Have you succeeded/failed a start-up business before? Please share your experience.
The Entrepreneurship is a roller coaster and sometimes failure can Lead to success and vice versa. What was your idea? Did you evaluated it? did it work out?
My Telecommunication Recharge Card Business failed in early 2007.
I started the business in 2005 with zero equity on my part, and about $150 loan from a friend. I had two employees who worked in two shifts (Morning and Afternoon). I was doing well in terms of income from the onset, but I was carried away by my little found success that I failed to abide by the golden rule - SAVE!!! Although I paid up my debt within the first three months of the business, I spent virtually all I earned thereafter.
The lessons I learned was that no matter how successful you are in business, always save more than you spend. Your business depends very much on it.
Thanks for great example, I am totally agree with you in terms of saving money. in United Stated people usually spend more than they earn, that's why a lot of them get in debt trouble.
Saving is a great practice, but how about reinvesting in business?
If you made some money and can get by without spending extra on food/rent/etc. (I mean basics) than may be it's a good idea to reinvest in that same business to make it grow faster?
I ran a successful for cafe for ten years. It did really well and I did save the money I made. We were in a little village store type setting, a large indoor shopping mall was near us. We really saved the money we made in December to carry us through to spring when people started coming back to shop around. It worked out well because even though a large mall was near by, they didn't discount their merchandise until after christmas, so people would shop in the little stores around me because they were unique and then eat in my cafe. When the economy sank and the big stores at the mall started almost giving their merchandise away even during christmas our profit was finished. People stopped coming and many business closed thier doors and so did I. I left while I still had some savings and wasn't in debt to my suppliers or any bank. Owning a business can be great, but a person also needs to know when to leave before they lose everything, or get crushed in debt.
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