An Experiene I Went Through that Shaped My Perspective.
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I am always very excited to participate in the Hive Naija weekly prompt. For this week I will be sharing a failure that taught me a lesson. I can say it wasn't an easy experience I went through but I learnt in the process and it actually shaped my perspective.
It is pertinent that most things we do in life and we fail in it would have been a success instead of failure if we had sat down to learn before we indulge in it. But we just make hasty conclusions and we go ahead to do things without even seeking counsel. What works for another might not work for you. As Such we should not always do things we see others do and expect to succeed like them instead go to them sit and learn what they do that makes them successful
While preparing to go to school I was looking for what i can do as a business in order to support myself since i knew working and schooling especially at the initial stage would have been stressful for me. So I used the money I had to establish a business and this was a business I actually didn't know my way around. I indeed failed woofly. My brother introduced me to the business telling me of how lucrative the business was, the gains I will have from the business and not telling me the losses I will encounter in the business.
I ventured into the business with little or no idea about the business. I had to employ someone to manage the business for me. This was my first failure. Employing someone to manage a business I knew nothing about. And it was really a disaster. I saw I lost a huge sum of money the first week I started the business. I did not give up at the initial stage. I just told myself that it's the beginning. That's why I encountered such losses so I moved on. After stocking up the second time I almost ran into depression because the person I employed closed me down completely and I lost all the money I used in starting the business. I had no gain so I had to shut down the business for a while until I found someone else I felt would do better. I started from the beginning again. This time I brought in my personal money to my business because the money for the business was gone. When the new person came initially I was happy since I was gettin my gains after the second stock up. I was surprised because he also closed me down at the second stock up. That was when I realised that this particular one has failed me. It may be juicy for another but for me it's a disaster because I did not sit to learn about the business.
Before we venture into what we have little or no idea about we should first sit and learn from those that know about the business well. Count the cost, the Losses we will encounter before the gain. Seek Financial advice from people that matters with all this we will curb failing especially when the intention was to be successful. In my case I learnt the hard way but my perspective about a business has been shaped. If I am to do any business again I now know the right steps to take to achieve success rather than failure.
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You’re right , I remember I wanted to co own a business I knew nothing about with a couple of course mates, I wanted to even go to the bank and take a loan, but been the child of my mother I told her about it, my mother asked me do you know how to run this kind of business. I said no ma, so if you make gains and losses how will you handle it, I couldn’t respond , she now told me the words I can never forget. If you’re starting a business know the intricacies so you can build on it and modify it to your own advantage. Wisest woman I know.
Definitely i wished i had known before time i believe i would not have encountered such huge losses. Though i learnt but i learnt the hard way
I understand
It is important to gained a certain amount of knowledge on the business we wish to start. Especially in businesses
It is necessary to gain knowledge about the business we want to venture it before we do.
I totally disagree here. many people go into many ventures with so much knowledge but failure is a must when it comes to success. Thomas Edison, the inventor of the lightbulb, is proof of this.
However, it is also true that venturing into anything at all with no knowledge is another plan for failure. Still, failure is the road to success. They are both intertwined. And when you learn the lesson, you structure and plan not to fail again.
I said in most things for example prior to my own personal experience i wouldnt have had such terrible experience of failure if i had sat down to learn about the business. There is a certain knowledge you need to gain before you embark on a thing. Failure can most times be avoided with the right knowledge. Meanwhile thanks for sharing your thought i really Appreciate.
Oh my goodness 🤭...what a big loss u encountered my dear... every experience has a lesson to teach us. The lessons here is so vital.. product knowledge is important before venturing into any business
Thanks for sharing with us
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