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What Is Your Worst Business Investment And How Much Did You Lose? - Business - Nairaland

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What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 6:59am On Nov 19
This is in response to this wonderful thread https://www.nairaland.com/4852491/how-old-when-made-first

After going through the thread i realized that many had made money but lost all or a good chunk.

This is my own story.

Abattoir Investment

As a student in Futa, i usually patronized a butcher called Nurai at the abattoir behind Chicken Republic at FUTA Junction. The guy was very nice to us and always gave us extra meat to what we bought. When i had my first major breakthrough, this guy was the first person that came to my mind.

I gave Mr. Nurai 500,000 naira as investment into the business. The man lost all the money within a few months. I still like him and i know he did not do it intentionally but it was a big blow to my finances when i needed a backup source of income.

business agreement with a nairalander i wont mention his name, but i had an agreement with a nairalander, but i suspect he diverted the money into mmm. Long story short he still owes me 400k after refunding about 600k to me.

Ministry of works contract
Never take a contract during elections. Goodluck Jonathan awarded lots of contracts a few months to the 2015 elections. I got several road furnishing contracts November 2014. Unfortunately we had to borrow money to do the Job. Lost about N7million there. Government still owing us 54million (i did it in partnership with another company in Abuja) it was a massive blow and my worst mistake in life not just business.

What is your own story? Be honest and detailed so we can learn from each other.

111 Likes 10 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by ololadeking(m): 7:05am On Nov 19
buhari, I lost everything

166 Likes 11 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 7:06am On Nov 19
ololadeking:
buhari, I lost everything
yes buhari has refused to pay us for the jobs we did under goodluck's government.

48 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Olalekank(m): 7:20am On Nov 19
I've never made any bad investment. Highest I got was 50k from UNILAG endowment.

Never really had the cash to put in any investments but one thing I wish I realized earlier was that no matter the amount you're receiving, if you can't save from it then when money bigger than that comes, you'd hardly save from that bigger money.

I'm still a student and really interested in mentorship from everyone here. I really need these advice. It might seem like there's time but there's actually no time anywhere.
HardMirror

26 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by pastie(m): 7:28am On Nov 19
I'm here to learn

1 Like

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Homeboiy: 7:30am On Nov 19
Gambling

35 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Tallesty1(m): 7:41am On Nov 19
I don't even know if I should call it a bad investment because it was more like a fraud. Ordered for recharge card pins worth millions and was supplied fake pins. Spent the rest of the money fighting them but didn't win. It was a very bad experience and it pushed me to below ground zero.

The second one was a woman, things were going bad for her then and she was good to me when I was struggling to feed twice a day. Like she knew I was going through a hard time. Gives me food and money every Sunday. So I gave her N350k to start food stock business, her husband convinced her to invest it in MMM. she lost everything.

135 Likes 13 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by adanny01(m): 7:47am On Nov 19
HardMirror:
This is in response to this wonderful thread https://www.nairaland.com/4852491/how-old-when-made-first

After going through the thread i realized that many had made money but lost all or a good chunk.

This is my own story.

Abattoir Investment

As a student in Futa, i usually patronized a butcher called Nurai at the abattoir behind Chicken Republic at FUTA Junction. The guy was very nice to us and always gave us extra meat to what we bought. When i had my first major breakthrough, this guy was the first person that came to my mind.

I gave Mr. Nurai 500,000 naira as investment into the business. The man lost all the money within a few months. I still like him and i know he did not do it intentionally but it was a big blow to my finances when i needed a backup source of income.

business agreement with a nairalander i wont mention his name, but i had an agreement with a nairalander, but i suspect he diverted the money into mmm. Long story short he still owes me 400k after refunding about 600k to me.

Ministry of works contract
Never take a contract during elections. Goodluck Jonathan awarded lots of contracts a few months to the 2015 elections. I got several road furnishing contracts November 2014. Unfortunately we had to borrow money to do the Job. Lost about N7million there. Government still owing us 54million (i did it in partnership with another company in Abuja) it was a massive blow and my worst mistake in life not just business.

What is your own story? Be honest and detailed so we can learn from each other.

I got my boss a 200m ministry of works contract earlier this yr, he refused to finance it saying that its too close to elections.

We sold it out and counted our loss.

The guy who bought it did 60% and has since been trying to get paid. I hope he gets paid sha cos that ministry get as e be. You need serious leg to get paid there.

Buhari tried to sanitize that ministry but the right effect has not been felt. At least they dont dish out contracts anyhow like they did under GEJ when the funds to pay where obviously not available.

36 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 7:56am On Nov 19
Tallesty1:
I don't even know if I should call it a bad investment because it was more like a fraud. Ordered for recharge card pins worth millions and was supplied fake pins. Spent the rest of the money fighting them but didn't win. It was a very bad experience and pushed it below ground zero.

The second one was a woman, things were going bad for her then and she was good to me when I was struggling to feed twice a day. Like she knew I was going through a hard time. Gives me food and money every Sunday. So I gave her N350k to start food stock business, her husband convinced her to invest it MMM. she lost everything.
wow!!! Seems mmm did a lot of people in. Whenever you get scammed dont bother fighting the scammer, learn your lesson and move on. I have never reported any case to the police. It does not worth it

58 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by LoJ: 8:17am On Nov 19
I have not replied yet to the other thread since it was already too crowded.

My worst investment was a few months ago. I did some arbitrage and failed to pay proper attention to the details of the contract. The contract was in German, and one sentence was equivocal. Still, had I read with proper diligence, I would have uncovered the trap.

At the end of the day I lost 5000€ plus 2000€ I had to pay "on top" which is about 3 million naira.

I am recovering, but I did learn a big lesson though. The devil is in the details.

77 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by psychologist(m): 8:26am On Nov 19
No million gained yet
No thousands lost either

Privilege to be on Frontpage of another gathering of millionaires. I am here to learn from y'all mistakes and open for tutelage.

Thank you tissuepaper and hardmirror for great births like this

53 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Eberechi24(f): 10:03am On Nov 19
Tallesty1:
I don't even know if I should call it a bad investment because it was more like a fraud. Ordered for recharge card pins worth millions and was supplied fake pins. Spent the rest of the money fighting them but didn't win. It was a very bad experience and pushed it below ground zero.

The second one was a woman, things were going bad for her then and she was good to me when I was struggling to feed twice a day. Like she knew I was going through a hard time. Gives me food and money every Sunday. So I gave her N350k to start food stock business, her husband convinced her to invest it MMM. she lost everything.

Sad story. More reasons I don't pity fraudsters/scammers when they are caught. They don't have conscience.
MMM was another disaster to investors
May God keep u strong.

18 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Generalkorex(m): 10:19am On Nov 19
I made money from redesigning blogger blog for people, I charge very low compared to what those big names charge, plus the one I made from my saving then,I was working as a teacher and do extra lesson too.l invested in liberty reserve earning Small Small from buying at I the rate of 160 and sell for 165/dollars.It was going smoothly,then a friend introduced me to a platform where you can transfer liberty reserve fund to payza acount and earn profit.it was making sense at first until i transfered 3k liberty reserve. and feu the company disappeared.the guy i was buying the liberty reserve from his hand said he saw it coming but his selfishness to sell his fund didnt allow him to caution me.My money, My brother's money all gone.



While I was still trying to track the website liberty reserve closed down cry

--------------------------------------------------------++++++
I bounced back made some money from Mtn magic sim then. I was selling magic Sims and also selling the guide.I was only 18 years then.I want to study abroad, I sold the blog for almost 100k,add some money from my savings to it only to lose d money to travel agent. The greatest mistake I made was selling my blog and some domain name.I almost cried writing this. Never made such money since then.I pray I bounce back. I have learned a lot sha.experience they say is the best teacher

171 Likes 12 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by gift01: 10:22am On Nov 19
Nigeria Stock Exchange, Poultry Farming,
Importation that didn't come in, MMM

11 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by gift01: 10:24am On Nov 19
HardMirror:
This is in response to this wonderful thread https://www.nairaland.com/4852491/how-old-when-made-first

After going through the thread i realized that many had made money but lost all or a good chunk.

This is my own story.

Abattoir Investment

As a student in Futa, i usually patronized a butcher called Nurai at the abattoir behind Chicken Republic at FUTA Junction. The guy was very nice to us and always gave us extra meat to what we bought. When i had my first major breakthrough, this guy was the first person that came to my mind.

I gave Mr. Nurai 500,000 naira as investment into the business. The man lost all the money within a few months. I still like him and i know he did not do it intentionally but it was a big blow to my finances when i needed a backup source of income.

business agreement with a nairalander i wont mention his name, but i had an agreement with a nairalander, but i suspect he diverted the money into mmm. Long story short he still owes me 400k after refunding about 600k to me.

Ministry of works contract
Never take a contract during elections. Goodluck Jonathan awarded lots of contracts a few months to the 2015 elections. I got several road furnishing contracts November 2014. Unfortunately we had to borrow money to do the Job. Lost about N7million there. Government still owing us 54million (i did it in partnership with another company in Abuja) it was a massive blow and my worst mistake in life not just business.

What is your own story? Be honest and detailed so we can learn from each other.

Futarian? What set?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by hahn(m): 10:32am On Nov 19
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down cool

162 Likes 9 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 11:11am On Nov 19
hahn:
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down cool
good job bro.

38 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 11:12am On Nov 19
gift01:


Futarian? What set?
2012
Re: What Is Your Worst Business Investment And How Much Did You Lose? by noble71(m): 12:09pm On Nov 19
mine was Interlocking business lost about 1 million there. my major problem was not getting proper knowledge of the business. when I came into the business interlocking was already facing out. Stamped concrete took over from interlocking. I have moved on though.

25 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by khassy(m): 12:26pm On Nov 19
I came across a thread on nL https://www.nairaland.com/4548511/business-start-400k-lagos

Being the entrepreneurship person that I was, I set out to give it a try.

Left my base in Ilorin to try it out.

Long story cut short.. I invested about 160k into it. Lost about 54k

But I'm unbothered tho, I'm still giving it two more shots next month before giving up on it.

I'm attaching a screenshot to summarise everything I spent.

Note I didn't include my transport, cus I was driving my car myself and it was some sort of tourism to me.

Lesson learnt,
Never test a business based on what people say and don't try any business with money you can't comfortably lose (I learnt the last part from cryptocurrency) grin

**MODIFIED**
I see people talking about cryptocurrencies here so I think is should add this

Lost 750k to Ethereum in January
Invested 350k in altcoins in January and had to sell off in September for 46k after HODLing thinking it'll yeast.
Lost another 1.6m to gift cards in September.
Coupled with occasional 100k, 150k, 50k loses throughout the year

All in all, I still don't think I lost anything significant.. I just feel I got more experienced.

For anyone trying to venture into crypto currency is at this time. I advise you just invest your money somewhere else Sha.. the good ol days are over..

42 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by LoJ: 12:27pm On Nov 19
hahn:
...
I believe this is a simple case or "bad luck".
Still I like the way you turned it around for your own good.

Indeed all things work together for good for those that serve no god grin

My encouragements.

12 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by gift01: 12:39pm On Nov 19
HardMirror:
2012
Do you know anyone in Meteorology dept of that same set?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by yettymuse(f): 1:27pm On Nov 19
I've never made a bad investment. I'm always hesitant in trying my cash on new business.. It's safe to say I'm not a risk taker lipsrsealed

14 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by LoJ: 2:06pm On Nov 19
khassy:
.

Lesson learnt,
Never test a business based on what people say and don't try any business with money you can't comfortably lose (I learnt the last part from cryptocurrency) grin
Nice one
Re: What Is Your Worst Business Investment And How Much Did You Lose? by LoJ: 2:07pm On Nov 19
yettymuse:
I've never made a bad investment. I'm always hesitant in trying my cash on new business.. It's safe to say I'm not a risk taker lipsrsealed
Wow.

I have never met a great entrepreneur that never made a bad investment. You must be very wise... Or very lucky.

30 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by hahn(m): 2:34pm On Nov 19
LoJ:

I believe this is a simple case or "bad luck".
Still I like the way you turned it around for your own good.

Indeed all things work together for good for that serve no god grin

My encouragements.

grin

You see? Instead of wasting my time lamenting that it's the devil or praying to god to solve my problems the issue is tackled instead with logic

grin

30 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by hahn(m): 2:37pm On Nov 19
khassy:
I came across a thread on nL https://www.nairaland.com/4548511/business-start-400k-lagos

Being the entrepreneurship person that I was, I set out to give it a try.

Left my base in Ilorin to try it out.

Long story cut short.. I invested about 160k into it. Lost about 54k

But I'm unbothered tho, I'm still giving it two more shots next month before giving up on it.

I'm attaching a screenshot to summarise everything I spent.

Note I didn't include my transport, cus I was driving my car myself and it was some sort of tourism to me.

Lesson learnt,
Never test a business based on what people say and don't try any business with money you can't comfortably lose (I learnt the last part from cryptocurrency) grin

My kind of person. I keep records too

You seem like a smart person and you are definitely on the right path smiley

4 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by TissuePaper: 2:42pm On Nov 19
Lalasticlala should help out here... Will be back to comment
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Grupo(m): 2:48pm On Nov 19
LoJ:

I believe this is a simple case or "bad luck".
Still I like the way you turned it around for your own good.

Indeed all things work together for good for that serve no god grin

My encouragements.

I saw what you did there bro.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by yemisi10: 2:51pm On Nov 19
grin grin grin
Homeboiy:
Gambling
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Grupo(m): 2:54pm On Nov 19
Well, I have not lost much in terms of investment. Early this year, I lost about 44k in one bad crypocurrency investment. Although the money wasn't much, but it is still a loss.

I also lost another $159 to one of these American information marketers that litter YouTube. I had watched his videos on YouTube and he was making sense. Then I decided to pay for his course and it turned out to be rubbish.

33 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 3:15pm On Nov 19
gift01:
Do you know anyone in Meteorology dept of that same set?
none i am close to. The person i was close to in that department was 2 years my senior. Bro Orimolade

3 Likes

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