My Mistake as a young entrepreneur

[Bousine123]

Thanks for this my friend. Saving is really important, but Investing is also really important. Your money cannot grow when you save it.

 

[Kvngsammy]

A big mistake I made when starting out was the fact that I entered into a business without first knowing what the entire business was about. I kept losing focus and jumping into different trends

 

[btaliat]

Sorry for the bad incident. But mistake is not really a bad thing while doing business. It is normal. The best thing is it learn from the mistakes we always make while doing business.

 

[Setfragil]

This was what happened to me also. I over rely on a job prospects just to be later disappointed after speeding close to four years on the job. I learnt my lesson in a bitter way.

 

[Mayox25]

The important thing I took from your narration here is that you've learnt your lesson which is the best thing. You are now well prepared to manage a business if opportunity presents itself.

 

[Senator]

It is just that it's one of those things in life when we as young adults at some point always gets this opportunities of having money at our beck and call when we want it. But now that we're a lot more independent, it's not as it used to be anymore

 

[Ghost1]

Mistake for young new entrepreneur is always creating a perfect world on ones head. Feeling like everything will always go well. People might say I'm being negative and such is not needed. But this would only help one to be ready for anything that may happen

 

[Setho]

There is a very good place in that young entrepreneurs should be able to pick from this . as for me I have learnt that no matter how small you want to start your business you should always make sure you have enough money for the essentials.

 

[Ezekiel]

Well that a real lesson though mine was early enough I do not dependent on any body every since my secondary I started earning and saving and one need to save money for such business

 

[Nsisong]

My mistake as a young enterprepreneur is always being eager for every money deal that comes up without checking if I will be the one to lose at the end or gain. Sometimes they are some deals you have to let go

 

[Kaffyfolla]

My biggest mistake as an entrepreneur was that I do belief that everything I see online is legit thereby I was scammed severally

 

[Toyoabasi]

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😊😊....

Most business people make the same mistake.
Its a nice thing you learnt from it.
The mistake I made was loosing prospective customers because I didn't know how to handle the ones who had difficulties paying for their services on time.

 

[Kelly5]

When you cited an activity where you said you borrow people money and never collect them back. Were you shy of asking of your money back from these persons you borrowed it to or what?

 

[Kubiat-Abasi]

My horrible mistake as an entrepreneur was selling my products on credit to customers with the mindset of not loosing them. I didn't loose them, no doubt, but I lost my poultry farm when I had no funds to push it further!

 

[Dagm1]

One of the most important lessons I've learned in life is that you should start preparing to leave the day you start any job and plan ahead for your life so that you don't regret it later.

 

[Kingstone]

That's a really bad experience. I am sorry for the losses. Truly you made some mistakes and it might have cost some people their lives but you are not responsible for that.
You tried to rely on nepotism and favoritism which did not work out.

 

[Lens]

That's indeed a very good lesson to learn. If you had saved and have a functional investment at hand, you wouldn't fall into the pathetic situation. Savings and investment is life saving.

 

[Godspower]

Just like you rightly said, you failed to make a plan for the earnings you got while working in the company. Next time you get such an opportunity, try to save or better still invest your money on a viable business that will be profitable to you.

 

[eLdavis]

My horrible mistake as an entrepreneur was selling my products on credit to customers with the mindset of not loosing them. I didn't loose them, no doubt, but I lost my poultry farm when I had no funds to push it further!

What about these customers owing you, where you at least able to collect your money later on? The painful thing about this story is that after loosing your poultry farm, these customers you tried to please would be the first to move on to another poultry.

 

[tyrim88]

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,

When it comes to new business expecally small start ups,mastery comes with more of involvement in the process,and patience in running a business to a stble point s really what is lacking in most entreprenuers.the quest to make a huge turnover is actually their undoing.