AJ Osborne Podcast
22. How (almost) losing everything changed my outlook on business
Dec 14, 2023
The podcast speaker shares their personal experiences of almost losing everything and the lessons they learned from failure in their business. They discuss the consequences of a risky business decision driven by greed and pride, including financial loss and a legal battle. The chapter emphasizes the importance of navigating contracts, lawsuits, and emotional people, as well as the significance of logical and sound business conversations. The speaker also discusses their shift towards real estate and storage, the concept of compounding, and the importance of protecting against downsides.
33:17
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Quick takeaways
- Clear and comprehensive contracts are crucial to avoid losing everything in business ventures.
- Embracing change and being open to risk are essential for personal growth and success.
Deep dives
Lessons Learned from Losing Everything: Part One
The speaker shares two instances of losing everything and having to reinvent themselves. The first instance is related to a failed business venture in the insurance industry. Despite gaining sales control and entrepreneurial freedom, greed and neglect led to a disastrous acquisition that resulted in a lawsuit and financial ruin. The speaker learns the importance of owning revenue and having clear contracts to avoid losing everything. They emphasize the need for pragmatism, surrounding oneself with experts, and planning for worst-case scenarios.
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