When you need someone to teach you how to operate your life, Google is always there for you
You will understand when you finish reading this blog
When you have the Opportunity to leave your company, live a good life by having a small business all by yourself, does that sound promising to you? Or would you prefer something so huge that it will definitely leave a good impression to your country or your community?
I was once being motivated by my dream, people and resources to operate my own business, everything started smoothly and business is coming in and more business is pouring in as this mean great but there will always be a hole created just for you to fall. From my previous blog I believe that you all understand what situation I am in right now and I am trying to fix it as fast as possible and as hard as it can be. Till today I still can’t accept that my Business failed, but then I am thinking why not let me share it out together with you all the story of an Entrepreneur that goes down hill.
According to http://under30ceo.com/top-6-reasons-beginning-entrepreneurs-fail/, there is 6 reason that why a newly establish entrepreneur will fail in their business venture. Exp:
1. They start a business for the wrong reasons.
2. They don’t develop the essential qualities of successful entrepreneurs.
3. They don’t have enough come-up capital.
4. They immediately seek grants, investors or substantial loans.
5. They don’t understand and underestimate the power of marketing.
6. They focus on fixing their weaknesses.
<Please go through the whole webpage link before proceeding to the next paragraph>
My business failed is connected to number two, four, five and six. Let me explain why and how I fall into all this category and the worst part is my business is a partnership business which will lead to even more troublesome conclusion.
I started out my business with the right decision and choice, I found a 2 friend that soon became my business partner without any agreement document (wrong move), but the nature of my business does not need us to come up with any huge capital so we are able to proceed and grabbed a lot of business deal. I split up my business partner according to their capability which is Marketing, Event Consultant, Advertisement and I am in-charge for overall dealing and decision making. I came up with the idea of fair profit sharing and everything went so well that I didn’t notice that I am actually making a very wrong decision. My Business covered a lot of different aspect but everything is related to service industry.
<The Break Down>
So now you all understand that my business is a “Service” type, low cost high profit, moving on to the right direction as I fully covered the whole business structure from Marketing to closing down the deal. The main reason of the break down? Partnership issue and non focus for one type of service.
I tried to cover too many different type of business dealing which eventually boil down to the issue that there is not enough time to handle everything with the limited human capital that I have. I tried to control myself and even call off a few deals just to cater the one that is in hand first but things turns out to be even more ugly as one of my partner decided to be a jack ass by giving us all excuses and quarreled happen between business partners that jack ass even cause us more trouble that involve us to Police case. I can’t blame them as it is my mistake for not choosing the right person into this business venturing. I tried to survive all by myself without actually having proper meeting with my partner and the line is not clearly drawn, which resulted every partner is doing their own way as none of us share the same Vision nor mission. I dare to say that our service is the best which is fast and efficient yet affordable, but without the team work, the whole company started to crumble and non of us are able to survive, for them, they can just proceed with their life and work for others while this company is my dream, my bridge to bring me back to Switzerland. I can’t let it go without giving it a last shot till well few months back I decided to give up and have a normal labor life.
From my previous post, you will understand my situation and now you will understand that I am the one that cause myself to be in this position. Everything had fallen apart, and yet I am still trying my best to survive to make sure that one day, I will be back with even more experiences, networking and proper business plan and business partner.
1. Never rush into making any decision by yourself.
2. Learn how to let go.
3. Choose the right person for the right job.
4. Always state down an Agreement between partners in business to make sure that everyone understand that this is not a joke.
5. Never allow yourself to be control by your pride, ego and Emotional.
6. Always learn from your mistake as it is the only way to rescue yourself from going even deeper mistake.
7. Always follow your vision and mission that you set and stay focus with it.
8. Always prepare sufficient credit for your business.
9. Proof to yourself first before inviting investors to invest in your company.
10. Advise can come from anyone but good advise never comes cheap.
11. Never give up even if you fail more then 300 times.
12. Don’t get greedy.
13. Never mix up the 5 element for a peaceful life which is:
<Google has everything that I wrote down here and lesson that I learned from the hard way>
<but why I didn’t notice about it?>
<Good things never come easy>
<Nothing is Impossible as Impossible is Nothing>
<Failure never determine a person to be a Failure>
<The time when you give up, is the time when you determine yourself to be a failure>
<Work Hard and Work Smart>