In the second episode of 'Good Ideas + Bad Decisions,' business owners Ellen and Kat dive into the complexities of running a business and the inevitable setbacks that come along the way. The hosts then navigate a deep discussion on failure, reflecting on their personal business endeavors that didn’t go as planned. Ellen talks candidly about closing her sustainable maternity activewear brand, and Kat shares her journey with a failed wallpaper design business. Together, they explore the emotional impact of not meeting their initial expectations and how they redefined success and failure in their entrepreneurial journeys. They wrap up with advice on necessary financial systems for new business owners and offer resources for listeners facing similar challenges. Tune in for heartfelt stories, practical advice, and an authentic peek into the world of entrepreneurship.

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Ellen is the Owner of ⁠ Ellen Hockley Consulting⁠ and offers valuable insights from her extensive experience in building successful small businesses and empowering female entrepreneurs, providing practical advice on business strategy and growth.

Kat is the Owner + Operator of ⁠kat&co⁠ and brings a unique perspective with her psychology background and experience in creative business operations, making her adept at discussing the intersection of creativity and structured processes.

00:00 Welcome to Good Ideas, Bad Decisions

00:37 Catching Up: Weekend Recap

02:47 Technical Issues and a Trip to Napa

04:34 Dealing with Theft and Its Aftermath

08:37 The Importance of Backing Up Data

11:51 Discussing Failure in Business

23:33 Struggles of Starting a Business

24:08 Dealing with Failure and Moving Forward

25:24 Transition to Consulting

26:17 Forced to Start Consulting Full-Time

27:03 Reflecting on Past Business Ventures

28:23 Lessons Learned and Future Plans

30:32 Supporting Women in Business

33:13 Defining Failure and Self-Worth

42:47 Financial Systems for New Businesses

48:31 Final Thoughts and Announcements