Turning Failures into Success: Building a Lifestyle Business in 2022
This article is a summary of a YouTube video "How I Failed in 2022" by Ali Abdaal
TLDR Reframing failures as learning experiences and committing to experiments can help entrepreneurs build a successful lifestyle business with fun, freedom, and flexibility.
In 2022, I'm reflecting on my biggest failures to show how they can be reframed as learning experiences.
We failed to hit our target of 3 million pre-tax profit due to not keeping our spending conservative.
Chasing success requires wanting it and being good at it, but even reaching 2 million in profit this year can still feel like failure.
Optimizing for fun, freedom and flexibility, I now have the freedom to focus on what I love, while still having a profitable business with fewer than 12 people and at least $100,000 revenue per employee per year.
After trying different projects, I decided to focus on building a lifestyle business that provides fun, freedom, and flexibility.
Committing to a 30-day experiment can help decide if a project is worth pursuing, but entrepreneurs must find the balance between having a strong vision and giving their team autonomy to execute.
As a leader, spend time each week to think strategically and create a plan, website, and financial model to pitch to investors.
Guarding my own time and prioritizing important things over urgent ones is key to achieving my goals.