My Mistake as a young entrepreneur

[Presido]

It just came to my mind to share my personal experience of my mistake as a young entrepreneur. I will keep updating this thread because its a long story which I will like some few entrepreneur to learn from and which I have learn along the way.

As an undergraduate in school then i was able to obtain a job at a company (oil and gas in particular), but last year something came up which led to our termination in the job. I'v been with this company for the past five years. The first two years I spent I don't really know what to use the little stipend I got from my savings. I don't know what to use it for. I borrowed people and never collected the money back.
So last year came I decided to do something with my life.😋 which was fowl rearing, i started with 50little chicks, already counting my profit because I use my salaries to feed them then the termination came, I couldn't afford the money for feeding and drugs, and they started dying one after the other.( a painful experience I will never forget). Then I realize I'v not been saving. Thinking that I can never have issue with my job( because I have a relative brother as one of the board at the company).

LESSON LEARNT INCOMING SOON😊😊....

Tragedic, I think the main cause of this is lack of planning and you have passed a very important and life changing message to knew and upcoming entrepreneurs. We need to plan and budget our income and spendings.

 

[Ralphjoe]

I think the mistake you have made it's already obvious in this first update of yours and I hope you have really learnt a good lesson from it. Your mistake is not saving while you were working in an oil and gas company in which your pay is big. I don't know what made you not to be able to save back then because your salary was big but my greatest joy is the fact that you have learnt your lessons.

 

[tuna89]

So sorry about this, I have always told my friends that no matter the kind of business you wish to create or do, make sure you do not use all the money you have, use a part to start small and save some in case of emergencies which you need to cater for. As for lending money to people, lend to people only what you know you can lose, when you lend money to some, it is always hard getting them back, the best is to invest some and make sure you nurture a savings habit to keep you going. This would have helped to rebalance even after the job loss, I learnt from this too.

 

[ranaabubakar263]

You need to have a clear set of goals and objectives and stick to them. Some ideas, even if they sound great, might need to be put on the back burner to prevent you from losing your focus.

 

[Folaham]

It just came to my mind to share my personal experience of my mistake as a young entrepreneur. I will keep updating this thread because its a long story which I will like some few entrepreneur to learn from and which I have learn along the way.

As an undergraduate in school then i was able to obtain a job at a company (oil and gas in particular), but last year something came up which led to our termination in the job. I'v been with this company for the past five years. The first two years I spent I don't really know what to use the little stipend I got from my savings. I don't know what to use it for. I borrowed people and never collected the money back.
So last year came I decided to do something with my life.😋 which was fowl rearing, i started with 50little chicks, already counting my profit because I use my salaries to feed them then the termination came, I couldn't afford the money for feeding and drugs, and they started dying one after the other.( a painful experience I will never forget). Then I realize I'v not been saving. Thinking that I can never have issue with my job( because I have a relative brother as one of the board at the company).

LESSON LEARNT INCOMING SOON😊😊....

My mistake was putting all my hopes in one basket. Complete and blind trust in another person and it was a complete disaster for me. I learned hard but I grew wiser

 

[Sariana23]

Your case is repeated daily with small entrepreneurs, who want to start with the available capital and start spending the profits, without preventing future economic problems in the business. Many even take the money from the company for personal expenses, which should not happen at the beginning of this adventure. You have to be a good manager to be successful.

 

[Rainlover207]

A sad story of mistake, but i appreciate you because you got a lesson from that mistake and did not do this again. This is now become your experience, a man can learn from mistakes better than any mentor. Like a song, a man lean from kicks better than almond.

Yea!, I also same mistakes ew years back.

 

[Tariq Shehzad]

Entrepreneurs often think they need to raise outside capital right away. But the bottom line is that you're much better off beginning by earning money on a smaller scale for your startup.

 

[ahmedo24]

It is quite sad that sometimes emterprieneurs and young people don't quickly assume sense of responsibility and they don't envisage some likely challenges in their jobs or business. Learning is a continuous process, I am sure the poster has learnt from his mistake.

 

[Nicklas22]

My mistake as a young entrepreneur is that sometimes I have to lack patience with and I'm the type that loves plurging and I don't know how to save
I believe this is my mistake all the time and I have been trying hard to stop it and believe I will.

 

[Jonaville1]

Wow, this is the first time I'm seeing someone post his life lessons on bizdustry for all to learn. You don't see things like this all the time! It is all part of what makes one a better person for himself and others. Nice one, keep the lessons coming bro, following bumper to bumper.

 

[Cybersec]

One major lesson I have learnt in life is that from the day one you start any work start preparing to leave and plan ahead for life so as not to regret in the long run.
One major lesson I have learnt in life is that from the day one you start any work start preparing to leave and plan ahead for life so as not to regret in the long run.

 

[Folaham]

It just came to my mind to share my personal experience of my mistake as a young entrepreneur. I will keep updating this thread because its a long story which I will like some few entrepreneur to learn from and which I have learn along the way.

As an undergraduate in school then i was able to obtain a job at a company (oil and gas in particular), but last year something came up which led to our termination in the job. I'v been with this company for the past five years. The first two years I spent I don't really know what to use the little stipend I got from my savings. I don't know what to use it for. I borrowed people and never collected the money back.
So last year came I decided to do something with my life.😋 which was fowl rearing, i started with 50little chicks, already counting my profit because I use my salaries to feed them then the termination came, I couldn't afford the money for feeding and drugs, and they started dying one after the other.( a painful experience I will never forget). Then I realize I'v not been saving. Thinking that I can never have issue with my job( because I have a relative brother as one of the board at the company).

LESSON LEARNT INCOMING SOON😊😊....

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My mistake was put all my hopes in one basket. Complete and blind trust in another person and it was a complete disaster for me. I learned hard but I grew wiser

So sorry about this, I have always told my friends that no matter the kind of business you wish to create or do, make sure you do not use all the money you have, use a part to start small and save some in case of emergencies which you need to cater for. As for lending money to people, lend to people only what you know you can lose, when you lend money to some, it is always hard getting them back, the best is to invest some and make sure you nurture a savings habit to keep you going. This would have helped to rebalance even after the job loss, I learnt from this too.

Your submission is beautiful. Lend what you can giveaway and always have funding plan for any business you venture in. Never start what you can't finish and on the job loss, getting help from those into selling of poultry feeds would have been better. Invite them to your poultry and get them involved. Map out an agreement to assure them of their payment and get some feeds on loan to care for the birds watching them die is bad

 

[Dowenship]

My mistake was putting all my hopes in one basket. Complete and blind trust in another person and it was a complete disaster for me. I learned hard but I grew wise

Hmm...its well bro! We all experience a pain the is enough to just give up but we keep getting stronger, keep motivated despite the pain and space it as build in our heart. Sometimes I doubt if this great people ever have failures like ours but they even have the worst of it. But they kept on the faith

 

[Lyrrex]

This is why it's important to save. We may have a job today but we don't know for sure what will happen tomorrow. Right now I'm still studying and I'm trying to save, (hopefully this won't happen) but there's a possibility that I will have a hard time getting a job once I graduate.

 

[Doradorwa]

I did made a mention in a previous post about spending money especially when it's your business money.... in business you must always have this life saving money saved somewhere I'm learning from experience now I never imagined that my business will go crashing down because I love gadgets and clothes and now look at me after the business crashed I've been so prudent with money that have not even be able to buy myself an ice cream even though I've been carving for it ....experience is the best teacher.

 

[Erik4150]

I'm really sorry you had to go through that loss. But every young entrepreneurs makes mistakes too. The most important thing is learning your lessons and doing better next time. Mistakes are important and we must take note of them so we don't repeat them again.

 

[Zamaney]

the most important thing you need to do.

If you let your ego get in the way, you’ll never learn from your mistakes.

To be open to change, you need to accept the fact that you don’t know everything. You’re not the smartest person in the room.

I’m not saying you shouldn’t be confident in yourself. As an entrepreneur, you need to believe in yourself and your abilities to be successful.

 

[Folaham]

Hmm...its well bro! We all experience a pain the is enough to just give up but we keep getting stronger, keep motivated despite the pain and space it as build in our heart. Sometimes I doubt if this great people ever have failures like ours but they even have the worst of it. But they kept on the faith

Successful business guru of today faces multiple rejections, failed on all grounds but what they have in common is "perseverance". What we see is the end result but what their "raw gold" passes through before turning into that refined and successful being we all see and admired today is not what many of us can withstand.
What is being celebrated about them is their Success stories but the numbers of time they failed is known to them alone. We are failing today and the world 🌎 is not seeing it, it's in our hand to let it out effort go unnoticed or otherwise. All we need to do in our small space is to encourage all failed attempt to stand up with their head high and try again. It's not the size of the dog in a fight but the size of the fight in the dog.
Rise up again after every failed mission and be proud of your effort, success is around the corner
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the most important thing you need to do.

If you let your ego get in the way, you’ll never learn from your mistakes.

To be open to change, you need to accept the fact that you don’t know everything. You’re not the smartest person in the room.

I’m not saying you shouldn’t be confident in yourself. As an entrepreneur, you need to believe in yourself and your abilities to be successful.

Opening ones mind to more idea from those doing great in the same line of business will be a bring good result because you have a template of what to expect.
Like in fish farming experience of those in the field will help many to grow their confidence on their own farm. They can learn from others how to cut cost by going into feed production and that will boost their chance of making more profits

 

[Godleads1]

Virtually all young entrepreneurs would have this kind of story to tell. Because, at the moment the money or earning is rolling in, we forget that it can stop any time also.