I Failed My Way To Success

By: Dr. Alvin S. Perry

The initial investment was $50,000 of my own money and an additional $600,000 of Angel Investor money. The new venture failed and personal bankruptcy and foreclosure came along with it.

1. Recognizing the opportunity

Keep your eyes open because opportunity is all around you. The goal was to become a better golfer.  There were many days of struggle with my golf game and God provided me with a vision that would solve the problem of keeping my feet from moving in the wrong direction during my golf swing. Research was conducted and there were no products on the market that could provide an adequate solution. It was clear to me at that point that there was an opportunity to design a new golf training aid. The vision in my mind was to build a product that was inexpensive to manufacture, portable, and easy to use. It was also apparent as the process began, that I was no engineer and this was not going to be an easy task.

2. Building the solution

My mother-in-law was my initial manufacturer because she knew how to sew. This provided me with a conceptual model, a prototype, to work with. From here I got a member of my church to develop drawings that I could use for presenting to a manufacturer and for use when filing for a patent. A manufacturer in China was sourced to help with finishing the product development, and once the final design was completed, a patent was filed. There was excitement as the new product was shown to GolfTec, the largest golf training company in the United States. This is the place where I was taking golf lessons. The VP of Training viewed the product and advised that he thought there was something there. His first thought was to tell me to combine my product with something else that was already on the market. I was hearing him however, I was not listening to him. The advice given was to make some adjustments and invent something that did not exist in the golf industry. It took another day for what he was saying to register, but after that the adjustments were made and a new golf training aid was designed. A new patent was filed within 5 days of the GolfTec meeting. The new product was manufactured, http://youtu.be/HWqy7FqjZA0, in China and delivered to the GolfTec VP. He replied that the upgrade was great and I was going to be a Millionaire!

3. Pursuit of happiness

If a credible source told you that becoming a millionaire was in your grasp, I think you would pay attention too.  The process of building the empire began with finding an expert that the market would believe. The first hire was a 20-year PGA Teaching professional out of north GA. The two of us approached and were turned down by so many Angel Investors, that the average person would have quit. However, our first investor wrote the company a check for $50,000 from his checkbook. You could imagine the excitement after that meeting. In addition to seeking funding, the systems and processes needed to run the business were being built. We hired nationally recognized golf celebrities (Rick Smith & Brandel Chamblee), an international shipping company, a fulfillment center, a call center, a website developer, a commercial production company, a retail packaging company, and a marketing company. This outsourcing model was utilized to keep costs down. Because this business building approach was chosen, there was no need to hire additional employees. Two people could operate the entire company. Well, we were able to raise a total of $600,000 of the $1.5 million goal. Although we were well short of our goal, we launched the company, Quiet Feet, Inc. Golfsmith, a major golf retailer, placed the product in the company catalog and three of their stores; GolfTec placed the product in a couple of training facilities; GSI Commerce placed the product on the company website; The Herrington Catalog Company placed the product in the company catalog; and the PGA Superstore placed the product in two of their stores. Several PGA Teaching Professionals purchased the product as well. The vision was clear and the million dollars was in site.

4. The crash and burn

It is an awful feeling to watch your dreams go up in smoke. No additional money was raised; therefore, we could not run enough television commercials to drive demand. However, a very small amount of product did sell off of the retail shelves, websites, and catalogs. The major goal was to become an infomercial product and that never happened. The money that was raised ran out quickly and before you knew it the company and I were broke. The bill collectors started calling at 8AM and did not stop until around 9PM, seven days a week. This continued for about 6 months and as you can imagine was mentally stressful for my wife and me. I must say my wife never wavered from my side as everything around her was falling apart. Bankruptcy became an option that worked out so well that I tried it 4 times. Ultimately, foreclosure was the only solution and the $500,000 home with $175,000 in equity was gone, along with many of our possessions that we sold at several garage sales.

5. The lessons learned

It is tough finding something positive in what on the surface appears to be a disaster. However, I took a few very important lessons away from this experience.

1.      Developed a clear understanding of how to raise money, $600,000

2.      Learned how to complete the Patent process, #7156747

3.      Learned how to take a product from conception to the retail shelf

4.      Learned to focus on creating the right value proposition and the resources will come

5.      Don’t be afraid to go for it, because you only have one life to live

6.      Having a support system is more valuable than you realize

7.      Developing the right relationships means all the world to you and your project, and in many cases they are better than having money in your pocket

8.      Failure will not kill you, the experience may grow you well beyond your imagination

9.      Things come and go however, the knowledge gained from the experience stays with you a lifetime

10.  You have much more substance than Corporate America will lead you to believe

     The process of pursuing and receiving a patent and taking that invention to retail required skills and talents that I did not know I had. You too are more skilled and knowledgeable than you believe you are. Remember the one thing that beats a fail, is a try. My life’s greatest failure and success occurred both at the very same time.