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One business coach has forged his approach to helping entrepreneurs and business executives by using a monumental personal failure and eventual redemption to help get others where they need to go to find their personal success and fulfillment.
At just 18 years old, Miha Matlievski, a Slovenian high school dropout, dreamed of becoming a successful entrepreneur. And he pursued it with a passion, putting in 12 years of hard work that resulted in four successful businesses and a personal net worth of $15M.
But in December 2009, an unexpected call from his bank, which had decided to foreclose on his real estate investments, brought his world crashing down around him. That one negative event instigated an avalanche of ruin for him and his businesses, resulting in his four, once-successful companies going bankrupt.
Embracing that previous failure, Miha began to climb out of his rut and take charge of his own life once again. In 2014, he created a new startup, generating eight figures in less than a year. Many publications in Slovenia approached him and his story went viral.
Since Miha’s “resurrection,” he has been known as The Fail Coach. In that capacity, he helps entrepreneurs around the world embrace and has a healthy relationship with failure with the goal of reaching a higher level of success.
- There is no such thing as not failing in the process of building your business and achieving success. You will fail a lot more than you will succeed, but those successes will make up for all the failures and add some. So it’s very important that you develop a healthy relationship with failure, and when I say a healthy relationship with failure, I mean, you must not let emotions get you down.
- The second thing is the foundation is everything. Some of the foundations include processes, KPIs benchmarking, measuring your processes clear brand story, who you are, what you’re doing, what do you stand for company culture, and hiring process to name a few.
- Third, when it comes to building a business, two things are super key. The first thing is a lot of entrepreneurs do is start making a logo and, and things like that. The first thing that you need is a validated product-market fit. Without that, you don’t have anything. Validation means people will buy your product or service at full price.
- Fourth, a product-market fit is comprised of three things that need to come together: an audience that will buy from you; a product that solves something or brings them something, bridges a gap between a struggle and a desire; and the business model that is profitable for you.
- Fifth, if you are about to create something, create something that’s close to your heart because it’s so much easier to overcome the little struggles when you’re doing something your love.
- Success won’t be overnight. If you are more of an introvert and have an intimate group of maybe five, 10 friends, that’s not enough. You will have to push yourself a little bit out there and start meeting with people. Networking and leveraging relationships will help you quickly scale your business.
1. What is one fun fact about you that not that many people know?
Many years ago, the only sound investment that I ever made in that past life before failure was before Gordon Ramsey was famous. I had three weeks of coaching on cooking and that was the best experience of that part of my life and the only smart investment I made.
2. Who inspires you the most and why?
There are so many people who’ve inspired me in many different ways. One person that I take a lot of knowledge from is Albert Einstein. A few years ago I came across the quote “Don’t just be a man of success, rather be a man of value.” That’s the only quote that stuck in my head and every single day, there’s at least one thing that I do where I bring value to others. I really live it every single day. It’s my new year’s resolution, my everyday resolution. If I don’t do anything else, every single day I make sure I bring value to other people.
3. What books are you reading now or have read and loved that you’d recommend?
The 5 Love Languages: The Secret to Love that Lasts by Gary Chapman
4. What is one actionable tip or piece of advice that you can tell our moms out there to help them on their financial independence journey?
Write it down and be mindful about how you manage your money. Maybe, create a few different bank accounts and split up your money into different buckets and so on. Often, it’s not the big things that we buy that get us into debt. It’s all those little things that we don’t even notice. Five bucks here, $10 here, $20 here, but they accumulate to a lot. Make it a habit that before you spend something, you put it in the notebook. It will make you rethink whether you really need to make that purchase.