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I lost USD 500,000 in a sec.

It's been a few years since I lost almost half a million dollars in my privet store, but looking back, it was one of the best things that ever happened to me.


At the time, I was devastated.

I had put so much time and effort into building and adjusting my business.


But as the dust settled (It took me a week to recover mentally), I realized I had a choice: let the loss define me or use it as an opportunity to learn and grow.

I chose the latter.


I started by taking a hard look at what had gone wrong and trying to understand how to prevent it from happening again. It wasn't easy, but I knew I had to be honest with myself if I wanted to move forward.


It wasn't the customers' service, advertising, competition, or even the product itself.

It was a clear notice from the US regulatory affairs department they removed thousands of baby products from the shelves.


Once I better understood what had happened, I started rebuilding our business system, methodologies, and research before launching products. The focus was to remove and minimize risks. I started by streamlining my operations and setting up updated steps for the product research team. I also made a point of staying up-to-date on industry trends and investing in ongoing education for everyone.


And most importantly, I am always trying to keep myself surrounded by a supportive network of colleagues and advisors who help me grow continuously.


It wasn't an easy road, but I'm proud to say that my business is now stronger than ever. In fact, I've even used what I learned from my loss to help other business owners avoid the same mistakes.


So, keep hope if you're facing a tough challenge or a difficult setback. Remember that every challenge is an opportunity to learn and grow. And who knows? You might even come out better on the other side.

(Believe me, you will!)




Niv Michover

Co-Founder

Ecreate Freedom LTD

https://www.ecreatefreedom.com/

info@ecreatefreedom.com

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