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

[Ghost1]

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??

Personally I have never owned a business, but I think the factor that would help me most in this situation is resilience, restrategizing and hardwork

 

[eLdavis]

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.

What about in a situation where it's almost impossible to fix? Or the expenses needed to fix the business is just too much to risk it, would you still continue the business?

 

[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.

 

[Heatman]

What about in a situation where it's almost impossible to fix? Or the expenses needed to fix the business is just too much to risk it, would you still continue the business?

If it gets to the situation whereby you can't really fix the problem no matter what you try and believe that the best thing for you to do is to liquidate the business and move on to your next plan.

 

[eLdavis]

If it gets to the situation whereby you can't really fix the problem no matter what you try and believe that the best thing for you to do is to liquidate the business and move on to your next plan.

Good idea, but the main problem here is that most persons do not know when to give up. You see them trying and trying without producing any new results.

 

[Heatman]

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.

Competition is something that is always very common in every business because it is the competition that will make you to sit up and offer your best in order for you to secure your customers loyalty.

 

[Toyoabasi]

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.

Good to know your business improved.
One of the things that helped me cope fine when I experienced losses at the start of my business was the knowledge I already acquired about business. I knew it was almost normal for it to happen,and I just had to develop better strategies.

 

[Immilash1]

When you are starting a business just commit it in your mind that you are going to face challenges. Just like you said your friends are the ones discouraging you instead of incouraging.

 

[Skysaint]

It is normal for someone to experience challenges especially during the early stages of the business so you need to be steadfast and not lose focus because that stage too shall pass

 

[Sotherefore]

Well in a situation like this there is nothing that will help me cope, I will just prefer to stay on my own, this will really help me to plan out my life perfectly..I cannot come and kill myself.

 

[Godspower]

That's true. I had not really regarded competition as a major threat to my business until it was too late. It's an experience I would never forget when doing business next time.

Competition is something that is always very common in every business because it is the competition that will make you to sit up and offer your best in order for you to secure your customers loyalty.

 

[Heatman]

That's true. I had not really regarded competition as a major threat to my business until it was too late. It's an experience I would never forget when doing business next time.

Competition is always a very big part in every kind of business because it is what will tell you what you are going to face from your fellow seller that are driving the same customer with you so you need to be on your toes to make sure that you offer the best.

 

[Sincerem]

Personally I have never owned a business, but I think the factor that would help me most in this situation is resilience, restrategizing and hardwork

Yes, if you're eager to own a business, then you should chase it, work for it and you'll start up one. You can't work hard when you never pushed yourself hard to open up a business.

 

[Godspower]

Competition is always a very big part in every kind of business because it is what will tell you what you are going to face from your fellow seller that are driving the same customer with you so you need to be on your toes to make sure that you offer the best.

Yes I have learnt my lessons. Competition is a driving force that spurs you on to adopt new strategies in order to outsmart rivals in the market.

 

[Heatman]

One thing that you should have in the back of your mind is that it's not the business for you, so build on the knowledge that you have had and get better.

Yes I have learnt my lessons. Competition is a driving force that spurs you on to adopt new strategies in order to outsmart rivals in the market.

 

[Godspower]

One thing that you should have in the back of your mind is that it's not the business for you, so build on the knowledge that you have had and get better.

Thank you for advice. But I have I question. How will I know its not the right business for me if I don't try it out in the first place?

 

[jay]

However, with good planning you can take steps to minimise the potential impact of a disaster Even if your small business is struggling, there are things you can do to turn things ... Don't lose the passion and drive that motivated you to start your business in the first place.

No matter the way you look at it I believe that an extra financial support is what someone who experience a very huge loss in his business needs more than anything because it will help him to get back on his feet.

 

[Ghost1]

Competition is something that is always very common in every business because it is the competition that will make you to sit up and offer your best in order for you to secure your customers loyalty.

Thing is there are instances where you simply can't compete with your competitor. Most times it doesn't depend on you. Quitting is always an option

 

[ganibade]

Somebody can withstand the series of losses in business. This can be resolved when you quickly divert your business to online business. And started funding immediately to realize much income.

 

[Hrtbeat]

Losing happens to everyone and getting down about it is not going to accomplish anything productive. Instead, forward-thinking will enable you to get past the problem and work toward a brighter future.