At 25, working as an oil industry paleontologist, I was offered a chance to invest in an oil well that a geology school buddy and wildcatter was drilling. It was only $7,000 for a potential 12 feet of pay and substantial returns. I looked over the science and invested immediately. A few days later, the well not only hit the 12 feet, but another 20 feet in addition. I was buying a house with that $7,000 investment! The next morning, unfortunately, my buddy called with the bad news. The well was tight, that is the oil couldn't be recovered and I lost my investment.
No big deal, I was young, earning cash, and had no dependents or heavy debts of any kind. I asked my buddy to let me know if another play came available. I had time to not only recover, but do it again.
Fast forward to August 28th, 2005 at age 45. After shuttering my paleontological consulting firm, due to an industry downturn, I had just literally shuttered my new tea and spice business, profitable after only 12 months in business, preparing to weather Hurricane Katrina. Twenty four hours later, I was ruined, like the city. What was I to do, aged 45. Did I have time to lose at this age.
Turns out I did. I reapplied my small business expertise, my consulting expertise and knowledge of species competition into a business strategy consulting firm that focused on competitive analysis. It wasn't easy. There was a bankruptcy and a MS degree in Technology Commercialization earned along the way. But, unlike in many other nations, I wasn't punished for failing and recovered. And I'm looking forward to my next endeavor that launches next Spring and promises to earn me a bundle - again.
Critical at any age, is understanding the entrepreneurial process to avoid wasting time and money. GJC Business Strategy Consulting is dedicated to helping you successfully navigate through your next venture - at any age.
No comments:
Post a Comment