My Mistake as a young entrepreneur

[idhans]

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😊😊....

This is a very big lesson for us all. We should not rely on our jobs 100%. Poultry business is such a delicate business, and it's a business that requires your time, and attention. You might always make some mistakes if you combine poultry business with your job.

 

[Dowenship]

This is a very big lesson for us all. We should not rely on our jobs 100%. Poultry business is such a delicate business, and it's a business that requires your time, and attention. You might always make some mistakes if you combine poultry business with your job.

Yeah! You are just right about that. I actually have a sister who do take Care of them but both of us does not have the knowledge of the business. I though of cleanliness should abstain then from any mind if diseases, but I was wrong.

 

[KvngMurphy]

Below are some mistakes I made
*Waiting too long to launch
The biggest competitive advantage a startup has against big corporations is speed and adaptability. What that really means is small companies can iterate faster and make pivotal changes to their product without needing to worry about externalities that a big company would face.

*Staying in control every step of the way
Every founder wants to play a part in all aspects of his or her beloved company, but this often leads to micromanaging. It stems from an irrational fear of relinquishing control.

*Raising too much money too early
Money is always on the mind of a founder, especially a young one who can be easily overwhelmed by the sheer quantity of important financial decisions that founders begin making early on.

*Keeping your idea a secret
The last thing you would want to do as a founder is build something that no one actually wants to use. The best thing you can do to avoid this calamity is to go out and talk to users from day one and get their raw opinion on your product.

 

[Dowenship]

Below are some mistakes I made
*Waiting too long to launch
The biggest competitive advantage a startup has against big corporations is speed and adaptability. What that really means is small companies can iterate faster and make pivotal changes to their product without needing to worry about externalities that a big company would face.

*Staying in control every step of the way
Every founder wants to play a part in all aspects of his or her beloved company, but this often leads to micromanaging. It stems from an irrational fear of relinquishing control.

*Raising too much money too early
Money is always on the mind of a founder, especially a young one who can be easily overwhelmed by the sheer quantity of important financial decisions that founders begin making early on.

*Keeping your idea a secret
The last thing you would want to do as a founder is build something that no one actually wants to use. The best thing you can do to avoid this calamity is to go out and talk to users from day one and get their raw opinion on your product.

Hmm! You have given some pivotal tips here which every business owner or founder never took to notice. These are mistake we make in our life activities and son of them we don't even noticed. Wr just need to realize some.mistakes through pain.

 

[Kelly5]

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😊😊....

The good thing about mistakes is that we always learn from them. We cannot let our mistakes become our ruine. But we can still choose it to become our ruine if we so choose to give up. But that will not be to our advantage in the end

 

[mizzzlotam]

Mistake is bound to happen in life to anyone. However as a young entrepreneur I failed to avert my mind to the fact that bad debt can run your business to the ground. A lot of persons are not credit worthy. Also I expected too much too soon from my business.

 

[Shayo]

Woaw your experience is really hurtful but mistakes are part of what makes us human. Provided we do not dwell on those mistakes, they make us more stronger and ready for any future circumstance. You already know what your fault is now so it is less likely you repeat the same again if proper preparation is put in place.

 

[Klismannm12]

Business is always the best way to go,one if determined can make a fortune off business unlike jobs and that is the reason why it is not easy but those who were able to withstand the waters would definitely come out victories.

 

[Xerryl]

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.
There's always a way to validate a concept on a small scale and small dollars, whether it's with a small digital campaign, farmer's markets.

 

[Quert]

One thing also is lack of Funds. Not putting in the necessary amount of money is another issue for most failing entrepreneurs. It is often seen that individuals follow their brilliant ideas without understanding that they lack sufficient funding required for any specific organization.

 

[Bookwormlux1]

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😊😊....

Poultry farming is a very big deal. You would need enough money to be able to take care of the birds properly. I am glad you were able to learn from your mistakes. Savings is a very important aspect of our lives.

 

[Richard92]

young entrepreneur face a lots of challenges, and can even make mistakes sometimes, but you need to always plan, planning is the best way to start up a business and if you do not plan to succeed you definitely plan to fail,

 

[Milz]

Every mistake is a lesson that one must learn from. I like the fact that this is a past experience that has taught lessons that will shape and guide you into becoming a better person in all you do.

 

[Samuelkanu]

Entrepreneurship or running your own business is not an easy thing. It becomes more complicated if you don't have enough experience in that particular field. I once lost all my money in a business I thought would be money making machine. I didn't give up but went back to the drawing board to look at what made me loose. It was after proper investigation that i knew what I did wrong. To make it easier it's better to have a mentor to guide you

 

[Kingsley]

As inexperience entrepreneur one is bound to make alot of mistake but this again will create room for more opportunities to learn, yes I made mistakes with handling customer relations and getting access to my raw material. I also made mistakes with fixing price which really affected my overall output and sales volume and profit

 

[Kehinde]

• Not spending enough money or spending too much money. ...
• Thinking you have no direct competitors. ...
• Making hiring decisions based on cost. ...
• Not setting attainable goals. ...
• Not thinking about marketing. ...
• Having too small margins. ...
• Thinking you can do it all yourself. ...
• Being incapacitated by fear of “what if's.”

 

[Kiwi]

Believing on the promise of customers. Some of them know how to convince you and yet fail to meet up to what was bargained. It's very good to learn from a mistake of what we do, even from others mistake. I see mistake as a lesson but if we repeat the same mistake that is a big foolishness mistake. I have experience many mistake in my business which teach a good lesson to expert more on it.

 

[Ltherman]

I want to deliberately follow this thread and make sure i follow it up to the end. Its really a bitter experience especially when you had the hope that nothing of such could happen. I guess one just has to learn how to save no matter how little.
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Below are some mistakes I made
*Waiting too long to launch
The biggest competitive advantage a startup has against big corporations is speed and adaptability. What that really means is small companies can iterate faster and make pivotal changes to their product without needing to worry about externalities that a big company would face.

*Staying in control every step of the way
Every founder wants to play a part in all aspects of his or her beloved company, but this often leads to micromanaging. It stems from an irrational fear of relinquishing control.

*Raising too much money too early
Money is always on the mind of a founder, especially a young one who can be easily overwhelmed by the sheer quantity of important financial decisions that founders begin making early on.

*Keeping your idea a secret
The last thing you would want to do as a founder is build something that no one actually wants to use. The best thing you can do to avoid this calamity is to go out and talk to users from day one and get their raw opinion

Believing on the promise of customers. Some of them know how to convince you and yet fail to meet up to what was bargained. It's very good to learn from a mistake of what we do, even from others mistake. I see mistake as a lesson but if we repeat the same mistake that is a big foolishness mistake. I have experience many mistake in my business which teach a good lesson to expert more on it.

I guess part of this mistake is when your customers patronise you for free without paying for service delivered or picking up goods on credit. Unnecessary credit facility extension to customers is a no no from day 1.
on your product.

 

[Alexandoy]

This reminds me of my business when I was in high school. I had taken care of 2 pairs of love birds also known as parakeet. I had studied thbe breeding of the birds so within a few months that the female had laid eggs there were 2 baby birds. Within 6 months the birds were more than 10 so I started selling. The mistake in that business is the bird seed. That is the only feed that the parakeet would eat. When the bird seed vanished in the market I had to go far and wide to look for it. To make the story short, the birds were okay because I was able to buy their feed from a far away city. That cost me a lot so I quit that business later on

 

[Folaham]

This is a very big lesson for us all. We should not rely on our jobs 100%. Poultry business is such a delicate business, and it's a business that requires your time, and attention. You might always make some mistakes if you combine poultry business with your job.

He failed because of his lack of experience in the business he choose. He would have seek alternative/loan option to rescue the birds. As such he was unable to recover to recover from major business interruption due to his job loss.
His story is a big lesson to all