I lost $30,000 on my first business. Two years later, I built a business worth over $9 million - these are the lessons I learned.

"In 2017, I was working as an investment banking analyst at Citi when I launched Mei, a beauty app where users could filter through and book appointments with makeup artists, hair stylists, and more. It was a one-year process of trying to scale and pouring in about $30,000 in the process, but we ultimately never launched. In the meantime, I was selling handmade acrylic makeup holders online under the brand name Étoile."

"Two years later, I quit my job and went all in on Étoile. I transformed it into a world for beauty enthusiasts, crafting accessories that elevate daily rituals. We made over $9 million in revenue last year and recently launched our products in nearly 30 Anthropologie stores across the US. Here's what I learned from my failed business that helped me the second time around."

Michelle Hu launched Mei, a beauty booking app in 2017 while working in investment banking and spent about $30,000 over a year before the project never launched. During that time she sold handmade acrylic makeup holders under the brand name Étoile, which gained traction. She left banking two years later to focus fully on Étoile, repositioning it as a lifestyle brand for beauty enthusiasts. Étoile generated over $9 million in revenue last year and expanded into nearly 30 Anthropologie stores. Key lessons include aligning business with passion, prioritizing product-market fit, hiring experienced talent, and adapting strategy.

Read at Business Insider