I recently opened my mortgage statement for last year because I was curious where I stood in terms of how much of it is owned by me versus the bank. If this was a typical business success story, I’d be sharing my celebration about having paid off my mortgage in record time, and then sharing the secrets of how I did it, so that you too can do the same. Well, this isn’t a typical business success story; it’s a business reality story. I looked at the statement and realized that I own less of my house than I did when I bought it 13 years ago. Perhaps you can hear the meek “yay me” cheer coming from Ottawa? Naw, didn’t think so.
I’ve read several “how to be successful” blog posts from people who are successful in their businesses, and typically they note how they were able to stay out of debt, or pay off their debt and save money before they started their business. Often the story, becomes the “how to be successful in your business” advice.
I have also read several books about, and interviews with, people who are outrageously successful. A common theme is that at some point they lost everything but were able to refocus after the fall(s) and eventually make it to the top. When you lose everything and manage to keep building, it’s a safe bet that you were neither debt-free nor in possession of a nice savings account for at least one of your business starts. What they did possess was incredible determination and a willingness to live poorly for as long as it took to make it.
Can we learn from the stories of the successes of others? Of course. Can we apply the story of the success of another to our own situation? If everything in our current life, environment, and economy is the same, then probably. But the likelihood that everything is the same is pretty slim. Which means, these stories are just stories.
In my case, I was in debt when I started Custom Strength. I knew it was a “bad idea” to start a business while in debt. I also knew that if I waited until I was out of debt and with savings, there was a good chance I would never start. The debt was the result of a previously failed business and was made worse by a combination of mistakes, bad advice, and (in my opinion) unfair practices by the Canada Revenue Agency. (The latter is the reason I want to punch every politician who says “we’re working for small business”. This is a bipartisan desire.)
While I started my business in debt, I was already old enough that I didn’t want to live like a student. I was willing to work long hours, but I wasn’t willing to work all the time.
Arguably my success story is still a work in progress, but it’s also one that doesn’t really match any business success stories I have read. Probably because my life and my environment combined with the economy of the day is unique.
Anyone notice parallels to other types of success stories?
I love reading stories about people who have drastically changed their life for the better by losing a lot of weight. It’s fantastic that cutting out sugar worked for Sarah, that calorie counting worked for John, that walking every day worked for Shannon, that lifting weights worked for Bill, that addressing depression worked for Barb, and that not eating junk food during the week worked for Mike. I love hearing all of these stories.
Sometimes these stories turn into “how to lose weight and keep it off” advice. A bit like what happens with business success! As with business success stories, we absolutely can learn from personal weight loss success stories. But can we apply their story to our own situation? If everything in our life, environment, and economy is the same, then probably. But odds are there are elements of your life, your environment, and your economy that are different. Keep that in mind as you write your success story.
Elsbeth Vaino is the founder and one of the personal trainers at Custom Strength.