“Not every idea is going to change your world. Not every chance you take is going to pan out but that shouldn’t stop you from trying,” – Lachlan Heussler, Managing Director, Spotcap Australia.
As the saying goes, if at first you don’t succeed, try and try again.
It’s a philosophy which governs many entrepreneurs and business owners. Not every chance you take will prove to be a fortuitous one, but that shouldn’t stop us from trying.
There is a wealth of experience to be gained by those who aren’t afraid to stumble. Something our MD Lachlan Heussler knows all too well. Lachlan left a career in investment banking back in 2008, to work on a ‘big idea’. Along with a couple of partners he started a business called Investable, an online forum where investors could connect, share and track investment ideas.
The team was passionate, dedicated and had strong backgrounds in finance but even all that wasn’t enough to ensure success. Why? Perhaps they underestimated the time it would take to launch, perhaps the market wasn’t mature enough for the idea. In any case Investable is no more.
They had stumbled, that’s for sure, but Lachlan didn’t give up and return to his old job as an investment banker. He understood that failing can often fast track success. A study of Texan retailers found owners who closed up their first shop and persevered with another were more successful the second time around. In fact, the likelihood of success increased with each successive attempt.
Lachlan’s stumble showed him he didn’t need a ‘big idea’ to be a successful entrepreneur. He took stock, readjusted his mindset and sought out his next venture. He noticed a gap in unsecured small business lending in Australia where technology and innovation could change the game. Lachlan reached out to Spotcap, a new global player with a proven product and business model. Spotcap was ready-to-scale into new territories and he would soon be the one to lead the charge in Australia.
Lachan took just 55 short days to launch a fully functional lending platform into the Australian market.
Lachlan had gained valuable experience because he had stumbled. He readjusted his strategy and did things a little differently the second time around.
“I want Aussie business owners to back themselves and keep backing themselves even when things get tough,” said Heussler.
Are you an entrepreneur or business owner who backs yourself? Now is your chance to win $5,000 just for being you. Enter our Yes is More competition by telling us about a time you took a chance on your business.
Originally published June 14 2016 , updated January 18 2017