Bankrupt and Facing a $100 million Lawsuit, This Entrepreneur Learned the Power of Grit

Asia's Tech News Daily

Bankrupt and Facing a $100 million Lawsuit, This Entrepreneur Learned the Power of Grit

There’s a moment during a long distance run when the body begins to beg for mercy. It’s then, as the muscle cramps and exhaustion take hold, that runners have a choice to make: quit or keep going.

For Chuck Goetschel, an extreme runner and serial entrepreneur, that “hitting the wall” feeling has become an integral part of his success both on and off the racetrack.

“If I’m running a 24-hour race, after four hours of running, your feet hurt and your legs hurt and you’re tired and want to stop,” Goetschel says. “So how you do run for 20 more hours? You come head-to-head with yourself. You have a battle.”

The key is choosing those battles, rather than waiting for them to come to you. Goetschel, who was recently approved to compete in the Marathon Des Sables, a six-day, 156-mile race in the Sahara Desert nicknamed the Toughest Footrace on Earth, has found that it’s in these grueling moments—when he is forced to supersede the limitations of his mind and body—that he is able to tap into the grit that can only come from experiencing the extreme.

“In the most extreme elements, you get an opportunity to grow yourself and to push to another gear,” he says. “I can’t do that sitting on the couch. Putting myself in those extreme moments gives me a chance to find out how tough I can be internally and to grow that tenacious muscle to a higher level.”

Bankrupt and Facing a $100 million Lawsuit, This Entrepreneur Learned the Power of Grit

Problems are the answer.

Those muscles have come in handy for Goetschel, who began his entrepreneurial career at age 10 and has since built multiple businesses spanning categories and channels—all of which required extreme perseverance and effort. His experiences have led him to write two books—The Anatomy of a Comeback and Simon Says: Living Your Life Purpose… and Not Just Following the Crowd.

Early in his career and looking to supplement his work as a professional athlete, Goetschel joined a company with a network marketing business model and discovered that the business, in his opinion, was built around an antiquated system. To provide a solution, he assembled a small group of talented team members and built a process that was easy to replicate. His small organization ultimately grew into a $40 million worldwide business, a feat that earned him a spot on the company’s advisory board of directors.

But after a leadership dispute, Goetschel and a few others parted ways with the company. Over the next few weeks, approximately 75,000 distributors followed his lead, and the company sued Goetschel for $100 million—litigation that would tie up his finances and energy for years.

“Building the first big thing is not so bad, but building the second big thing, when you are literally bankrupt and have no money, that’s really hard to pull yourself back up,” he says. “Starting over again with all of that on your back is probably the greater accomplishment.”

Although his first big success resulted in a dire financial situation, it also revealed his two greatest strengths: identifying problems and delegating the solutions to talented people. As he scrambled to get back on his feet, Goetschel says, he went back to basics, asking himself how he could combine his own gifts and passions to create solutions that would help or serve others.

For Goetschel, the answer made his next steps obvious. With a degree in computer science and a heart for entrepreneurship, he launched an online university that taught entrepreneurs how to engage customers during the early days of the internet. Goetschel gathered 30 professors from around the world and the school appeared to be a success.

Then he read the graduates’ exit surveys.

“Almost all the graduates said, ‘Now I know what I should be doing, but I’m still not going to do it,’ ” he says. “I realized, that’s not solving a problem, that’s just knowledge on ice.”

He launched Paradigm Marketing Alliance as a remedy, creating social media content for those entrepreneurs and other franchise brands. The next problem? Creating all of that content was expensive, so Goetschel built Rallio, a social media technology platform, in order to automate numerous processes that were previously manual efforts. The company is also working to take the guesswork out of social media and allow users to pinpoint fine details such as which posts have generated the most revenue by category. Among its existing B2B partnerships is the app NOW, which provides a social selling toolbox for solopreneur users, offering automated sampling and digital commerce solutions.

This pattern of identifying the problems within the problems defines Goetschel’s approach to life and business. It’s not great ideas that change the world or build successful businesses, he believes, but rather problem-solving.

“To come up with an idea is so backwards thinking,” he says. “Stop thinking of ideas and start looking for solutions and for problems to solve. Spend all of your mental energy finding and defining the problem, and then solve it.”

“Don’t be boring.”

Rallio’s culture and operating practices echo Goetschel’s extreme style. Company mugs bear the slogan “Don’t be boring,” and employees are encouraged to take vacation days whenever they like as long as their work gets done. Ping pong tables and office parties are the norm, and company executives are often plucked from obscurity for their talent rather than career pedigree. For example, Rallio employees picked a barista from the Starbucks across the street to join the marketing team as an intern because he made them laugh each morning with his quick wit and humor. Soon his creative approach earned him a position providing entertaining copy to the marketing team and acting in their numerous videos.

“I appreciate loyalty and longevity, but you don’t move up ranks based on the timing of your annual review,” he says. “That’s not the best thing for the whole team. The best thing is for you to be constantly trying to grow and become a better person so that you obviously rise up and are needed at a higher level. Promotions are based on who you are becoming.”

Big picture optimism and an encouraging work environment are important to Goetschel, but so is what he describes as necessary pessimism, a mindset that allows his team to constantly look for what’s missing and anticipate worst-case scenarios.

Living in the tension of these extreme opposites—a fun, inclusive working environment mixed with a heightened sense of what could go wrong—have become Goetschel’s secret sauce.

“We’re looking for extreme people,” Goetschel says. “If you have a collection of extreme people, who are passionate about a vision, something good is going to come out of it.” 

This article originally appeared in the January/February 2022 Issue of SUCCESS magazine. Photos by Paksit Photos and courtesy of Chuck Goetschel

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Is Advanced Micro (AMD) a Solid Growth Stock? 3 Reasons to Think " Yes "

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market’s attention and produce exceptional returns. But finding a great growth stock is ... Read more »

Why Ovintiv (OVV) Could Beat Earnings Estimates Again

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly ... Read more »

Earnings Estimates Moving Higher for Caleres Inc. (CAL): Time to Buy?

Investors might want to bet on Caleres Inc. (CAL), as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, ... Read more »

Looking for a Growth Stock? 3 Reasons Why AMN Healthcare (AMN) is a Solid Choice

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market’s attention and deliver solid returns. But finding a growth stock ... Read more »

Why Expeditors International (EXPD) Could Beat Earnings Estimates Again

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Expeditors International (EXPD), which ... Read more »

Why Group 1 Automotive (GPI) Could Beat Earnings Estimates Again

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly ... Read more »

Cat And Mouse – As Scammers Step Up Their Game, Crypto Security Must Keep Pace

Leading blockchain security firm Chainalysis recently released the first glimpse of its 2022 Crypto Crime Reports, and although there are some signs of progress, it makes for sober reading. In ... Read more »

How to Build True Resilience Amid a Changing Business Landscape

The concept of resilience, as it applies to both organizations and individuals, has evolved significantly in recent years. The term that once referred to the ability to withstand sudden change ... Read more »

How to Develop Lifelong Clients

According to a survey of businesses conducted by the consulting company Invesp (which specializes in conversion rate optimization), it costs five times more to obtain new clients as it does ... Read more »

5 Innovative Global Initiatives to Invest In

When most people envision investors’ portfolios, they picture lists of stocks, annuities, and bonds. Yet investing can go far beyond those vehicles. Many people decide to grow and share their ... Read more »

Mastercard (MA) Ties Up to Accelerate B2B Payments in Canada

Mastercard Incorporated MA recently collaborated with BMO Financial Group, a financial services provider, and Moneris Solutions Corporation, a payment solutions provider. Through the partnership with the two Canada-based companies, MA’s ... Read more »

This is Why Hormel Foods (HRL) is a Great Dividend Stock

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor’s dream. But for income investors, generating consistent cash flow ... Read more »

Reasons to Hold on to Montrose Environmental (MEG) Stock

Montrose Environmental Group, Inc. MEG has had an impressive run on the bourse over the past year. The stock returned 34.1% over the past year against 8.2% decline of the ... Read more »

Why Emerson Electric (EMR) is a Top Dividend Stock for Your Portfolio

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor’s dream. But for income investors, generating consistent cash flow ... Read more »

Vail Resorts (MTN) Reports Ski Season Metrics, Skier Visits Down

Vail Resorts, Inc. MTN reported certain ski season metrics for the period from the beginning of the ski season through Jan 2, 2022. – Zacks Ski Season Metrics Season-to-date (through ... Read more »

What's in the Offing for Citizens (CFG) in Q4 Earnings?

Citizens Financial Group CFG is scheduled to report fourth-quarter and 2021 results on Jan 19, before the opening bell. While its quarterly earnings are expected to have improved year over year, ... Read more »

10 Secret Ways To Find The Best Penny Stocks To Buy In 2022

Penny stocks are high-risk, high-reward investments. If you’re looking to take a risk on the stock market to make some serious money, then penny stocks might be for you. However, ... Read more »

Key Factors to Affect M&T Bank (MTB) This Earnings Season

M&T Bank Corporation MTB is scheduled to report fourth-quarter and 2021 results on Jan 20, before the opening bell. The company’s revenues and earnings are expected to have decreased year over ... Read more »

3 Franklin Templeton Mutual Funds for a Steady Portfolio

Founded in 1947, Franklin Templeton Investments prides itself in offering “exceptional asset management” to its clients in more than 165 nations. It has offices in more than 30 countries and ... Read more »

Can Travelers (TRV) Retain Its Surprise Streak in Q4 Earnings?

The Travelers Companies, Inc. TRV is set to report fourth-quarter 2021 earnings on Jan 20. The company delivered an earnings surprise in each of the reported quarters of 2021. – ... Read more »

Smart Money Podcast: How Nerds Choose the Best, and Paying for College

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. NerdWallet – NerdWallet This week’s episode starts with a discussion about how Nerds choose the best financial ... Read more »

Designer Brands and Bed Bath & Beyond have been highlighted as Zacks Bull and Bear of the Day

For Immediate Release Chicago, IL – January 17, 2022 – Zacks Equity Research shares Designer Brands Inc. DBI as the Bull of the Day, and Bed Bath & Beyond BBBY ... Read more »

Here's Why "Trend" Investors Would Love Betting on Lynas Corp. (LYSDY)

When it comes to short-term investing or trading, they say “the trend is your friend.” And there’s no denying that this is the most profitable strategy. But making sure of ... Read more »

8 Practical Tips for Successfully Launching Your Startup

If you’re looking to launch a startup, there’s no better time than now. The startup world is buzzing with activities and opportunities that have never been available before. However, launching ... Read more »

Why Fast-paced Mover Performance Food (PFGC) Is a Great Choice for Value Investors

Momentum investors typically don’t time the market or “buy low and sell high.” In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, ... Read more »

Looking for a Fast-paced Momentum Stock at a Bargain? Consider Meritage (MTH)

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage — “buy low and sell high.” Investors following this investing style typically avoid betting on cheap stocks and ... Read more »

Recent Price Trend in Oaktree Specialty Lending (OCSL) is Your Friend, Here's Why

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

How Investors Can Grab Better Returns for Finance Using the Zacks ESP Screener

Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the ... Read more »

Here's Why "Trend" Investors Would Love Betting on CBIZ (CBZ)

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

Best Income Stocks to Buy for January 17th

Here are three stocks with buy rank and strong income characteristics for investors to consider today, January 17th: – Zacks Bridge Investment Group BRDG: This vertically integrated real estate investment ... Read more »

Zacks Industry Outlook Highlights: AMN Healthcare Services, Apollo Medical Holdings, Inc and LifeMD, Inc

For Immediate Release Chicago, IL – January 17, 2022 – Today, Zacks Equity Research discusses AMN Healthcare Services AMN, Apollo Medical Holdings, Inc. AMEH and LifeMD, Inc. LFMD. – Zacks ... Read more »

An Annuity 101 Guide For Non Jargoned Consumers

After returning from the grocery store last week, I went to turn on my laptop. To my dismiss, it was now nothing more than a paperweight. In other words, it ... Read more »

How to Boost Your Portfolio with Top Oils and Energy Stocks Set to Beat Earnings

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

Walmart Might Soon Be Rolling Out Its Own Cryptocurrency

The high demand for and success of NFTs in the crypto world and digital marketplace make it unlikely that the craze will be going away anytime soon. Bloomberg | Getty ... Read more »

Here's How Investors Can Find Strong Utilities Stocks with the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

Best Value Stocks to Buy for January 17th

Here are three stocks with buy rank and strong value characteristics for investors to consider today, January 17th: – Zacks Goodyear GT: This one of the largest tire manufacturing companies ... Read more »

Here's What Could Help Stellantis (STLA) Maintain Its Recent Price Strength

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

New Strong Buy Stocks for January 17th

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today: – Zacks Axis Capital Holdings AXS: This Bermuda-based holding company for the AXIS group of companies ... Read more »

Netflix Is Raising Prices in the U.S.

The battle between streaming giant Netflix and its many competitors continues — and this time it comes with a higher price tag for customers in the U.S. Reuters reports that Netflix Inc. ... Read more »

Building machines that work for everyone – how diversity of test subjects is a technology blind spot, and what to do about it

People interact with machines in countless ways every day. In some cases, they actively control a device, like driving a car or using an app on a smartphone. Sometimes people ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic