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Palm Oil Biz.. How I Lost My First Capital - Business - Nairaland

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Palm Oil Biz.. How I Lost My First Capital by TUBLEZ(m): 12:19pm On Aug 05, 2017
Few years back after graduation and job not forthcoming, tho i was doing some menial jobs to cater for my basic needs and on d long run i was able to save only 50k and then i started browsing d Internet to know what i can do with my 50k so palm oil business really caught my attention and i decided to give it a trial as at then oil was 4k from d farm so with my 5k I started with 8-10 kegs of palm oil. Within few months into the business i was already having demands above my initial 10 kegs due to my aggressive marketing within my neighborhood and beyond but no where to get more funds to buy more kegs of oil on a weekly basis so i decided to look for investors here on nairaland, many people contacted and fortunately a lady invested little amount of money after we hv signed the MOU wit my lawyer i was so happy that my supplying power will jump from 10 kegs to 20 because i already hv d market but reverse was the case as an idea came from a colleague in d oil business that we should try our hands on plantain supply, we did some research at idi oro mkt and all was set as the profit margin was far far better than palm oil and it's a one off business just supply and make ur money instantly. So we decided to put our resources together to buy full load of plantain, we left lagos for idanre ondo state at about 12am to arrive at the market 5am we bought plantain and brought them to idi oro lagos to sell off but unfortunately we can't even explain how those OLO OBE sell them and we sold at a total loss loosing 70% of my capital and the remaining 30% got stuck with my colleague because i trusted him with the money but unfortunately he disappointed me and that was how i lost both my personal capital and the one my investor just paid without even trading with her investment at all.

Where do i start from again? i need to pay my house rent, eat, pay my bills and as well pay ROI to my investor ooooops the biggest fear and threat of my life sets in, i took another bold step to apply for a loan at a microfinance bank within 2 weeks the loan was disbursed this was supposed to give me a relief but on the long run it adds to my pains as i have to pay back the loan every month and as well pay my investor her ROI, the border was just too much hardly can i feed myself but i keep balancing the situation until few months later when i lost my dear mother i had to travel down to our village for the burial and everything and i spent one whole month at this time all business was pending i came back took money from the little capital to pay bank and ROI which now reduces my running capital again i was not too border so quickly i decided to order for oil from one of woman like that she has since disappears from Nairaland. My aim was to quickly buy and cover up for the lost month because i was still mourning my mum and i don't want to travel but believe me all the oil she sent to me was very bad smelling like a pit nobody can even buy them from me, another total loss with bank loan 3 months left and my investors ROI still over six months left of which she Wil also calls from her capital at the expiration of our contract. I went straight to my shelve bring out my certificate and resume job hunting with God on my side i got a job with a poor salary within 2 months of my search i thank God i got the job at that point because it was the job that helps me to pay up my bank loan and paid up to 80% of my investors ROI and her capital.

So I decided to work for more months then i resigned with few capital to start up all over again because i sure knows what palm oil business can bring to the table if properly managed compared to my salary job. All in all i thank God for everything.

134 Likes 17 Shares

Re: Palm Oil Biz.. How I Lost My First Capital by TUBLEZ(m): 12:23pm On Aug 05, 2017
Lessons learnt
1.Don't take loan to start a new business, u can only take loan to expand an existing business
2.U can start with the little u have
3.Focus on one business first before diverting ur capital
4.Go for quality

191 Likes 20 Shares

Re: Palm Oil Biz.. How I Lost My First Capital by Captain1Nigeria(m): 12:51pm On Aug 05, 2017
Hard luck bro,don't give up bro

2 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by uboma(m): 4:10pm On Aug 05, 2017
In businesses you have to remain focused.

the grass isn't always greener at the other divide.


out of curiosity, who is this woman that sold bad Palm oil to you? is she a member here? if she is, you better mention her moniker so others won't fall under her harmer.

26 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by suchmuch: 10:33pm On Aug 05, 2017
I am touched by your post
I also made the same mistake as you did

The Lord is your strength

10 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by TUBLEZ(m): 6:59am On Aug 06, 2017
Amen
Re: Palm Oil Biz.. How I Lost My First Capital by eabby(m): 7:34am On Aug 06, 2017
TUBLEZ:
Lessons learnt
1.Don't take loan to start a new business, u can only take loan to expand an existing business
2.U can start with the little u have
3.Focus on one business first before diverting ur capital
4.Go for quality



Better still, engage yourself with a parent company, be patient, learn from them, start slowly and small, master your indices, give it more time then you can establish.

9 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by dominique(f): 3:54pm On Aug 06, 2017
Did you lose your capital to the palmoil or plantain biz?

9 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by sconp: 4:14pm On Aug 06, 2017
dominique:
Did you lose your capital to the palmoil or plantain biz?
He lost 70% to plantain and 30% capital to the friend he did biz with

3 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by swiz123(m): 4:24pm On Aug 06, 2017
I can only caption this :"consequences of greed"

12 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by empressSkincare(f): 4:27pm On Aug 06, 2017
Awwwwhhhhh! Better luck next time.
Re: Palm Oil Biz.. How I Lost My First Capital by Sunofgod(m): 4:28pm On Aug 06, 2017
Sorry ohh......If its any consultation I lost the equivalent but within 90 mins on Chelsea today,

But tomorrow is a new day..... so chin-up!

17 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by Izygab(m): 4:28pm On Aug 06, 2017
From the little I've learnt from business, one with the highest profit is the most risky and as such shouldn't be given 100% investment

9 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by LAFO: 4:28pm On Aug 06, 2017
OP well done, no big business that started from t he scratch without their stories.
You're making yours.
I wish you well

3 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by Oluwapresley(m): 4:30pm On Aug 06, 2017
In the last one week, I've read two very strong posts condemning salary earners and encouraging entrepreneurs/investors. In this one week also, I've also seen the amount of praises given to such write ups.
I also want to praise entrepreneurship! Yes, but constructively!

Its funny how everyone nowadays gives numbers and statistics on how entrepreneurs make millions monthly but won't say everything that entails those numbers.
My mother used to say; "at the end of every year, people see you sell Christmas chickens and they help you count all the money you are making from afar based on every customer that comes... But that's all they would ever know.. What comes in from afar"

That's the kind of picture people paint with almost everything. They paint from a far!

Of course, this call for entrepreneurship/investors is a very good call; however, they are called investors/entrepreneurs for a reason! You can't give what you don't have.
Or should I say you can't invest what you don't have!
But these posts have Sooooo condemned salary earners and painted sooo ugly a picture about salary earners that no one wants to be a salary earner. Which is a good thing actually but the resultant effect is a negative drive! Yes, a negative drive! People see the numbers you come up with..... I saw a post about a "danfo driver" who makes 1 million naira monthly..lol but the danfo driver never came out to say he makes 1 million naira monthly; our so-called clamourers for independence calculated his income for him..

This creates a negative drive.. That even those who don't have anything to offer start to say I want to be an entrepreneur.
Oh, or you think investing entails only money?
Investment entails a lot of things, man! From money to time, to knowledge, experience, the right people, luck etc. You can't give what you don't have. You can't invest what you don't have, if not, the result effect is failure!

Starting up something on your own requires sincerity! Are you ready for this?
They calculate how much u can make if u were alone..
But I also know a lot of business owners that have lost sooo much and committed suicide!
I know of guys that wasted all their money and time pursuing something for the wrong reason.

Investopedia says there is a difference between business owners and entrepreneurs. Not every business owner is an entrepreneur. There are differences and 1 of the difference is "innovativeness''.

If I happened to go back to my 100L days, I probably would Ace all my papers. If I go back to my primary school days, I probably wouldn't go to school at all and I will sit for exams and take the first position!
Why do u think this is so?
Its called growth!!

There are some guys that would go back to their primary school days and wouldn't still be able to pass their exams..

And there were some other guys that aced everything right from the start..

We need to understand that we are different.. You can't all go at the same pace. Some people need to grow. Grow in knowledge, wisdom, skills, abilities before they can actually do something.. If not, you are only Gonna fail and end up aving a negative mindset about starting up.

We need to realise that salary earners in that sense are also starting up something.. Its not always only about the salary. There are other ingredients you get even as a salary earner to be able to start up something..


I think these posts should be clearer. Sometimes, you have to be a salary earner before you become the almighty investor..
It doesn't mean I've forgotten my dreams.

My mentality might be messed up.. But this is exactly how I feel..

144 Likes 20 Shares

Re: Palm Oil Biz.. How I Lost My First Capital by dyemida(m): 4:32pm On Aug 06, 2017
TUBLEZ:
Few years back after graduation and job not forthcoming, tho i was doing some menial jobs to cater for my basic needs and on d long run i was able to save only 50k and then i started browsing d Internet to know what i can do with my 50k so palm oil business really caught my attention and i decided to give it a trial as at then oil was 4k from d farm so with my 5k I started with 8-10 kegs of palm oil. Within few months into the business i was already having demands above my initial 10 kegs due to my aggressive marketing within my neighborhood and beyond but no where to get more funds to buy more kegs of oil on a weekly basis so i decided to look for investors here on nairaland, many people contacted and fortunately a lady invested little amount of money after we hv signed the MOU wit my lawyer i was so happy that my supplying power will jump from 10 kegs to 20 because i already hv d market but reverse was the case as an idea came from a colleague in d oil business that we should try our hands on plantain supply, we did some research at idi oro mkt and all was set as the profit margin was far far better than palm oil and it's a one off business just supply and make ur money instantly. So we decided to put our resources together to buy full load of plantain, we left lagos for idanre ondo state at about 12am to arrive at the market 5am we bought plantain and brought them to idi oro lagos to sell off but unfortunately we can't even explain how those OLO OBE sell them and we sold at a total loss loosing 70% of my capital and the remaining 30% got stuck with my colleague because i trusted him with the money but unfortunately he disappointed me and that was how i lost both my personal capital and the one my investor just paid without even trading with her investment at all.

Where do i start from again? i need to pay my house rent, eat, pay my bills and as well pay ROI to my investor ooooops the biggest fear and threat of my life sets in, i took another bold step to apply for a loan at a microfinance bank within 2 weeks the loan was disbursed this was supposed to give me a relief but on the long run it adds to my pains as i have to pay back the loan every month and as well pay my investor her ROI, the border was just too much hardly can i feed myself but i keep balancing the situation until few months later when i lost my dear mother i had to travel down to our village for the burial and everything and i spent one whole month at this time all business was pending i came back took money from the little capital to pay bank and ROI which now reduces my running capital again i was not too border so quickly i decided to order for oil from one of woman like that she has since disappears from Nairaland. My aim was to quickly buy and cover up for the lost month because i was still mourning my mum and i don't want to travel but believe me all the oil she sent to me was very bad smelling like a pit nobody can even buy them from me, another total loss with bank loan 3 months left and my investors ROI still over six months left of which she Wil also calls from her capital at the expiration of our contract. I went straight to my shelve bring out my certificate and resume job hunting with God on my side i got a job with a poor salary within 2 months of my search i thank God i got the job at that point because it was the job that helps me to pay up my bank loan and paid up to 80% of my investors ROI and her capital.

So I decided to work for more months then i resigned with few capital to start up all over again because i sure knows what palm oil business can bring to the table if properly managed compared to my salary job. All in all i thank God for everything.
Please interested in delving into the business. I would sure need your expertise and experience on it.
I would really appreciate it.
Thank you in anticipation.

1 Like

Re: Palm Oil Biz.. How I Lost My First Capital by engrpheleeks(m): 4:32pm On Aug 06, 2017
Sorry
Re: Palm Oil Biz.. How I Lost My First Capital by bayutech(m): 4:33pm On Aug 06, 2017
.
Re: Palm Oil Biz.. How I Lost My First Capital by cescky(m): 4:34pm On Aug 06, 2017
TUBLEZ:
Few years back after graduation and job not forthcoming, tho i was doing some menial jobs to cater for my basic needs and on d long run i was able to save only 50k and then i started browsing d Internet to know what i can do with my 50k so palm oil business really caught my attention and i decided to give it a trial as at then oil was 4k from d farm so with my 5k I started with 8-10 kegs of palm oil. Within few months into the business i was already having demands above my initial 10 kegs due to my aggressive marketing within my neighborhood and beyond but no where to get more funds to buy more kegs of oil on a weekly basis so i decided to look for investors here on nairaland, many people contacted and fortunately a lady invested little amount of money after we hv signed the MOU wit my lawyer i was so happy that my supplying power will jump from 10 kegs to 20 because i already hv d market but reverse was the case as an idea came from a colleague in d oil business that we should try our hands on plantain supply, we did some research at idi oro mkt and all was set as the profit margin was far far better than palm oil and it's a one off business just supply and make ur money instantly. So we decided to put our resources together to buy full load of plantain, we left lagos for idanre ondo state at about 12am to arrive at the market 5am we bought plantain and brought them to idi oro lagos to sell off but unfortunately we can't even explain how those OLO OBE sell them and we sold at a total loss loosing 70% of my capital and the remaining 30% got stuck with my colleague because i trusted him with the money but unfortunately he disappointed me and that was how i lost both my personal capital and the one my investor just paid without even trading with her investment at all.

Where do i start from again? i need to pay my house rent, eat, pay my bills and as well pay ROI to my investor ooooops the biggest fear and threat of my life sets in, i took another bold step to apply for a loan at a microfinance bank within 2 weeks the loan was disbursed this was supposed to give me a relief but on the long run it adds to my pains as i have to pay back the loan every month and as well pay my investor her ROI, the border was just too much hardly can i feed myself but i keep balancing the situation until few months later when i lost my dear mother i had to travel down to our village for the burial and everything and i spent one whole month at this time all business was pending i came back took money from the little capital to pay bank and ROI which now reduces my running capital again i was not too border so quickly i decided to order for oil from one of woman like that she has since disappears from Nairaland. My aim was to quickly buy and cover up for the lost month because i was still mourning my mum and i don't want to travel but believe me all the oil she sent to me was very bad smelling like a pit nobody can even buy them from me, another total loss with bank loan 3 months left and my investors ROI still over six months left of which she Wil also calls from her capital at the expiration of our contract. I went straight to my shelve bring out my certificate and resume job hunting with God on my side i got a job with a poor salary within 2 months of my search i thank God i got the job at that point because it was the job that helps me to pay up my bank loan and paid up to 80% of my investors ROI and her capital.

So I decided to work for more months then i resigned with few capital to start up all over again because i sure knows what palm oil business can bring to the table if properly managed compared to my salary job. All in all i thank God for everything.

you have heart

never loose it

its an attribute of greatness

greatmen never give up,,,,see you at the top

6 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by TUBLEZ(m): 4:34pm On Aug 06, 2017
sconp:

He lost 70% to plantain and 30% capital to the friend he did biz with
yes,and after that i lost the loan i took from microfinance bank to palm oil 100% of it

1 Like

Re: Palm Oil Biz.. How I Lost My First Capital by Talk2Bella(f): 4:35pm On Aug 06, 2017
sad at least u have been able to pay off two major loans

don't give up
Re: Palm Oil Biz.. How I Lost My First Capital by concho(m): 4:35pm On Aug 06, 2017
you get mind o......you are quitn ur job for d palm oil biz?

1 Like 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by jazinogold(m): 4:36pm On Aug 06, 2017
impressive


entrepreneurs are risk takers!

5 Likes

Re: Palm Oil Biz.. How I Lost My First Capital by sconp: 4:37pm On Aug 06, 2017
TUBLEZ:
yes,and after that i lost the loan i took from microfinance bank to palm oil 100% of it
And now,u is a boss
Re: Palm Oil Biz.. How I Lost My First Capital by lollmaolol(m): 4:38pm On Aug 06, 2017
Ajekun iya lo je
Ajekun iya lo je

Instead of focusing on palm oil

Even almighty multichoice no know where the banana fall
Re: Palm Oil Biz.. How I Lost My First Capital by TUBLEZ(m): 4:39pm On Aug 06, 2017
concho:
you get mind o......you are quitn ur job for d palm oil biz?
Tough people takes tough decisions Bro, as i hv always believes that salary is a bribe u take to forget about ur dreams and besides it's not a well paying job

5 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by Partnerbiz2: 4:39pm On Aug 06, 2017
Palm oil biz, recharge card biz, etc. Thats all u see on Nairaland.

No biz idea here bro..

6 Likes 1 Share

Re: Palm Oil Biz.. How I Lost My First Capital by djemillionia: 4:40pm On Aug 06, 2017
grin
Re: Palm Oil Biz.. How I Lost My First Capital by dejik2m: 4:41pm On Aug 06, 2017
Definitely, the lessons learnt will make you better. Im interested in the palm oil biz. Kindly send a means of getting in touch with you. Thanks.
Re: Palm Oil Biz.. How I Lost My First Capital by canalily(m): 4:42pm On Aug 06, 2017
LAFO:
OP well done, no big business that started from t he scratch without their stories.
You're making yours.
I wish you well
ur moniker if wel written means loaf of breadgrin

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