The life of an entrepreneur is a strange one. At any given moment, your world of success and fortune can be taken away. Markets fluctuate and investors can pull out (or take over) just as quickly as they’d given you their money. It’s so easy to ride the successful moments of your career and to hate and block out the bad times. But the truth of the matter is, the hard times are some of the most important ones. You learn the most about yourself when you go through hard times. You realize whether you will succeed or fold under pressure.
With that being said, I felt that it was necessary to share how one person’s experience with failure and rough times can lead to major growth.
The person in question is one Han-Gwon Lung, the co-founder of Tailored Ink. One of the first areas in which Mr. Lung grew was his pride; more specifically, Lung discovered that his pride could get the better of him. After successfully investing in the cryptocurrency market in late 2018, Lung was sure that he could do no wrong. His pride in his ability to correctly predict trends led to excessive greed, which clouded his judgement. Even when the cryptocurrency market crashed, he was confident that the market would stabilize and he would eventually succeed. He was wrong. And he almost waited until it was too late.
Additionally, Lung realized something that most people don’t want to accept: we are all human, and we need breaks. After losing $500,000 in the cryptocurrency crash, Lung was very upset. And so, in order to earn the money back, he and his business partner spent unimaginably long days working. On top of this, personal issues in Lung’s life presented themselves, and Lung was burnt out. He came to the realization that he’s a human and that he needed a break from stress, and so he took a month-long vacation. This time allowed him to reflect on his life and career in a positive way. Unfortunately, not everyone can afford to take such a long vacation, but the moral of the story still rings true: if you’re burnt out, take a break.
Another important lesson that Lung learned was to not avoid friends and family and focus solely on work. Striking the proper work-life balance is tricky, but it is doable, and it’s necessary. If not, you run the risk of seriously damaging personal and important relationships, which can lead to more stress.
At the Opes Group, we know that entrepreneurship is a sometimes scary and volatile path, but it is rewarding more often than not. And even though we all want those traditionally rewarding experiences, there’s nothing wrong with failing. You can gain the largest rewards from those failures.