PROFIT AND LOSS
Good morning members of the Be Entrepreneur family. I’m @samdiamond. It is my first time posting in this community and I hope I’m welcome. I welcome you all to my blog.
Today, I want to speak on profit and loss. You know as an entrepreneur, profit and loss is something we experience every day. But that does not stop us from doing our businesses. I do not think that there is any entrepreneur who does not come across this two terms. Profit and loss are interwoven, one cannot do without the other.
Before I continue, I will love to give the definition of profit and loss.
Profit is a gain a person makes from his or her business while selling his or her goods and service.
Loss refers to the lack of gain while selling our goods and services.
As a business oriented person, we encounter this every day. But it is not the encounter that is the main point. The main point is how we have been able to manage it. When there is so much loss in your business you might be forced to withdraw or think of starting a new business.
Few months ago, I bought goods of about three hundred thousand naira. And after selling those goods I discovered that I made two hundred thousand naira. Come to think of it, how could I buy goods of three hundred thousand naira and sold them at the rate of two hundred thousand naira.
This means I lost one hundred thousand naira from the money I used in purchasing the goods. What hurt me most was, there was no profit attached to it. I was so distorted.
Honestly, I was so discouraged and didn’t know what to do. I stayed away from my shop for three days in order to recover. So after four days, I had to go back to my shop and continue from where I stopped. I did not relent effort, I kept pushing and I never gave up on the business.
At a point, I dis covered that had made the right decision which turned out to be the successful choice.
How do you handle matters like this in your business place? Do you run away from your business? Or do you stand your ground and do what you are supposed to do?
Running away won’t solve the problem but looking for a solution to recover your loss is the best idea.
In conclusion, learn to sustain your business no matter what you are passing through. Success is achieved immediately, it always takes time.
Thanks for reading my post.
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