How Losing Every Dollar Sparked My Entrepreneurial Spirit – Young Upstarts

by Michael Sartain, CEO at Men of Action

What if I told you that losing everything could be the best thing to ever happen to you? Sounds a bit far-fetched, right? But that’s precisely how it played out for me. I hit rock bottom when I lost 80% of my net worth during the 2020 market crash. It was a tough pill to swallow, but looking back, that setback turned out to be a turning point.

Before that loss, I had transitioned from my seven-year career as a U.S. Air Force captain to working in finance, managing money and selling put spreads on the S&P 500. Like so many others, I believed I had it all under control — until the world turned upside down. COVID-19 hit, and within a few days, I watched my financial foundation crumble.

From this experience, I learned powerful lessons that can help anyone facing their own challenges.

1. When Life Knocks You Down, You’ve Gotta Get Back Up.

I don’t know anyone who enjoys failure. Let’s be honest — failing sucks. But it’s also a chance to hit reset and come back stronger.

When the market crashed and I lost the majority of my net worth, the sense of defeat was overwhelming. After years of hard work and dedication, it all seemed to vanish in an instant. But after a moment of self-pity, I realized I had a choice: I could let this loss define me, or I could pick myself up and keep moving forward.

Failure isn’t final unless you let it be. It’s part of the process, and those who learn from their failures are the ones who eventually come out stronger. When life knocks you down, don’t stay down. Take time to regroup, reassess, and figure out your next steps.

2. Adaptability Is Survival.

Darwin’s origin of species would tell us, “It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.”

One of the biggest lessons I’ve learned is that you have to be willing and ready to pivot. When life changes — and it will — you need to change with it.

After the market crash, I knew I couldn’t rely on the same path anymore. That’s when I leaned into what I’d been doing on the side for over a decade: coaching. I had been mentoring for free, helping men improve their confidence, leadership, and communication skills.

I didn’t have a million bucks and a dream team right off the gate. What I did have was years of experience, a genuine love for what I was doing, a willingness to adapt, and luckily $1,500 to get my new venture going. Sometimes, you have to stop fighting the current and start going with the flow. When you embrace change instead of resisting it, you’ll find new opportunities.

3. Start Where You Are and Build from There.

After the crash, I didn’t have much to work with. Starting with just a little and working my way up was not only humbling, but it also taught me how to maximize every opportunity that came my way.

If you’re sitting on an idea or a goal and waiting for the “perfect” time to start, here’s the reality: there’s never a perfect time. Start with what you have, do what you can, and build from there. Success doesn’t come from waiting for ideal circumstances; it comes from taking action, no matter how small.

4. Build a Tribe, Not Just a Network.

No one climbs the mountain solo — you need a support system. I’ve found that surrounding yourself with like-minded people who push you to be better is one of the smartest moves you can make.

Surround yourself with people who challenge you and hold you accountable. A good support system keeps you grounded, offers perspective, and helps you push through when times get tough. Whether it’s in your career or personal life, having a network of like-minded individuals can make all the difference.

When you have people around you who believe in you and push you to be better, you’re more likely to stay committed to your goals and take the actions needed to reach them. As they say, “Iron sharpens iron.”

5. Actions Speak Louder Than Words.

Don’t listen to what people say; watch what they do.

I learned this the hard way. I had two business partners who talked a good game, but behind the scenes, they were stealing money from me. It was a tough lesson, but a valuable one. Trust isn’t something that comes from words but from consistent, trustworthy actions.

This principle applies across the board, whether it’s in relationships, friendships, or business partnerships. If someone’s actions don’t line up with their words, that’s a red flag. And the same goes for you — make sure your actions back up your promises.

Use Setbacks as Your Stepping Stones

If you’re going through a tough time right now, just know that it’s not the end of the road. Losing everything doesn’t have to mean losing yourself. In fact, it can be the beginning of something much greater.

I know what it feels like to hit rock bottom, but I also know that rock bottom can be the foundation for your comeback. Don’t be afraid to fail, to adapt, and start small. Success isn’t about never failing — it’s about how you respond when things don’t go as planned.

Michael Sartain is a versatile professional with a diverse background. After earning a BBA in Management Information Systems from the University of Texas at Austin, he joined the U.S. Air Force as a KC-135 navigator, serving for seven years and achieving the rank of Captain. Transitioning to civilian life, he became an event host in Las Vegas, eventually moving into finance as a money manager and studying under Tom Sosnoff. Michael founded the Men of Action program in 2019, focusing on performance coaching, social networking, leadership, entrepreneurship, mindset, and finance.

Related