I was super excited I was starting a business of my own. I believed in myself, I never doubted I would make it. And that inspired me to invest almost 90% of my savings. “Why shouldn’t I?” I thought, after all, I’m going to get the money back.
Ohh.. If I had read George S. Clason “The Richest Man in Babylon” by then, I would have been wiser; to know that you don’t invest your hard earned savings on a dealing or business you know little or nothing about. But then, the deed has been done. Not that I regret the experience because I learnt, habeit, the hard way.
To the main gist, the reason my first business failed, I will share two factors with you, one I believe I already mentioned, will come back to it later. The other which is really paramount is the very reason so many small business with potentials to become world class brand, are failing and closing up every minute of the day.
I saw my little business as a means of catering for my other needs.
Interesting, right? After all, don’t we all do business so we’ll be able to make more money and cater for ourselves? Yes. You are right. But not so right..
Actually that was the major reason I started my Plantain Flour business. I knew I was going into writing and content creation, but I wasn’t sure how to monetize that. So I thought it wise to begin a side hustle that would at least give me regular income to cater for some of my basic needs.
Such intention for a Start-up that is supposed to be nurtured and catered for.
Let’s divert a little;
Why do you think married couples love to have their own kids? Or rather. Why would you love to have your own child, and if you already do, why did you?
There are several reason why people bear seeds (children), but it all boils down to finding someone that will love and care for them when they are old. Everyone wants a family they can call their own.
Still in celebration of yesterday’s mother’s day. HAPPY MOTHER’S DAY TO EVERY MOTHER READING THIS. AND TO EVERY ASPIRING MOTHERS, YOUR SEED IS BLESSED!
Now imagine if after having your baby who is a month old, you now expect her to give you a glass of water because she can now lift her hands or even when she is a year old, you expect her to start making money and supporting the family. Will that not be absurd?
Now does your baby have the potential to bring you a glass of water and even assist in other house shores? Yes! Does she have the potential to grow rich earn enough money and assist the family financially? Yes!
Only when the time is right. Only when she has learnt and grown.
Every business has a life that needs to be nurtured. The reason my first business failed.
We all go into business for the sole aim of making profit. Like I define the other time “Entrepreneurship is the ‘business’ of development and profit.” But not everyone knows how to manage this.
You don’t eat up your seed!
You nurture it, you care for it, invest in it and allow it grow.
Don’t even start with the wrong motive. Get your intentions right. Everything else will fall in place.
To my second point, how much do you know about your chosen business. How much have you learnt. Who are the people in that field that you are learning from. This things are very simple like the salvation of man by Jesus Christ. Maybe that’s why many people don’t take them seriously.
This may not be the first time you are reading something like this. But imagine if we all put to action the important things of life we have learnt and know. We will all be Super Heros. The reason I love entrepreneurship, its principles can be applied to almost every aspect of human life. Learn all there is or at least as much as possible about your business. One easy way to do this apart from reading books and articles like this is to surround yourself with the right people.
In summery, businesses fail when it is founded on a wrong motive
And when it lack the right knowledge and skills to help nurture it.
I will leave you with a quote by Alexander Graham Bell:
“Concentrate all your thoughts upon the work at hand. The sun’s rays do not burn until brought to a focus”.
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