I Failed, My Business Failed, This is My Success Story.
I failed. I failed…bigly. I failed, my business failed, but I am a success and this is my success story.
I can admit my failure now, I couldn’t at first. It took me a moment to admit it to myself. With a little bit of time (and a lot of bit of therapy) I can admit it to the masses. I failed.
When I started this business I didn’t have the money to start an international business. I had life experience, experience in the industry, and networking and relationship skills. In short, I had the moxie.
In the Wrong Business
In a way, I’m glad I failed. I’m glad because it turns out I was in the wrong business. Once you go digital you’ll never go back. Digital is the way of the future, but post-COVID, digital delivery platforms, and online services are even more important now.
When COVID-19 started spreading in March, Latin American businesses shut their doors. However, with the shutdown came the rapid shift towards E-Commerce. The use of e-commerce in Latin America has been increasing for years. However, the current pandemic and its resulting economic shutdown have caused the shift to come more rapidly. For the best examples of Latin America’s rapid shift to e-commerce look to Peru, Brazil, and Mexico (Colibri Content).
How will COVID-19 affect total retail sales in Latin America this year?
Undoubtedly the closing of physical retail sales in Latin America hurt retailers’ bottom lines. As a result, the total retail sales for the year fell 5.3% to $1.506 trillion.
The World Bank has committed US$ 94.00 million to the Caribbean Digital Transformation Project. A high-value project which increases access to digital services, technologies, and skills by governments, businesses, and individuals in the participating Eastern Caribbean countries.
How can I admit my failure?
I had the moxie, but not the money. So what do you do when you have a dream but no cash? You take on debt. A lot of debt. Not Billy McFarland from the Fyre Fest debt (his alleged net worth is -$5M). I didn’t take on that much debt, but it was a lot. Before I knew it, my company and I had become “one of those” horror companies you hear about. We were one of those exporters who you never hear from and who didn’t produce results. Until now. Hear stories of my accomplishments, failures, and survival techniques on the LaRae Infinity Let’s Talk Podcast (Season 2, Episode 4).
After working through it with my therapist, I found inspiration from great advice from Geneticist — Femtech Focus — Serial Entrepreneur — Venture Capitalist — Podcast Host, Brittany Barreto, Ph.D. When I asked Brittany about how she survived the strife in her entrepreneurial journey. Brittany told me she realized she was more than her business. And so am I.
Brittany’s words reminded me that I didn’t start this business for me. It’s not about me, it never was. And although almost nothing about my import/export business has gone 1) according to plan; 2) according to schedule; or 3) right (Just plain right. Almost nothing has just gone right…), I started this business for the people. This is for the independent small business owner, the founders with purple hair, tattoos, or outside-of-the-box thinking. This is for the minority small business owners that don’t get offered international distribution at the same rate as their peers, this is for them. This business is for the culture. A global supply chain for the minority small business owner, built by a minority small business owner. This business and its vision is my love letter to the culture. #blackandimproud
