Our Biggest Business Fails

“All of us have hilarious ideas that can be epic fails”

“I think everyone who listens to this podcast, knows that I am part normal human and part insane”

“I thought it would be a fantastic idea to open up a topless barbershop”

“You only fail if you quit”

EPISODE INDEX:

  • Welcome Back: 00:30
  • Cory’s Failed Investment in Flo-Rida: 2:30
  • John’s Ghost Hunting Business: 8:10
  • Cory Tries To Flip A House: 11:45
  • John Wanted To Fight Dominic Cruz: 15:15
  • Cory’s Topless Barbershop: 22:45
  • When Someone Brings You A Bad Idea: 26:00
  • Closing Remarks: 29:15

KEY TAKEAWAYS:

Back in the MusclePharm days, Cory thought that hip-hop artist, Flo-Rida would be a good person to invest 6 figures in for him to promote the company. However, there was some missing research regarding the analytics of ROI and the investment tanked. During a photoshoot with him and all the MP gear, he doesn’t have his sunglasses on and looks like an entirely different person. Making him unrecognizable to anyone who would look at this content. Flo-Rida’s social media posts were not converting either. Using the same process that had worked for other celebrities and athletes, just was not working for him. Overall it cost the company several hundred thousand dollars.

As John is running a multi million dollar marketing company, because he believes in ghosts, he notices the paranormal ‘boom’ on television. He then draws the conclusion that being harassed by ghosts must be a pretty common problem. So he came up with a solution, paranormalconnection.com, which sounds like a dating service for ghosts. The service would connect those being harassed with ghost hunters in their area. Unfortunately it never came to fruition.

Cory decided to jump into the real estate business. Wanting to buy and flip a house, prior to his days at MP, he buys a house for 75K assuming he can sell it for 115K. He severely underestimated the amount of money and time that he would have to put in to make the house worth 115K. Then as the time to sell the house comes, the housing market crashed. At that point, the house was only worth approximately what he had put in it and he couldn’t sell the house for a year so he was paying the mortgage on it too. He saw that his friends were killing it in real estate so he diverted his attention from his wheelhouse and went for something he knew little about and wasn’t passionate for.

John was working with one of the greatest UFC fighters ever, Dominic Cruz. During this time Dominic had broken his hand and John’s partner happened to be a doctor. So they flew him out for an MRI and examination on their dime. They then have a surgeon friend who offers to do the surgery for free. The night before the surgery he and John go out drinking. While at the bar he accuses John and his partner hustling him and calls them dirty. At this point John was ready to swing on him, apparently forgetting this guy is a legendary UFC fighter. Fortunately, the fight was broken up before it really got started. The altercation did however lead to the termination of the professional relationship between John and Dominic.

Cory thought it would be a great idea to open a topless barber shop! Though it is a little sketchy on ethics, there certainly is a market for this business. Especially because there is some close interaction while your hair is being trimmed.

When other people bring you ideas that you don’t like, because you never want to be hypocritical, it is tricky explaining why their idea sucks. John is confident in his ability poke holes in business plans and if he can spot one in a couple seconds he is comfortable saying, “Listen, your money and time is at risk and you’re being a moron right now.”

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