During the dot-com boom in early 2000, I was lured into that space. I wanted to earn $1 million before I turned 30 and thought that would be my ticket.
Of course, things never worked out the way you’ve planned. And this segment of my life would be the greatest learning experience ever for me, including a key lesson in business.
Dreams went up in smoke
When I joined the dot-com in 1999, I was hired as the CEO. I was also given a significant percentage of the company in terms of stock options. And I had several executive perks.
We had a few investors and a handful of clients. That helped us keep the lights on.
However, everything came to a halt after September 11, 2001. First, it was the clients. Then, the investors. Several months later, we used up all the money and had to make the painful decision of what to do next.
At that point, we had three options:
- Find other ways to make money
- Fire everyone
- Shut down the company
We chose options 1 and 2 because shutting down the company was not an option.
So after we fired everyone except myself and another chap, we had to quickly find other ways to make money.
That 18 months would be the best business training I would ever get. On hindsight, it would be the training that would shape how I operate as an entrepreneur years later.
This is what your business must have
From this episode, I learned a key lesson in business. That is, every business must earn money. Sounds obvious?
Well, perhaps not so during the time of the dot-com.
Is your company making money? If not, I can help you.