My Favourite Failure: I lost my company, job, had to sell my cars, house & move back in with my mum | Tay Sweat
Nov 23, 2023
auto_awesome
Retired entrepreneur Tay Sweat shares his experience of bouncing back from failure. He discusses losing his company, job, and having to move back in with his mom. Tay emphasizes the importance of overcoming setbacks, rebuilding confidence, and understanding the business cycle. He also shares his journey of starting with limited resources and eventually building a successful business.
Resilience and adaptability are crucial in the face of failure and setbacks in business.
Seizing opportunities, building connections, and being open to learning from others can lead to financial success.
Deep dives
State actors targeting UK startups
UK startups face an increasing risk of state actors attempting to steal their assets. An example is given of a Scottish renewable manufacturer that experienced a visit from a high-ranking Chinese official, followed by the theft of their laptops. Subsequently, pictures emerged showing a Chinese company producing a virtually identical product. To address this growing threat, the National Protective Security Authority and the National Cyber Security Center in the UK have launched a campaign called Secure Innovation, emphasizing the importance of both cyber and physical security.
Tayswett's journey from failure to success
Tayswett, the host of the podcast episode, shares his personal story of failure and redemption. After facing job loss and financial difficulties, including the failure of his fitness and supplement business, Tayswett reflects on the importance of resilience and adaptability. He highlights the significance of learning from setbacks, particularly during economic downturns, and understanding the cyclical nature of recessions and business cycles. Tayswett emphasizes the need to plan and adapt business strategies accordingly, allowing for both growth and conservative periods. Through his determination and willingness to learn, Tayswett was able to rebuild his life and become successful in the business world.
Tayswett's encounter with a billionaire client
During his work as a personal trainer, Tayswett meets a billionaire client named Charlie. In an unexpected turn of events, Charlie offers Tayswett $5 million if he can help heal his injured leg. Instead of accepting the money, Tayswett proposes a deal where he works with Charlie for free in exchange for learning about Charlie's successful wealth management and private equity strategies. This encounter becomes Tayswett's introduction to the stock market, leading him to invest his earnings from personal training into stocks and ultimately achieving financial success and retirement. Tayswett's story showcases the power of seizing opportunities, building valuable connections, and being open to learning from others.
Tay Sweat is retired today having put a lot of the earnings from his fitness and supplement business into the stock market. But that was actually his second attempt at that business. He failed on his first go, and that knocked him back decades - back to an even worse position than he'd been in when he was a teenager. It would’ve broken a lot of people but Tay, well, he likes to sweat.
--
To get a better handle on your security, check out https://npsa.gov.uk/innovation and download their free Quick Start Guide.