US - Blog.
The latest news, videos and workouts from the Escape Fitness Team.
3 ENTREPRENEUR MISTAKES YOU NEED TO MAKE
A big part of starting a business is having a plan then having the discipline to act on it. We believe that getting anywhere in life is about going through a process of experimenting, making mistakes, learning and improving.
Escape co-founder, Matthew Januszek, has spent hours talking to successful entrepreneurs; Scott Perry of Motion Fitness, James Balfour of 1Rebel and Todd Durkin of Fitness Quest 10, to find out how their mistakes helped them get to where they are today, and why you need to fail before you succeed.
Trust the wrong people.
As an Entrepreneur, there may come a time at the beginning of your professional career where you form a partnership – a business partnership that you expect to last – but this is not always the case. You’re not to know this so trust people and take a chance. You can only learn from it.
Scott Perry of Motion Fitness knows this only too well. He explains his journey in realising he needed to be the CEO of his own company.
“Number one, I need to be the CEO, number one, I have to control my own destiny.”
“That's not an ego thing, that's just how I need to run the business. And again, that doesn't mean that the other partners may be doing more, or are more influential. It just means that, if there is a final say and I'm so strong about it, I need to be the one to make that. And also too, I can't get kicked out of my own company. Although, we’ve structured it here that it is very fair, it's a majority vote as opposed to dictatorship.
“I've gone through multiple business partners and, maybe, I don't even recommend having business partners.
“I wanted to not be a micromanager, to let them run loose. But if any one of my team, including myself, needs to get pulled back a little bit, we do. And we allow the other people to do that. At the previous places, that wasn't the case.
“I think finding people that are like-minded like you. My last business partner, he was great, we just didn't see eye to eye on the actual space in here, which if you can't see it in the product, then there's no way that's going to work.”
Make selfish business decisions.
The majority of the time, we are encouraged to help others before we help ourselves, and in the workplace, putting your needs before your colleagues is often seen as selfish behaviour. But when it comes to entrepreneurship, being selfish really is necessary.
Without James Balfour making his ‘selfish’ decision to leave his father’s company, it is unlikely he would be where he is today.
“I realised that it [Jatomi] wasn’t something that I was proud of anymore and I remember seeing the likes of SoulCycle and Barry’s Bootcamp in the states and just thinking ok this is where I want to be.
“This is about putting the customer first, putting experience first, getting results, not tying people up into 12 month contracts and I sort of said to the business that I wanted to go and do that and my father made it very clear that if I did, I would be walking away from everything.
“I thought yeah, OK, fine. I wanted to do it and I had his support in the end but I just walked away from it and that’s when Giles and I started 1Rebel.”
Choose a bad career path.
For most people, the idea that they have made the biggest professional mistake of choosing the wrong career path is humiliating. And the sad reality is that many people do. Ask anyone who has gotten a degree in one field, only to realise a few years later they don't want to be doing that anymore.
The biggest mistake many people make is to think that their future must be an extension of their past. And so when a career ends, it can be difficult to know what your next move should be.
An episode of the Escape Your Limits podcast with Todd Durkin of Fitness Quest 10 gave us an exclusive look into how his career-ending injury changed his outlook on life.
“From five to 25 I wanted to be a pro footballer but I had a career-ending back injury. I was over in France and took a short playing football and I lay motionless on the football field. I’d never felt pain like it, and for the months and months of rehab afterwards, all I could think about was my own pain.
“Finally I had to figure out a way of getting out of that vortex of negativity and depression realising my dream of playing in NFL was over. It was like a slap across the face.
“It’s interesting that often our biggest setbacks are our biggest opportunities for growth in life. When I was going through the process, I was using Vicodin and I couldn’t get off it. It was a pretty low time in my life.
“It took me a long time to know that all that pain was setting me up for what I have today. I didn’t realise that in five years. Now I’ve set up systems using a blend of eastern and western methods to help others get out of pain and then perform better.
“In football, you’re always taught to fight pain with ego and toughness. Going the other way, you should embrace pain and figure out what it’s trying to teach you.”
Making mistakes is an integral and inevitable part of becoming a successful entrepreneur – contrary to popular belief. The most important part of making those mistakes is learning from them.
For more insights from fitness industry thought leaders and entrepreneurs, check out the blog homepage.