My Worst Investment Ever Podcast Neil Twa – Learn to Protect Yourself From Fraud
BIO: Neil Twa is the founder and CEO of Voltage Digital Marketing. He has been launching, operating, and growing private label e-commerce businesses for the last nine years.
STORY: Neil partnered with a local community on a project he believed would be a gamechanger. He found out that he was being defrauded and had to quit the project losing his entire investment.
LEARNING: Get a mentor. Know the people you partner with well before you get down to any business.
"Stop and sleep on it, and if you still feel confident about it in the morning, then you go for it."
Neil Twa
Guest profile
Neil Twa is the founder and CEO of Voltage Digital Marketing. He has been launching, operating, and growing private label e-commerce businesses for the last nine years. As of today, he and his clients have sold over $100 million in physical products primarily through the Fulfilment by Amazon (FBA) sales channel. Neil shares his blueprint for how to build an online business that can generate a passive six-figure almost automated income in just 12 months while setting up the business for potentially millions in sales within 18 months.
Worst investment ever
Neil got involved with some local community guys in Oklahoma. The group sold him on a concept for a new product that was going to help the oil and gas industry. The product would help save price points on the power grid while allowing residential homes and businesses the ability to become demand elastic to the grid. Neil bought into that vision and believed that it would be amazing technology.
The investment was a solid one on paper. But over time, Neil started questioning the future of the project. They had raised millions from investors to get this business off the ground, but somehow, they couldn’t make it to a prototype. There was always one excuse or another. The project wasn’t moving forward as it should even though there was money put into it. So where exactly was the money going?
One day Neil walked into the office and noticed a piece of paper that was a different accounting than the one that he had recently received. The paper showed money was going to other people instead of going to product development. At that point, Neil realized that he was being defrauded.
Neil had to distance himself from the project and it left him completely broke. He felt like a failure and ashamed for getting people who trusted him involved.
Lessons learned
- Have a mentor or someone who is willing to listen to your business ideas.
- Before you partner with people, understand a little bit more about who they are and their key competencies.
Andrew's takeaways
- It’s normal to lose confidence when facing failure.
- Make sure your monthly financial statements are accurate and on time. Review them every month without fail.
Actionable advice
Don’t make a quick decision. Stop and sleep on it. If you still feel confident about it in the morning, then you go for it.
No. 1 goal for the next 12 months
Neil’s goal for the next 12 months is to continue to build and exit brands.
Parting words
“Feel the fear and do it anyway, but be smart about it.”
Neil Twa
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Connect with Neil Twa
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points