This content was created by Scott Empringham. This content was uploaded by Scott Empringham. This is a YouTube video titled "The obstacle is the way 🚀 #entrepreneur #relentless #entrepreneurship" created on June 1, 2023. It features a personal narrative from an entrepreneur discussing a significant financial setback and the journey to recovery using social media and digital marketing skills.
Questions this video answers
90%
Approximately $500,000 ('half a million dollars').
90 days.
88 days (paid off 100% of the debt).
Chapters
That Monday, I realized 90% of my revenue was gone. How do I get around this? 20 years of working on this. I've got to figure out a way around this. And the answer was ultimately, shut it down. It was devastating. A few weeks later, I was packing up all my stuff and leaving the attorney. He said, listen, I've got some bad news for you. You can leave with just your phone. Everything else is an asset of the business. So there I am, walking out with just my phone. I have no clients, no biz, no money, and half a million dollars of debt. My daughter heard the conversation. She asked me if she could take her crayons. I said, yeah, of course we're taking the crayons. The crayons are ours. Take the crayons. Every entrepreneur knows the sting of a defeat. But for me, I didn't have any idea how I was going to get out of this thing. And worst, the bank is calling, telling me I got 90 days to start paying off the line of credit. I was going to lose my house. One morning, I had an idea. Wait a second. I specialize in getting customers with social media and Digital Marketing. In 90 days or less, if I could do for myself, I'd done for all my other customers, then maybe I could turn this thing around. And ultimately, 88 days later, I walked into the bank and I paid off 100% of the debt.