I lost $300,000 trying to build my dream. In 2016, I started my first business, which was about digital printing. I was really excited. We had an investor who believed in us, the market needed what we offered, and everything seemed to be going well.

But things didn’t turn out the way I hoped.

Between 2016 and 2019, the business started to struggle. We faced many problems and ended up losing a lot of money. It was a tough time.

I lost $300K in my first business, but I learned important lessons. Here's how that failure helped me start a better business later.

The Beginning: A Promising Start

In 2016, I started a digital printing business. A lot of people needed this service, and we had an investor to support us. The idea was strong, and we were excited to get started.

At first, things were going well. We got orders, people were interested, and everything looked good. But then, problems we didn’t expect started to slow us down.

When Everything Began to Fall Apart

We didn’t have the machines we needed. They were expensive, hard to find, and tough to use. Because of the delays, we couldn’t complete orders on time. Customers got upset, and we started losing business.

The supply chain caused more problems, too. Materials came late, deliveries were slow, and we had tech problems. We worked harder, searched for fixes, and contacted suppliers, but still, things didn’t improve.

Soon, the pressure started growing not just because of money, but also from our investor. Each month felt like a mix of hope and stress.

The Decision to Let Go

One of the hardest choices I ever made was to close the business. But deep down, I knew it was the right thing to do.

We weren’t just losing money, we were also losing time, energy, and focus. I wasn’t learning or improving anymore. I was just trying to keep things going.

We shut down the business after losing over $300,000. It was painful, but I didn’t feel like a loser. I just felt humbled and wiser.

Two Lessons That Changed the Way I Work

The struggle taught me two lessons I’ll never forget. When I began Elixr Labs, I followed those lessons to make better choices.

• Transparency is Non-Negotiable

In my first business, I kept bad news to myself. I didn’t want to scare my team or investors. I hoped the problems would go away, but they only got worse.

At Elixr Labs, I now believe in being honest all the time, even when it’s tough. We share both the good and the bad. This honesty builds trust, and trust keeps our team strong.

• Know When to Walk Away

I didn’t want to stop. I kept thinking we should try one more time. I was too close to the business to see it was failing. I thought quitting meant I failed. But now I know that knowing when to change direction or stop is actually smart.

I’ve learned not to chase every good idea. I check if it matches our goals and time. If it doesn’t, I move on and I ask my team to do the same.

Starting Over with Elixr Labs

Starting Elixr Labs wasn’t easy, but I brought lessons from my past failures. I used my old mistakes to make better decisions and avoid falling into the same traps.

We moved slowly and chose carefully. We chose to listen instead of guessing. We made honesty, strength, and kindness our main goals.

Things have changed a lot since then. That $300,000 loss felt huge, but it taught me lessons that are still helping me now.

Failure is painful, but it helps you learn. I lost $300,000 in my first business, but the lessons, like being honest and knowing when to let go, helped me start Elixr Labs

These lessons made me a better leader and helped my team grow stronger. If you’ve failed before, don’t give up.

Failure can teach you and make you stronger. Sometimes, it leads you to a better path. Letting go doesn’t mean you failed; it means you’re ready for a fresh start.

What’s one tough experience that taught you a lesson you still carry with you today?