My Favourite Failure: Debt collectors at the door after over-extending too fast - Alex Chisnall
Oct 26, 2023
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Alex Chisnall, Founder of a Podpreneur and host of the Screw It Just Do it podcast, shares his major failure in entrepreneurship, including debt collectors knocking on his door. He discusses the consequences, regrets, and valuable business lessons learned. He also opens up about past financial struggles, the importance of honesty and seeking support, and highlights the importance of learning from failures and growing sustainably in business.
Honesty and seeking support are crucial in navigating the challenges of entrepreneurship.
Growing sustainably and recognizing when to quit are key to avoiding business failure.
Deep dives
UK startups at risk of state actors stealing their assets
UK startups are increasingly vulnerable to state actors attempting to steal their intellectual property and assets. A case involving a Scottish renewable manufacturer exemplified this threat, where their wave power technology was replicated by a Chinese firm after a visit from a senior Chinese official and the subsequent theft of their laptops. Recognizing this growing concern, 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 security and physical security for startups.
The rollercoaster journey of an entrepreneur's first venture
Alex Chishol, the founder of a podcast agency and host of the Screw It Just Do It podcast, shares the story of his imperfect entrepreneurial journey. He started with a personal training business and later expanded into a chain of sports injury clinics. However, his ambitions collided with the reality of a poorly chosen location and overestimating the demand. The struggle to attract customers, pay the bills, and manage debt eventually led to a crisis point, with debt collectors knocking on his door and changing the locks on his treatment rooms. Despite the hardships, Chishol learned valuable lessons about the importance of honesty, seeking support, and knowing when to quit.
Lessons from failure: the importance of sustainable growth
Alex Chishol's journey as an entrepreneur ended with the closure of his sports injury clinics. From his experience, he highlights the significance of growing sustainably and avoiding the entrapment of expanding beyond what is feasible. Chishol learned the hard way about the perils of taking on additional sites without sufficient demand and not adjusting rent to match growth. He encourages aspiring entrepreneurs to recognize when to quit and not let a failing business become their legacy. Despite the difficulties faced, Chishol emphasizes that failures are an opportunity to learn and grow.
Sometimes we put on a brave face when it's the opposite of what we should be doing.
Alex Chisnall is the Founder of a Podpreneur, a podcast agency, and the host of the Screw It Just Do it podcast. He’s built a great business and loves what he does, but his first foray into entrepreneurship was a disaster.
After a debt collector knocked on his door, blocked his car and refused to leave, it resulted in him having to come clean to his wife about the extent of his business’s problems. It was the worst place Alex has ever been.
In this episode we learn how it got to that point, his regrets, and the business lessons he took from it, so you don’t make the same mistakes.
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To get a better handle on your security, check out https://npsa.gov.uk/innovation and download their free Quick Start Guide.