What helped you cope fine when you experienced series of losses during business starting point??

[Adebayonle7]

I had to just prevent depression, if you are depressed, you may not find solutions to your problems thereby making the whole issue worse.
I also needed to understand the cause of these losses to enable me restrategize better and I was also glad that despite the losses, I was not in any debts.

I had to restrategize by improving the sales and marketing techniques, also had to put the business online and applied effective management techniques as well as spying on my competitors.

With time, I saw lots of improvements and learnt a lot too.

 

[Justin]

I have not been in that situation, but I don't think I will be on that situation ever. I am a student of business, finance and investment. I will develop all required knowledge and skills before I start my business

 

[Laurentta]

I've never experienced series of losses in a business as i dont own any business currently but i have witnessed my dad experiencing losses in his business, he really get sad when that happens but my mum, siblings and i always try to cheer him up and before you know it he is up on his feet again, he seeks professional help and work harder to make up for such losses.

 

[tyrim88]

The moment you decide to set up a business, you should also set your mind for cases of loss because you bound to make a loss. To overcome the fear of losses you can actually get books, or get a human mentor that has been through his losses and still doing fine in his business.

That is actually a reality any potential business person should have at the back of his mind before venturing into any business,because things might not go sometimes the way you have planned it to be.

 

[YERUS]

I know how it feels when you succumb to series of losses during your business endeavour. I have experienced lots of discouragement when i started my offline business earlier. Some friends doubted my business that it will break down half way, cos i wasn't making profit back then. It happened cos I was just starting newly, things never balanced as at then. I lost some cash during the gradual integration of the Business. But that didn't make me stop halfway, just as my friends wished. I was very determined, eager with vision that i will achieve business success. That helped me to shrug off early doubt and failures I was having back then. Its been 2 years now, I'm still going strong in my business. Still hoping to exploit new height by expanding my offline business to a bigger one and even introduce it online.

What business strategies helped you to stand firm and move your business initiative forward, when you experienced series of losses at the starting point??

The first few weeks into my business seemed blurry; it was as if i would change the entire business plan.
Clients were not approaching that much, every one kept passing and just admiring the store.
I had to talk to few business friends i knew. they told me i needed to advertise the business more, online and even offline.
I think that was when i started seeing changes.

 

[Toyoabasi]

I know how it feels when you succumb to series of losses during your business endeavour. I have experienced lots of discouragement when i started my offline business earlier. Some friends doubted my business that it will break down half way, cos i wasn't making profit back then. It happened cos I was just starting newly, things never balanced as at then. I lost some cash during the gradual integration of the Business. But that didn't make me stop halfway, just as my friends wished. I was very determined, eager with vision that i will achieve business success. That helped me to shrug off early doubt and failures I was having back then. Its been 2 years now, I'm still going strong in my business. Still hoping to exploit new height by expanding my offline business to a bigger one and even introduce it online.

What business strategies helped you to stand firm and move your business initiative forward, when you experienced series of losses at the starting point??

At such times, my perseverance comes in to play.
I have grown to understand that not every time would an entrepreneur experience rosy situations. So I just keep on pushing, having it at the back of my mind that I was once making it, hence, I can still make it.

 

[jay]

If you have a business plan if it's something that will always give you your courage to always follow the pattern of the business plan because it is always going to turn up to pay you something positive in the future.

 

[Heatman]

It is never really easy for you to cope with a business that failed woefully and make you lose 100% of the money that you invested in it but if you have faith and also a good business plan and have an external support it's something that is going to help you to cope well.

 

[Sincerem]

The first few weeks into my business seemed blurry; it was as if i would change the entire business plan.
Clients were not approaching that much, every one kept passing and just admiring the store.
I had to talk to few business friends i knew. they told me i needed to advertise the business more, online and even offline.
I think that was when i started seeing changes.

You should be grateful to your friends that gave you such wonderful advise, which helped turn your business into profit making business.

 

[kayode10]

I have some friends who support my business and usually stand in for me when everything goes South. They know I am capable of doing it and they always help me to bring out the best in me.

 

[Godspower]

I was able to fall back on my savings when my business wasn't doing well. My friends and family also provided assistance during such moments.

 

[Heatman]

When you are experiencing a series of losses at the same time, it means that something is seriously wrong and you need to fix it as soon as possible.

 

[Ub40]

I really thank God for you that you later bounced back due to the fact that you did not give up when things were not going as planned. That is why one needs to be sure and ready to face all risks involved in a business before going into it. With this one will not be so discouraged when faced with one risk or another. Thanks for sharing.

 

[eLdavis]

I was able to fall back on my savings when my business wasn't doing well. My friends and family also provided assistance during such moments.

That's nice, that's why it's always good to have some savings as backup. But did you stop the business? If you didn't, what motivated you to keep on trying?

 

[kinqzbitz]

Well I kept on reminding myself that it is something I had always wanted to do and that I shouldn't give up,it is absolutely Normal for businesses to go through hard times but you have to stay committed to the work

 

[Sotherefore]

I may not really be worried if it is my own personal money but I feel bad that I've lost the money in a business, the case will even be the most serious if I am borrowing money to start a business that is why I am always careful on this.

 

[Skysaint]

Well, I was sure that the business is lucrative and profitable in the environment so I just had to motivate myself and keep pushing untill people started recognizing my business and patronizing it

 

[Heatman]

That's nice, that's why it's always good to have some savings as backup. But did you stop the business? If you didn't, what motivated you to keep on trying?

The best way for you to be able to deal with the situation is always make sure to find out the reason why you are always experiencing a loss and fix it and that is the end of experiencing such bad run in your business.

 

[jay]

Losing any single thing is unbearable. But when I face this kind of unpleasant situation this hurt me very much. Negative thinkings stuff into my head and i never feel better at that time. But patience is the key at this kind if situation. When you do patience it will come normal for us in no time. Then going with positive attitude will help more.

That is why it is very important for you to have a contingency plan or a back-up plan with any kind of business that you have because something will always go wrong but you contingency plan will help you to survive it.

 

[Godspower]

That's nice, that's why it's always good to have some savings as backup. But did you stop the business? If you didn't, what motivated you to keep on trying?

Unfortunately I had to quit the business because I could not cope with the competition. The earnings really reduced and I had to shut down to avoid running into debts.