You always listen to people talk about how mistakes and failures are chances for growth. For Ricardo Jiménez, learning from failure has truly proven to be an opportunity, and on a large scale. In reality, he has authored a book titled Crash Course, which highlights the rise and fall of his start-up business and, more importantly, the lessons he derived from the experience.
The human side of building a start-up
The subtitle of his book, “A Founder’s Journey to Saving Your Startup and Sanity,” offers a glimpse into what makes Jiménez’s perspective special. He delves into topics like self-awareness and the mental health aspect of being an entrepreneur. “I believe we need to delve deeper into the human side of the individual constructing the startup,” he remarks.
Jiménez considers “understanding our inner states” to be a significant factor in evaluating motivations before embarking on a business venture. Other factors include self-trust, following instincts while leading, and, importantly, knowing when to relinquish control if necessary. “The more you comprehend your starting point, the better you’ll understand what’s happening to you and why you’re leading or making the decisions you’re making,” Jiménez explains.
“As humans, we tend to believe that we can do it all—we’ll build companies, we’ll establish empires, we’ll change the world. But the most probable scenario is that things won’t go as planned, creating confusion, and you need to be prepared to accept that as part of the process,” he asserts.
Quoting Apple Founder Steve Jobs’ iconic 2005 Stanford commencement speech, Jiménez suggests that “we can only connect the dots looking backward” in our lives. He reflects on his personal journey to reach his present position: launching his debut book about learning from failure and finding his “own path to freedom.” In his words, it’s a narrative “about the emotional journey” and one that offers lessons for others.
Launching the Plushky
Ricardo Jiménez and his close friend Juan Fernández, from their hometown in Zaragoza, Spain, initially conceptualized a business centered around plush “toys in the shape of countries” in 2010. Their vision for the Plushky was to give each toy a unique personality and a sticker that collectors could place in a passport. The broader objective was to spark children’s curiosity about the world, leading their startup to encompass educational materials, a book, and even an augmented reality app.
In Crash Course, Jiménez narrates a tale of diving headfirst into the venture with a blend of “passion and urgency” and a steadfast belief that their product would find its niche—despite not having extensively researched the market or confirmed demand from an audience.
This would ultimately be the downfall of the company. As Jiménez writes in his book, “Entrepreneurs are often advised to ‘find a problem, solve it for one person (ideally for themselves) and then solve it for many people.’ Plushkies failed to follow this. We did the opposite, starting with what I thought was creative and then seeking a market. We were a solution in search of a problem.”
Learning from failure
Jiménez painstakingly details the years of setbacks, rejections, and heartbreaks that ensued after the initial excitement and victories for Plushkies. “A dream—one that I had embarked on with joy and hope—had morphed into an endless struggle,” he recounts. He found himself lost, disheartened, and running low on financial resources.
Six years after its launch, Plushkies eventually shut down. “I wanted to pen down my experiences in a book because I believed that by sharing my own struggles, I could be a source of inspiration and encouragement to fellow entrepreneurs—especially those feeling stuck or foolish at any point,” he expresses. “My aim was for others to learn from my pain and be better prepared, or at the very least, informed.”
There’s so much more to life than a company
Shortly after Plushkies faltered, Ricardo Jiménez embarked on a six-month meditation retreat in Uruguay. He acknowledges that learning from failure imparted valuable lessons to him, “particularly about emotions and about surrendering to life, about understanding that there’s much more to life than just a company.” He continues to prioritize meditation retreats annually.
Some of these lessons find their way into the book, where he dispenses a wealth of advice, both business-related and personal. Ultimately, he advocates for self-respect and self-trust, regardless of success or failure: “You are not simply a tool to construct a company. You are a deserving individual, whether you secure a major deal or raise capital, or not.”
There’s a clear link between the country-shaped Plushkies and Jiménez’s multicultural background, lifestyle, and worldview. Originally from Spain, Jiménez has resided in Indonesia, Miami, and Austin, among other places. Presently, he divides his time between Puerto Rico, Spain, and Asia. A seasoned traveler, he boasts friends and business connections worldwide. “I feel very much at ease… operating at a global level,” he affirms.
Be optimistic and trust yourself
Jiménez confesses to being so confident in the success of his Plushky venture that he never entertained the possibility of failure. However, the reality is that many new ventures do not flourish. “You don’t start companies out of boredom [or] lack of better options,” Jiménez points out. “You need to put in your all… so you need a lot of courage… and you need a lot of optimism.”
He adds, “I never had a clearly defined path to success… so I continued to trust the inner calling of what I wanted to do at that moment. I believe there is a lot of wisdom in that and in having faith in your unique path.”
As Plushkies wound down, Jiménez ventured into cryptocurrency investments, a new avenue that has granted him the time and freedom he always aspired to as an entrepreneur.
“I would encourage individuals to carve out their own path,” he suggests. “If they desire what everyone else has, then all they need to do is follow the beaten path. But if they seek to achieve, reach, or succeed in a different manner,” then they must explore how they can “feel at ease deviating from the norm.” This might involve being “very receptive [to] opportunities and risks.”
