The fear of failure is a huge hurdle for entrepreneurs, with more than 40 percent reporting they are affected by it. At best, the fear causes entrepreneurs to play it safe, potentially passing on opportunities that can allow them to gain momentum. At worst, it prevents them from ever taking the steps needed to translate their ideas into reality. In fact, stats show that more than 60 percent of workers have ideas for starting businesses, but only 8 percent ever act on them.
Many successful entrepreneurs, however, have found failure to be a powerful fuel that has propelled them to success. Joseph Gonzalez is one of those entrepreneurs. Rather than letting a fear of failure discourage him, he’s embraced failure as an ally that can teach valuable business lessons.
“Since my early 20s, I’ve pursued multiple business ventures, many of which didn’t pan out,” Gonzalez shares. “I started an IT company, a painting business, a wholesale operation, and several other projects. Each failure taught me something valuable and helped shape my understanding of business.”
Gonzalez eventually leveraged the wisdom he learned from his entrepreneurial efforts to develop multiple successful businesses, including a full-service marketing agency, a media company, and a business process outsourcing call center in Columbia. Today he serves as Founder and CEO of Level Up Insurance and Engage Media. He is also the host of “The Blueprint Podcast,” where he talks with top entrepreneurs about the unedited realities behind their achievements.
Gonzalez’s journey and what he has learned along the way can serve as a roadmap for other entrepreneurs seeking to build a multi-industry entrepreneurial empire.
Start with passion
Entrepreneurship is not for the faint of heart. It requires embracing uncertainty and risk, overcoming obstacles with little to no support, and personal sacrifices that the average nine-to-five worker never needs to contend with. Entrepreneurs have a better chance of overcoming those challenges if they are driven by a passion that launches their entrepreneurial vision.
“For me, entrepreneurship has always been about freedom—more than just financial success,” Gonzalez shares. “It’s the ability to take full control of my life and not be accountable to anyone else. The idea of building something on my own terms, without restrictions, is what truly ignited my passion.”
Stats show that many entrepreneurs follow Gonzalez’s path — identifying freedom rather than money as their motivation for launching a business. A desire to be their own boss is another big reason why entrepreneurs start their journey.
Adopt a strategy that supports scaling
As businesses seek to gain momentum, the capacity to scale is crucial. Scaling allows a business to increase its revenue without a proportional increase in expenses. For entrepreneurs looking to branch out into new industries, scaling provides resources for growth without undermining their current business success.
“After several attempts, I finally found my footing in the insurance industry,” Gonzalez explains. “The business structure of insurance allowed me to scale in a way that previous ventures didn’t. From there, I built a solid foundation and expanded into multiple industries.”
Gonzalez encourages entrepreneurs to seek synergy as they look to add more businesses to their portfolio. When business initiatives have complementary strengths or can share resources, they experience cost savings and other benefits that make it easier to scale and succeed.
“Every company I’ve launched feeds into my ecosystem,” Gonzalez says. “They’re not just separate businesses; they work together, creating a cycle of growth and opportunity. That strategic alignment has made expansion much more intentional and scalable.”
Scaling also helps businesses increase their sales volume, which improves cash flow. Entrepreneurs who can rely on a healthy cash flow are in a better position to take advantage of business opportunities.
“The biggest challenge I found to gaining momentum was being limited by capital,” Gonzalez shares. “It’s extremely difficult to get ahead without the financial resources to grow.”
Learn from every experience
Entrepreneurs will sometimes joke about getting their business education in the School of Hard Knocks. The truth, however, is that tough experiences are often a great teacher. The more experience entrepreneurs have — with both wins and losses — the better equipped they are to overcome business challenges.
“Some of my hardest lessons came from financial losses due to inexperience, but those setbacks became the foundation for smarter decision-making in the future,” Gonzalez shares. “Every business comes with its own set of challenges, but experience makes a huge difference. Over time, you get better at problem-solving and navigating obstacles. While it doesn’t necessarily get easier, you become more equipped to handle what’s coming.”
Building a business empire requires a strong mix of passion, persistence, and hard-earned wisdom. But it starts with the simple step of taking a risk and diving in.
“Don’t wait for the perfect moment,” Gonzalez warns. “Take action, never stop learning, and reinvest everything you make back into scaling. If you commit to this for a few years, you’ll get ahead for sure.”
