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The reality of young entrepreneurship – The most difficult year of my life!

By November 13, 2019 January 23rd, 2020 No Comments

I’ve wanted to write about this for such a long period of time, the truth about young entrepreneurship, the truth behind what it takes to make it in this generation and more so the truth in life. Excuse any grammar mistakes or incorrect colloquial language, I’m just going to write about this from the heart and from what I now know after being put to the fucking test, anyway, let me get into it. 

I thought I had it all, within a year of dropping out of University, my business had made 100k in 8 months (stretching a valuation of $2mil on performance being duplicated), I was featured in the daily mail, metro & standard and I had my supercar as well as living in a penthouse on the outskirts of canary wharf, wow what a life, I was on cloud 9, I thought I was invincible, oh how fucking naive I was.. Anyway, as 2018 came to an end, I was ready to embark on another year of working hard and living the best life, I thought that was the formula, work hard and longer hours than everyone else and live your best life, I was so so wrong. To be honest, I got greedy, I wanted more and more and I was single minded, I ignored what others were saying around me (I’ll touch on this later on) and I continued my mission of becoming a multimillionaire before the age of 21. In March, I doubled the size of IYF’s operations, took out a huge new office and became the guy I dreamt of being within just 1 year of dropping out of University, this is when it all started going wrong. The structure wasn’t solidified, the product wasn’t good enough, slippage was at 50% and I was embarking on other business practices and trusting others to run them for me as I simply didn’t have the time… Within 6 months, I had burned all of the cash in IYF, burned all of my own cash reserves through failed side business ventures, and more so, burned relationships with people who meant a lot to me because of my destructive, naive, greedy personality. You know the worst thing about the situation I found myself in? I had the weight of my family relying on me on my shoulders, I knew I couldn’t afford to fail and I had no one to talk to about it, so for a long time I continued to avoid the truth of what actually happened, I was at breaking point and only I knew about it and how dark that place was, trust me. So after all of this it was around July time, I felt lonely, non-directional and as if someone was genuinely looking down on me making everything go wrong, when I say everything was going wrong, it truly was. Anyway, my main company was 2 weeks from being broke, I reached out for help from so called friends, business associates, lenders, banks, you name it, I tried it and yet… Nothing, it was over in everyone elses mind accept mine. I didn’t know what else to try or what else to do, but I knew that I was alone and I had to get the fuck out of this position, it became clear that I was not taking no for an answer. I wrote out my true visions, what was important to me and reminded myself of my true passion that I’m following, I kept giving myself faith that i’ll get through this, i’ll make it happen. I remember doing this activity for 3 days, I created another 10 contingency plans and started implementing, 9 failed and I had one last idea. I started to see the light of this last contingency plan and I worked 16 hour days for the whole of August on it, implemented it early September and worked with it until death. Things slowly but surely started clicking into place after I realised that I wasn’t really facing my issues I was avoiding having to make the hard decision. I won’t go into these hard decisions in depth, but it involved cutting off friends, people not getting paid & dealing with fucking arseholes. So, September for the first time in 8 months IYF made a profit, a profit enough to keep us a float, yes I had done it! Also in september, we completed the IYF product range, we saw slippage decrease to 3%, retention rates increase 120% and client satifisaction rates fly through the fucking roof, our product had become where I’d always dreamed it to be. As I started to create my own luck, I managed to secure a £100,000 investment into IYF also in September too, as well as education accreditations… Then we moved onto October, which was the most profitable month in IYF’s history, all of this on top of an absolutely insane month for our community members trading wise. Following into November, we have generated the largest revenue in the first 10 days of the month we ever have. Outside of IYF, I agreed a huge deal for a new business venture with amazing potential, this business printed £4,600 profit in its first 2 weeks.. 

I have realised by now how fake most online entrepreneurial influencers are, I followed the big guys and look where it got me, so I decided to create and launch the Jake lee brand to bring reality back to entrepreneurship. ANYWAY, I appreciate you reading my honest story thus far, so please allow me to give you what you need to hear, the true lessons this journey has taught me, close your kids ears, I’m going to be brutually fucking honest whether you like it or not!

 

What I’ve learnt and what i want you to listen to;

  • Everyone wants to know you when you’re doing well – When you’re winning, everyone wants to be on your team, when you’re struggling, you’ll realise who is important to you and more so, who is actually genuine! Just be ready for this period, if things start going wrong, keep a close eye on your circle and cut all of what I like to call ‘glory hunters’ in business. At the end of the day, put yourself first and don’t rely on others too much, this will help you protect against glory hunters. 

 

  • You can only trust yourself – This point links nicely to the one above, trust yourself only. You’re the only person who can decide your own fate and future, so why put trust into others to change your life or improve it? Don’t. Start doing everything for yourself and by yourself, take full control of your own life, have no reliance and then no one can disappoint you!

 

  • Make hard decisions – Huge point. Naturally as humans, we avoid difficult decisions, who wants to do them? Whether this is breaking off negative relationships, or sacking friends, if it needs to be done, it needs to be done and quickly, my advice would be to make the hard decision as soon as possible, get it over with and stop letting it damage you or your business.

 

  • You have to learn from your own mistakes – I struggle listening to people who tell me what to do, probably the reason as to why I work for myself! But its true, I bought a super car and got told not to as it was a waste of money, I also got told not to take out new office premises and make sure everything was 100% working beforehand, but I didn’t… I didn’t listen because I wanted to make my own decision, and now I can learn from my mistakes because I’ve made them and felt the repercussions. 

 

  • Take responsibility and act, things don’t go away – If you have ongoing problems, get them dealt with as soon as possible. The worst thing to do is keep something negative on your mindset, just deal with it straight away, it’s not going to disappear!

 

  • People will fuck you over, everyone is out for themselves – So true. The amount of guys who have faked a persona to feed off of my business and what I’ve built has been incredible. Just trust your first instinct about someone, and question their commitment & motives. This is a dog eat dog world guys, be wise and make sure in each relationship, you’re protected!

 

  • Nothing goes to plan  – The perfect picture isn’t complete without hundreds of blips and hurdles to overcome, the more you think that things aren’t going your way, guess what? The more they won’t go your way. Accept the fact that not everything will go to plan and more so that plans CHANGE.

 

  • Its not a dream escaping 9-5 working on a beach, its fucking hard but passion will see you through, believe in the process. 

I hope you all take something helpful from this blog, it was a difficult one to write if I’m honest, but I feel like there are a lot of golden nuggets of knowledge throughout this that all aspiring entrepreneurs can learn from.

 

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