Chapter 1: The Importance of Pivoting

When you think you've reached your destination, it's essential to recognize that the journey is just beginning.

We often dream of moving to vibrant cities filled with opportunities. With our aspirations in mind, we take actionable steps—closing businesses, selling properties, and liquidating our assets. The urgency to chase our dreams intensifies, making us feel like the grass is always greener just ahead.

Interestingly, the fashion industry was initially my backup plan. The world of retail felt less intimidating than performing on stage or working on a film set, even though I always aspired to be in front of the camera. Thus, I chose the second option but yearned for the first.

Fifteen years have passed since I closed my business and sold my house. What happened to that dream? As time ticks away, I often ask myself what the excuse is this year.

During my childhood, I would ride my banana seat Schwinn bike beneath towering blackberry bushes, yearning to reach the fruit just out of my grasp. I often wished I could have someone help me reach those berries, just as I learned to seek out collaborators as I grew older. After all, some dreams require a team, financial backing, or expertise that we might not possess alone.

The goal is to surround yourself with knowledgeable individuals—experts in their respective fields—allowing you to concentrate on your own niche, contributing to a larger machine that can support your vision. However, this machine can also be overwhelming.

In my twenties, I drafted a business plan for a retail boutique, despite lacking experience, education, or funds. The one advantage I had was an absence of fear. Youth often shields us from the dangers ahead, and it's an exhilarating time to tackle challenges—provided you learn quickly from your mistakes and adapt, often with the help of others.

I compiled a list of potential investors based on their community engagement. After receiving fifty rejections, I was nearly ready to give up. Yet, I decided to make a few more attempts. The next investor looked at me with pity, as if questioning my intelligence. Ironically, this same family would later become loyal clients, returning year after year to purchase gifts for their loved ones.

One of my most cherished acquaintances was a husband and wife duo involved in numerous community boards and cultural investments. I believed they would appreciate the idea of an artistic clothing and home gallery store. I was correct; this concept became a significant selling point for them, contributing to the growth of Elkhart, Indiana, as a hub for emerging entrepreneurs and innovative businesses.

I purchased a charming Cape Cod-style home with three bedrooms on a two-acre corner lot for $145,000. It was a modest investment for a lovely setting, complete with a beautiful river and lush lawns, making it an ideal place to raise children. Elkhart, located near Michigan's lake cottages, is known for its high per capita wealth and income, being the heart of the RV and mobile home industries.

Before my investors committed, we signed a contract. Through various challenges and successes, my company flourished. With an initial investment of $45,000, I transformed $8,000 worth of inventory into a $100,000 stock, generating annual sales of $350,000. It may seem small now, but it was a significant achievement at the time, and I raised my daughter in that community.

I had never sought corporate backing; this growth was purely organic. A friend once expressed interest in acquiring 51% of the business while I explored opportunities in Hollywood. Unfortunately, that venture didn't pan out, and I closed my store at its peak.

Upon arriving in Los Angeles, I was thrilled to be free but soon realized my expectations were unmet. Despite bringing more cash than recommended, it dwindled quickly.

Asking for investments here meant sharing my ideas, only to see them later materialize on screens—without me. The realization hit hard. I was now a small fish in a vast ocean, surrounded by talented individuals from all over the globe.

I came to understand that Los Angeles is my new home, and the journey has taught me more about vendor relationships, sourcing, and even manufacturing my own product lines. It's essential to stay engaged in creative endeavors, whether by trying new projects or returning to familiar ones.

Don't lose hope; it took me pitching to 52 individuals for a tiny store in a small town to find success. All it takes is one supporter to ignite your journey. My investors were repaid with interest, and they were pleased with the returns.

Many entrepreneurs, after tasting success, feel compelled to embark on new ventures, much like climbing a challenging mountain. The struggle is exhilarating, a vital part of the experience.

When you're idle, that drive can become restless, prompting you to pick up new hobbies or return to what you know best.

Let's explore how to combine these passions and experiment with fresh ideas, using quality resources to create something extraordinary.

So, what's next? Write your business plan and dive into the details. Understand your monthly fixed overhead, the cost of goods, and your initial staffing needs. Build a strong relationship with your accountant, and ensure they communicate well with your banker and landlord.

Consider it a thrilling ride—a journey of ups and downs, full of joy.

Any questions?

This first video discusses the critical moments when it's time to pivot your business strategy, exploring how to identify when change is necessary for growth.

The second video focuses on the balance between pivoting and persevering in your business, offering insights on making strategic decisions.