so key.
Good job, thanks for the inspiration. Keep it up!
Thank you for the transparency and guidance. Best wishes on future endeavors.
thanks so much NV
ID NEVER CALL ONE OF YOUR VIDEOS A FAILURE, YOU HAVE GREAT CONTENT OUTSTANDING THANK YOU FOR THAT KEVIN!!!
Love this video. I learned some key points here. Thanks Kevin. This 👌👍
Your videos on the move are more enjoyable and more engaging to watch. More of these please!
great information and insight on the reality of construction matters, large and small... all repairs are somewhat subjective... faults can be found on every job, large and small. I try to stay in the realm of function over form, and try to make that understanding clear when making repairs and when leasing units... I want nothing to do with high end units and high end finish work. GREAT VIDEOS! I'll watch every one because of your genuine fearless sharing!
Ah thank you so much john!! Omgosh yes high end finishing - very detail oriented! Tough work! Can pay well with a great system, but I now say “let ‘em have it!”
It is hard when a business fails. My husband and I lost 2 businesses before, and it was heart wrenching because so much time, money, and energy goes into a business. I remember hearing about a talk show years ago where a group of seniors were interviewed and asked what their biggest regret in life was, and the majority of them said they wished they had taken more risks in their lives. So true! It takes a lot of courage and gumption to start a business. I applaud anyone who steps outside their comfort zone and takes on the risk to start a business. Whether the business succeeds or fails, the person who took the steps to do so is never a failure! Risk takers, in my opinion, are very successful people. The best to you, Kevin, in your future endeavors!
Just found your video. I worked at digital marketing industry. Your experience with construction industry has a lot of parallels with DM industry - Fragmented, people with specialized skills, lots of false claims.
Thank you for your honesty. I really appreciate how your treat your customers.
Kevin, your a man of many talents. Loved it.
Thank you for making this video!
That's rough! Glad you kept your chin up, and took responsibility---that's character. Good on ya, champ!
You are my inspiration! Thank you for your videos and there is no doubt that you will succeed!
ah thank you so much nataliya!!! thanks for your support
Learn from mistakes makes us a better human being. Love your sincerity Kevin. Respect from Vietnam!
Kevin, thanks for keeping it real man, you got my respect... I'm glad to see another Self Aware youtuber in this space.
So many are stuck in the Ego and the game. Entrepreneurship has been 90% failure for me but when I see an opportunity I wip out the god damn cannon and go all in.
It's time for me to pull out the cannon ball again. That analogy just made a massive shift and I just decided to hire 5 more people for my software company.
Thanks again ill be in L.A. come October. Hit me up sometime if you ever want to get coffee
Thanks for sharing... I am listening to your experience with deep respect, as I have made a few of the same mistakes before. Very motivational video!
Thank you for the knowledge Kevin
Sorry about your loss Kevin. I have been watching your videos for a while and you have motivated me as well to create passive income. So I made a video today. Thank you Kevin.
You seem like a person with integrity. If i do a real estate deal over there, i hope to do it with you. Keep up the great work !
Respect on the humbleness and honesty to admit your mistake. Great insights.
I am with you, it is hard to find the right people to work and share the same vision with you. Peoples want to succeed but not willing to do the work.
Thank u, I love ur videos u r changing my life.
Not specializing makes things very difficult!
I know a small business who only does seamless gutters. While they can’t fix a roof or even clean those same gutters they don’t even know what what cannonballs are. They are trained snipers and kill it on every job they do!
YOUUUUUUUUUU AREEEEEEEE THE REEEEEEEEEEEEEEEEALEST KEVIN!!!!!followed you since $5k thank you for being real !!!!!! don't stop please!
ah THANKS gaza!!!
You're a good man, Kevin - and this is a great video. Thank you for sharing. ✊
Thank you!!
U R amazing. Thanks for sharing. I've shared this with 2 good people.
Ah thanks Toby!
Another great video thanks
I'm a 29 year old contractor. I've been licensed for 5 years. Sorry you had a tough go at it with the construction...definitely a tough business that requires 100% focus and attention. Out of the buddies I have that have tried to compliment their real estate side with a construction firm...not a single one has been successful at the jump. Sucks because we need more young guys to work in the building world...but it's a super tough business to be involved with. Best to you on the real estate side. Love your channel...I am learning a lot from the real estate side by watching your videos!
Keep your head up man!
Don't Worry Kevin. Moving On! Being a business owner is a learning process every day!
Kevin great videos! Very Insightful.
anytime fernando thanks man
Went through something similar myself recently. This is a long game called life and your just in the 1st quarter. Great thing about failing is you feel liberated, and realize the sun will come up tomorrow. Your one step closer now to doing what you were meant to do.
Hi Kevin , I really appreciate that you are sharing your failures too . I am a successful doctor invested in a medical diagnostic centre and it was controlled by staff and end of the day it was a bad failure . I realised we can control anything only which depends on us but not employees. I am moving to Germany to cover my losses . Never give up
I just started my landscaping business and I keep underquoting myself not on purpose but lack of experience. But I’m using it as a learning lesson. I’m busting my ass on some of these jobs but I’m trying. I have to figure this out and thank you for your wisdom man.
fine... i'll watch yesterday's vid.. haha! Cheer up! You'll always make more!!
The more I watch your ole videos, the more respect I gain for you.
Who hasn’t lost money. Dust it off. Keep moving
ty atlas appreciate that
Bravo sir! And honest, useful, and real story. Entrepreneurship is not sunshine and rainbows all the time.
golly so true. thanks daniel
Wow, learned this for free!!! Thanks bro for sharing
Construction is a tough industry. Its what I done in my previous life and I had my own company for a while and worked as a project manager for another company for a while and I realized that it is very difficult to scale because its very hands on until your earning enough to hire someone who has the ability to do it for you. Good video Kevin
Ive seen broker / construction combo work with new construction and complete "down to the studs" rehabs in Texas, but seems it's large team and large capital intensive to succeed. With this experience, you'll be back stronger than ever. Best to you moving forward,
Awesome videos!! At least you tried it, most can't even say that.
Deep story! love the positive attitude
Failures make the Man. Learning from them is an education you can't pay for any other way. Most TRULY successful people have failed many times before they get it right. Rock on you'll came back stronger and wiser.
Man, that takes A LOT to admit. Keep your head up and keep pushing. We all make mistakes but as you know, taking that negative and turning it into a positive, that's what separates people. I think now more than ever, you can benefit from watching Grant. You are smart enough to separate what he is trying to say/convey from what he says sometimes. His motivation, looking at things from different perspective, keep showing up and putting in the work, etc. is what I get from him and value.
It took me a while to meet you, but I'm glad I did; hi! I loved this video! I think I'll go check out yesterday's too. :)
Ty!!!
You are a very hard working man and if you don't take chances you wont really grow in a way you'd like. Now get up, chin high, love your family and yourself, write down the misstakes you made and find new solutions for the next idea. Oh and keep in mind the 80/20 rule, "20% of planning saves 80% of the trouble"
The real failures are the ones that are afraid to try. Those that succeed make mistakes over and over until they get it right. You are well on your way to succeeding!
Failure is merely a learning opportunity, and it sounds like you took good notes so that you'll be in better position for the next opportunity. Just change the names of all your secondary business's next time so a failure of one doesn't reflect on the reputation of the others.
Great video man ! Your channel is doing great ! Your going to catch me soon lol!
I See you EVERYWHERE lmao.
great video Kevin, you deserve new subs!
ah thanks Eric!
I feel you Kevin. I realized early on that clients didn’t readily recognize our ability to Combine real estate and construction so I kept each business separate. It was only after the sale when we came in and helped them could they really see our value. I’m construction first and real estate as my 2nd. This seems to work well for me.
nice u shared your experience! better luck next time
don’t worry brother sometimes the best lessons in life come from failure ! 👌 get up and try it again !
thank you so much investing -- I needed that! gotta get out of the marsh. been too marshy lately.
Meet Kevin anytime thanks for sharing !
Meet Kevin I lost 450k on a startup...yes its devastating for a bit, but in the scheme of things...it’s just part of the adventure. ✌️
Kevin...you crack me up. You are always frolicking through nature like a realtor Steve Irwin! Next time bring a stuffed alligator with you and wrestle it during the opening sequence!
It’s funny what you did, am doing backwards. I been in construction for about 5 years project management. Now am running my small remodeling business not solely relying on residential but commercial jobs too, because I do not want to be handcuffed to residential work alone. And am starting to grow my Real Estate business selling and buying. Thanks for sharing
I remember when he was almost half a million. LOVE THIS CHANNEL
Finding good help can be one of the biggest problems when it comes to running a successful business. Putting money in all the right places is another big issue. I wish I had a quarter of your business management knowledge. I would drop what I'm doing here in Illinois to collect that $150,000 salary. That is insane money to manage remodels and repair jobs.
ah thanks lumberjake. yeah good help is tough to find and delicate to keep; uhg
A very common mistake that's made is to believe that operational staff and line level management is qualified and capable of doing executive level work. It's easy to find people in trades with decades of experience, but that experience does not translate to operating a business. It's the same idea as trying to take a Harvard MBA and believe they can do plumbing or framing or whatever.
Well said, Brad. I agree.
A lot of lessons there, it's always good to be aware of your blind spots which being as young as you are takes time. But choosing people is one of the most difficult...as they say "hire slow and fire fast."
Wish this video warning had been around when I was 27. I had similar experiences. Was a Realtor and started a construction company. 20 years later, I'm still a Realtor, but no construction company. Also did a lot of flips for short term profit, when I should have been buying, holding and sticking renters into those flips to build long term wealth instead of short term cash, which was usually spent on dumb things like nicer cars and other depreciating toys.
I'm sorry to hear. Make some calls before hiring the wrong people. I want to get on your level. I'm going to college to study real estate. You're my role model. :)
I did same at same thing. Live and learn. I stripped my biz to no employees never been happier.
you might like this ua-cam.com/video/fRGzFneAyW0/v-deo.html
I hear ya mate. In the construction game 10 years just got my unlimited licence and I’m considering pulling the pin. Hard to scale with people who don’t give a shit and dealing with painful customers. Considering going in to flips as I love renovating and can do them very quickly obviously hands on with minimal costs
Re: your cannonball analogy. You need to give yourself an opportunity to fail AND learn from it. If you go all in, it becomes a fatal error instead of a beneficial one.
that's a good point. that put an end to that idea really fast
I tell my students there are beneficial mistakes and terminal mistakes. Being behind on studying could be a beneficial mistake if it leads the learner to make better study habits. Walking into a busy street without looking and being struck by a car is a terminal mistake.
Or, if I were to lose 300k (given where I am in my career), that'd be a terminal mistake, so I wouldn't have taken on that risk. Instead I'm risking about 10% of that in my new real estate adventures.
Bob Wiedenhoeft ahhh thanks so much for that clarity I totally agree with you
Could you have partnered with a contactor or existing contractor with experience?
Ive failed too.. many times.. its what u learn and how u recover... thats life.. enjoy the ride with a smile :)
Literally cant watch your videos. I went through 8 ads to watch this video. Not Worth it. Love you Kevin.
Kevin the way you walk into the video. lol
Your logic makes complete sense. Too bad things didn’t pan out for you.
Yes it does happen, I my self lost big time but you know you have to keep on going
so true jeffery thanks for the support and sorry for your loss
Sounds like you overextended yourself. We all bite off more than we can chew sometimes. Chin up and keep moving forward. Props to you for making this video!
Hey Kevin! Self employed entrepreneur from Toronto here! Yesterdays video was great! The thumbnail wasnt as catchy as usual though!
thanks smoan for the feedback -- I'll change it tonight that's a good point
Brother, you're like a palm tree reaching for the skies and weathering the winds. I'm proud to say I know you through youtube :)
And who knows, this may turn out to warm you up for a different opportunity during the downturn. There must be a lot of people that thinks current renovation costs are too high and the best time to do it is during a recession. And who knows maybe you'll find a blade of grass in your new team that's ready to be a palm tree you can rely on. Ya never know what you don't know except that you're made for success.
Lol! I can relate to this video but I can't formulate a proper reply yet, as I'm working. Stand by...
take your time my friend!
You learned the hardest thing that is to teach. Construction is hard and it takes skill. I've been swinging a hammer since I was 6 years old. I'm 35 now. Most people think construction and construction management are easy, until shit hits the fan. Then, things take a turn for the worst real quick. Especially if you have no idea what you're doing. Glad you learned from your mistakes though.
Yeah it’s unbelievable. Even the theft from people thought trustworthy; probably the worst part
@@MeetKevin I went through the same thing with my pool business. Even had one guy start his own route with my truck and chemicals. The work ethic and ethos of today's society is nowhere near what it was in the past. Sad to say and see it.
I lost my college money during the bubble burst in 2006. My so-called friend said he was going to help me make so much money. I foreclosed on 2 houses near Phoenix and the b*stard never talked to me again. That's how I failed
I hope you don't blame him for your troubles, what you have to learn is that you shouldn't trust others without doing tons of research yourself but I hope you're doing much better now!
He isn't obligated to pay for someone else education, that's ur parent's responsibility.
Your honesty is priceless! Look at this failure like at a lesson that you received early at the discounted price. Maybe if you were received it after a while, it was costing you a few times more. Every failure - makes us stronger! As Elon Musk said one time: "If things are not failing, you are not innovating enough." Keep going and always remember that you still have great team members that will help your always with all your ideas :) + you have here an army of 51k subscribers behind you :) Man, keep doing great work and the success will come. It's closer than you think. It's just around the corner!
Kevin, thanks for sharing your experience. What I'm doing is giving my top guy a stake in the company and paying him accordingly. He works more than me in my construction company bc he wants to. BTW, you have inspired me to purchase for rental property. Thank you!
This video was begging for the Title "Grant Cardone was right"...
yes, yes it is. he was.
Im just giving you a hard time. Im sure you could have made it work, it just comes down to is the outcome worth the risk and headaches along the way. Best of luck bud.
grant cardone is not only smart but generous with his wisdom. you should have not made that extra video mocking his advice. He probably knew that you would go out and do it anyway, and eventually what you learn about making mistakes is they basically waste your time and its better and faster to learn from the advice from the wise and mistakes of others rather than learning the "hard way" from your own mistakes. That being said thanks for sharing this valuable lesson for us. It just goes to show a deal that produces income and is rock solid (such as a rental property) gets you ahead more in the long run that a business venture that has many possible ways to go south.
@@dustovshio You should not have this mindset. Just because something is very difficult or challenging or has high failure rate doesnt mean you should avoid it. If you can afford to take the risk for the potential to achieve a goal you should go for it. Life is more than just having money collecting passive income to do leisure activities.
Warren Buffet didn't really make any mistakes like the one described in this video. There is no excuse for failure. The only "learning" experience you get from failing is the realization that it all could have been prevented if you had not done stupid shit, and that it was a total waste of time. Life is full of people who failed. Failure is boring. Look at the most successful person Warren Buffet. Did he fuck up and say go ahead and learn from hard knocks. No he almost made zero mistakes and always puts his money on the sure thing. So go fuck yourself.
Thanks for the lessons. You're a very inspiring for those of us in our mid twenties. I currently make around 130k as a chemical engineer but you are motivating me to start investing in rental properties and get some passive income in the future!
You're well positioned to do so! Milk that engineering income -- makes qualifying much easier. I'll gladly keep sharing