My Mistake as a young entrepreneur

[Sheyemanu]

I really do have to say, the best you can do to maintain or sustain your income is to invest a portion of it. It is the best means of financial security. You can invest in Land or properties as they are more secure and are safe long term

 

[Setho]

It is very nice that you learnt tour lesson very early on and I am sure I have picked the same lesson too. We should not just go about giving away money especially when we are not in a string position to do so so even if you lend out money you should be sure of collecting it back at the right time.

 

[Ehizzy1]

I have also made mistake in my time when i was always investing in the wrong section of the business ,but luckily i usally get through it fast

 

[btaliat]

The mistake youth make mostly is that they always believe life is a bed of roses and things will be smooth till eternity lest they forget to plan for the rainy days. Also, when they increase their salary, they immidiately increase their status too which is bad.

 

[Felixko]

most mistakes as a young entreprenuer is, starting a business without business plan.

 

[Kelly5]

As early in life as possible, i was usually in abundace of funds not that i used my personal skills to secure such funds, they were usually given to me by relatives. But no idea whatsoever to establish something

 

[Bigabigs]

When it comes to the way we handle money especially when we start to seem to have them in abundance at some point, it is very important to always account for what we do with it

 

[Victor001]

One regrettable mistake I made as a young enterprenure was putting all my egg in one basket,not learning from my mistake and continue taking risk believing I will be successful, sometimes we rushed into business without proper guidance.

 

[Setfragil]

This is a very painful experience for a young man. It is always advisable to save reasonable amounts of money while we are still working so as to have something to fall back to in case something we do not expect happens to our job. You must have learnt your lessons by now. It is not to late to start something.

 

[Mostee501]

It's a sad but important life story, it's a good thing that you brought up this life story because it will be a lesson even to those who haven't had a job yet and are planning to.

 

[FreshKaz11]

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😊😊....

That's the bitter truth one must learnt about life,never depend on anyone but God. Anything could happen to one in life while working so we must have this habit of savings incase tho.

 

[joy101]

My mistake as young entrepreneur is that I have not started the business I suppose to go into because of capital, to back me up in the business I think is the mistake I have make.

 

[Setho]

Thank you very much for making this very insightful thread. My mistake I made was going into the body cream business because people around me were doing same thing.

 

[Richard92]

Thank you very much for making this very insightful thread. My mistake I made was going into the body cream business because people around me were doing same thing.

one mistake I made as a young entrepreneur must not planning before starting up my business I just went into the business because I believe that because all this I'm making it in the business that I will also make it and it was so disastrous.

 

[eLdavis]

The biggest mistake i made was investing all my money in a business i didnt know much about. I ended up loosing it all. I have learnt my lesson tho so next time, i would be more careful

 

[Shigobad20201]

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,

Raising capital for a business as an enterpreneur is the best way for a good enterpreneur to start a business management, if you have a business idea and you have perfected it , you need money to start.

 

[tyrim88]

The thing i learnt as a new business owner was,after my feasibilty study of my intending business and coming up with agood prospect of getting a good return.I started without much experience,we are into services,and personel are the ones thet run the services for the outfit.And when they disappoint we do not have any wa to salvage the situation for our client.

 

[Setfragil]

It is good that you have learnt from your mistakes which will help you to avoid future occurrence of such mistakes. We should learn to save when we make money so as to have something to finance our backup plan in case thugs didn't go the way we planned it.

 

[Kelly5]

There are sometimes when we just start seeing that money and funds get to be coming our way very generously, we should not be in a rush to quickly go into just any business that comes to mind at such times. We should wait for a while to know what we really want

 

[Bookwormlux1]

There are sometimes when we just start seeing that money and funds get to be coming our way very generously, we should not be in a rush to quickly go into just any business that comes to mind at such times. We should wait for a while to know what we really want

Most business owners do not know what they really need and this is making it hard for them to succeed. I belong they would not be able to cope when they start facing challenges.