A lot has happened since I started in 2007. I could have waited around and done nothing. I know of a couple people in my genre that went to the same writing conferences. They have been discouraged over the years and stopped writing. Self-publishing gets your writing out there. I went through similar processes of writing, revision, and just got stuck at the rejection area. Rejection doesn't mean it's bad. Most of the time it means there is no market, no room on the list, no editor to fight for your project. There are a lot of factors that come into play with being excepted. And then if a publisher excepts you, the marketing is often left to the author to promote themselves.
I have learned more about writing, marketing and promoting by self publishing than if I waited around to be excepted. I've got a reader base, blog, following, sell my books abroad(Japan, New Zealand, Australia) and it all complements my day job. I'm a teacher. I don't make enough to give up the day job, yet. But I get so much encouragement here, go to writing conferences, and keep writing. I have found inspiration in self publishing to continue as a writer. I've been dappling in Romance and NA Romance. I've got a freelance editor. I'm doing all the things that were only possible with traditional publishers 5 years ago.
I haven't become that best seller. But I keep writing. No one has the formula for that. Publishing is a crap shoot. You put out your best product and see what sells. It's more of a Brave New World than Wild West show. Self publishing can adapt faster to the digital age than traditional publishing. We have less overhead, higher % with ebooks, and more distribution. Self publishing has made it possible to move forward with my writing.