It all started with a spark of inspiration and the drive to create something meaningful. In June 2023 Jacob and I embarked on the entrepreneurial journey of launching Serene Habits LLC, a social media-driven e-commerce company. It was an adventure fueled by entrepreneurial passion, creativity, and the desire to better understand the challenges of building and running a successful business. Last month, after an amazing year, Jacob and I made the difficult decision to close the company. Join me as I reflect on the highs and lows, and the amazing lessons learned in my first year of entrepreneurship.
Lessons Learned
Launching and running Serene Habits over the last year was an amazing education. The initial phase was exhilarating – from brainstorming product ideas to designing our website and launching our first marketing campaigns. We delved into the intricacies of LLC formation and management, digital marketing, SEO, and targeted advertising. Each challenge was a steppingstone, teaching us resilience and problem-solving.
One of the most rewarding aspects was seeing our business go from an abstract idea to actual sales. Every sale felt like a victory, a testament to our hard work and dedication. It validated our efforts and showed us that our idea had value. There was nothing quite like the feeling of knowing we had customers who appreciated what we created.
However, as the year unfolded it also became clear that much of my excitement for Serene Habits was in the initial set-up and launch. Peter Thiel’s intoxicating idea of ‘zero to one’: creating something where there was nothing before (read my book review here). When the day-to-day became a mundane chore, I realized with stark clarity that financial reward isn’t enough of a motivating factor to stay engaged and passionate. With entrepreneurship you must love what you do and be building something you believe in deeply. Only with this commitment will you find the motivation to continue in the tough times.
The Reality of Entrepreneurship
The journey wasn’t without its hurdles. We launched Serene Habits over the summer of 2023 when, as students, we had available time. Over the next year, balancing the demands of running a business with our schoolwork and other extracurricular activities became increasingly challenging. The time required to try and keep Serene Habits running began to take a toll.
We knew going into the school year that we needed to automate the management of our ad campaign, but we never quite had enough profit to be able to afford it. We found ourselves often feeling half a step behind, juggling late nights, creating content, and ensuring customer satisfaction, all while keeping up with our academic responsibilities.
One of the most unexpected challenges was navigating the complexities of business taxes. Filing taxes for our two member LLC was far more complicated than we had anticipated. The intricacies of financial statements, deductions, and paperwork requirements added a layer of stress that we hadn’t foreseen. And brought some good lessons in the importance of an organized filing system!
The Power of Mentorship and Community
Through this journey, I also gained a deeper understanding of the importance of mentorship and community.
I realized that having experienced mentors to guide us could have made a significant difference. Their insights, advice, and support would have helped us navigate the complexities of running a business more effectively. Deciding to embark on this project entirely on our own certainly provided valuable growth and fulfillment, but it also highlighted the critical role mentorship plays in entrepreneurship. There were many times we could have moved past roadblocks more quickly if we had an experienced sounding board to bounce ideas off.
And as ever, all roads in entrepreneurship lead back to community! We had a deep sense of isolation and working into a void at times. One of the biggest lessons to come out of this year for me personally has been the benefits and necessity of having a strong community around you as an entrepreneur.
Moving Forward
Despite the challenges, the journey with Serene Habits was immensely worthwhile. The experience provided us with invaluable skills and insights that will undoubtedly serve us well in our future entrepreneurial endeavors.
After an amazing year and much deliberation, Jacob and I decided it was time to close Serene Habits LLC. It was a bittersweet decision, but one that we knew was necessary. The demands of our business were simply too much to sustain alongside our other commitments, and ultimately the deep passion for what we were building wasn’t there.
A Chapter Well-Written
Closing Serene Habits LLC marks the end of a significant chapter in my life – my first business! But it also signifies the beginning of new opportunities. I’m looking forward to carrying these experiences and lessons forward into whatever comes next.
Serene Habits may be closing its doors, but the spirit of innovation and resilience it fostered within me will continue to thrive. I’m excited to apply my growth mindset to future challenges.
Read about the beginning of the Serene Habits LLC journey here.
See Peter Thiel’s book ‘Zero to One’ on Amazon here.