My Startup Business Failed And I Lost Everything

A few years ago back in my mid 20s, I'd embarked on a journey to build one of the greatest companies ever. It was a video streaming platform with a subscription business model. I hired a team of people and worked with developers to create mobile apps for our platform.

Until this point I had done quite well in business and other startups I had prior. But this time around there were great lessons waiting to be learned. My business startup failed. I had to let people go, move across the country, and then decided on what I wanted to do next.

It wasn't a easy road to go through but I thought to share the story with someone who may be embarking on the same journey.

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[dariusthurman]

Survivorship Bias: we only want to hear the winners' stories

[undacovabroda]

Thanks for sharing this! I'm coming out of a similar journey this year - I shut down my startup earlier this year and my co-founder and I went separate ways. It's been both a blessing and curse because on the one hand it empowered me to make decisions when things just aren't going well. On the other, I've walked away questioning whether the journey was worth it. At this point, I've decided to shelve the founder life and go back to school. My dream was to work on improving cities thru urban planning, so sometimes startups simply aren't the way to go.

[charlesbreen]

Mike, you have a great story to tell. I do not know what your outreach is but your story is vital to teaching young people especially intercity youth that hard work and a vision can take you places that they can only dream about. America is truly the land of opportunity and you are a shinning success story that needs to be shared with those who might not click on your youtube channel. All the best to you and yours.

[jaredsquires]

Oh man, do I know that feeling. When you're living on your cash, thinking "Ah, this is gonna pay off soon, how could it not, this is the best idea in the world, it's a license to print money". Then you find yourself, print outs of all your debt laid out on a large table, showing your spouse that mistakes have been made. Previous relationships had me ready for a barrage of insults, name calling, etc. My wife just looked it over and said "Ok... lets get networking". 6 years later, everything is paid off, we've found a new venture and success is coming (slowly, but certainly more confidently). Went from 6 figures in just credit card debt... not even talking mortgage, car loans, etc, to success. Never underestimate the power of a good team with your spouse.

[insolentstickleback]

I started watching you several years ago because I love aircraft. I always felt there was a lot more to you than just the aircraft. Thank You for sharing 👍🏻

[motorvN]

Takes a big person to share this stuff. Thanks for letting us get to know you better and what makes you tick. Been following your aviation stuff and this is a fascinating side story to hear. Personally I’d pick NYC over that LA cesspool any day but you thought you needed to be there and you bravely dove right in. I’ve dabbled in very small time consulting where every contract is an unknown risk and figured out early I didn’t have the cojones for it so can’t imagine what you’ve carried on your shoulders. All the best good fortune to you going forward.

[joemurphy]

Mike, Thanks for being open about this. I have a small national remodeling company coast to coast and I've seen a few businesses grow to fast or take one debt ultimately going under. I decided about 10 years ago to grow my company with baby steps. For example instead of growing 300% in one year only grow 100%. This for me has helped manage the cash flow challenges with growth. So far keeping it low and slow has worked out well. Keep up the good work 💪

[marketwizard]

wow.. that hit me like a ton a bricks.. i definitely took my support group for granted

[unkameatgoodbar]

Mike we all in the same grocery store but on different isles……the testing of a champions character is not when he is winning but when he is losing.

[alexanderleitner]

Thanks for sharing this and as an entrepreneur I completely agree, the most of us are going through tuff times once in a while. Good luck and all the best!

[allan.o.n]

My Favorite YouTube channel. Am graduating as an AMT in a week and I’ve learned a lot from MOJOGRIP 🙏🏿. Thanks for always sharing knowledge. All the best in your future endeavors..

[dellightcsy]

Man Mike, thanks for sharing this! It's so awesome to see how far you've come! I was so excited to see you make the cover of Popular Mechanics, I read that magazine as a kid. What so good about this story is you being honest, more importantly with your team, that takes guts! Onward and upward, keep going!

[eaydme]

My man. Do you have any idea how many flops I've had?
I'm still here until I'm not.

[bobhoward]

You have a good wife. Most will not stay when things go badly.

[agevermoreinfinity]

I am an old man Mike . But, you are an inspiration to me !

[daniellaurin]

That's insanely stupid. Thank you for telling your story.

[onemirror]

That’s why having mentors is the best way too go about it as they would tell you the honest truth.
& doing Due diligence on the market or industry you are trying to Capture or enter is the upmost fundamental thing one can do before making a product.
A lot of people miss this step or take it lightly.
Good too see you shared your experience as many people don’t share there losses
Thanks

[petermayiii]

Thank you for being man enough to tell the truth. I always enjoy watching you I learn so much each time and I'm 74. I too have had several bad times and several wonderful times and now I can enjoy the fruit of my labors.

[pierrecatpacbell]

Thanks for sharing. Good luck on your next venture.

[MojaveDan]

I made millions.. and lost millions... and made millions... and lost millions...
Money will come and go. Important thing is to enjoy life and enjoy the important things in your life.