Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,598 members, 7,809,168 topics. Date: Friday, 26 April 2024 at 02:41 AM

What Lead To The Collapse Of Your First Business? - Business (10) - Nairaland

Nairaland Forum / Nairaland / General / Business / What Lead To The Collapse Of Your First Business? (34796 Views)

Elon Musk Warns Low Birth Rates May Lead To Population Collapse / I Am Starting My First Business With No Prior Business Experience / What You Should Know About Starting Your First Business Online (2) (3) (4)

(1) (2) (3) ... (7) (8) (9) (10) (11) (12) (13) ... (16) (Reply) (Go Down)

Re: What Lead To The Collapse Of Your First Business? by emmanuelewumi(m): 3:34pm On Nov 16, 2019
Nnemuka:

Imagine how you would have flourished with her...
Very rare to find a good manager


Exactly.

Ten years after he is not yet married, maybe the girl is not his specification.

2 Likes 1 Share

Re: What Lead To The Collapse Of Your First Business? by emmanuelewumi(m): 3:36pm On Nov 16, 2019
Yoighaman:


I'm not married yet o...do you want to marry me ni? (smiles).

Started what I couldn't finish? Well, I took a shot and she didn't respond positively, so I decided to let go, only for me to realize later she was madly in love with me and I never knew.... but why the shakara in the first place?.... women sha, you folks are an encyclopedia...lol

Sorry, I just assume you are a woman for no cogent reason.


Good will provide your wife for you, just be prayerful and hard-working

1 Like

Re: What Lead To The Collapse Of Your First Business? by delishpot: 3:37pm On Nov 16, 2019
MoIbrahim:
I employed people based on pity, and their need for help. Out of the 5 staff, the 3 that came in due to pity and need for help were the ones that undermined the process, one by one and they left at their own time without giving a damn about the future or survival of the project.

Never again!!!

Don't EVER employ anyone that is begging to be given a job. Those ones that will say give me any type of job let me be using to manage myself. Those ones are just looking for road to blow at your expense. unless it's someone you can hold accountable. Those types are the ones that will Chew you to the bones. They are first to be angry that you have much while they are struggling.

6 Likes

Re: What Lead To The Collapse Of Your First Business? by eventsmallchops: 3:39pm On Nov 16, 2019
namiji2598:
u still remember his name?

of course ! his wife is still operating my carwash till now, but I thank God, his grace is sufficient for me .
Re: What Lead To The Collapse Of Your First Business? by Nobody: 3:41pm On Nov 16, 2019
Yoighaman:


Someone advised me to do all I could to get her back, establish a romantic relationship, use her to stabilize & grow the business and then stylishly break up with her but I said NO, I am not wired that way, I have a conscience and wouldn't allow that happen to any of my loved ones, the females especially.

Now I'm a full-time entrepreneur, I run my businesses myself and God has blessed me with good managers, perhaps because of my sincere motives towards her. I was also a very hard-working and diligent manager where I worked before I resigned, I had always believed we reap what we sow, I still do.
People re funny, how can they tell you to break up with her, The worst I can do is marry another wife but I won’t leave her or denied her of her right, Am sure of that, Well thank God you re now successfull, That’s the main issue.

1 Like

Re: What Lead To The Collapse Of Your First Business? by InvisibleB: 3:42pm On Nov 16, 2019
eventsmallchops:


a Nigerian labour union leader in Abuja, he's from Gombe state , a politician, why are you asking? the moment the government agency guys heard his name, they just laughed and switched to the woman side, that is Nigeria for you.

I hear that there is a station called human right radio in Abuja and they help get justice for oppressed people in Abuja. Have you heard about it? If not find out and give it a try

8 Likes 2 Shares

Re: What Lead To The Collapse Of Your First Business? by hefelove(m): 3:45pm On Nov 16, 2019
NGRsenate:


Quality bro. Quality!

These shoes were not imported. They were locally made. Asin na shoemaker make am.

Compare a shoemaker’s shoe of 5k and that of another shoemaker’s selling for 28k.

I could have gone for the cheapest of the cheapest but it would have spelt doom!

Even the 20-25k shoes i was selling, some were being returned because they were already laughing i.e the shoe don dey open mouth.
Na now I dey get your point brother. Cos I was thinking people will always buy it if it's really a quality shoe cos I was thinking you dem go return am as dem don buy am
Re: What Lead To The Collapse Of Your First Business? by Nobody: 3:49pm On Nov 16, 2019
I am learning a lot from comments here, When my business finally grows to 20 staffs rate, I will willingly block employment chances from my country men, employed Chinese or Arabs and implement a strict law, You tamper with my money your passport get seized. Not that I can’t employ my county men oo but how I go hold you when you mess up.

3 Likes

Re: What Lead To The Collapse Of Your First Business? by namiji2598: 3:52pm On Nov 16, 2019
eventsmallchops:


of course ! his wife is still operating my carwash till now, but I thank God, his grace is sufficient for me .
are u afraid of mentioning his name or u ar just lying?
Re: What Lead To The Collapse Of Your First Business? by Thane(m): 3:54pm On Nov 16, 2019
AwkaetitiBabe:
Well, it's feeding me without support from anyone, heck it paid my rent! To think I even started it with 10k. Anyways, wish u d best

I'm interested please
Re: What Lead To The Collapse Of Your First Business? by InvertedHammer: 4:00pm On Nov 16, 2019
henrixx:
gbagam. I was in darkness. During that period i spent time reading motivationals.

I realized that these everyday motivationals aren't it. It will tell you never give up or you are almost there. but i tell you my brother theres a time to stop, theres a time to give up and fight another day. It was a dark experience for me.
/
Why do people complain about "motivational" speakers?
They are doing their jobs. If you are sinking down to the bottom of the ocean, their job description entails cheering you on with standing ovation until you finally drown. Until you drown, their job is to motivate you even if you are swimming against the tide.

Motivation comes from inside.
/

6 Likes

Re: What Lead To The Collapse Of Your First Business? by InvertedHammer: 4:08pm On Nov 16, 2019
/
Don't forget that there are buyers for your imported goods until they arrive. Then the stories change.

The only business that seem to have minimal challenges is food business in a market.

/

4 Likes

Re: What Lead To The Collapse Of Your First Business? by eventsmallchops: 4:09pm On Nov 16, 2019
namiji2598:
are u afraid of mentioning his name or u ar just lying?

just pray that powerful influential people should not come against your source of livelihood, you will not even have money to make call talk less of fighting back , this is the paper I was served , they claimed both of us were served the paper , they even said she has cheated the government by collecting rent from me because the place is lay-by and not her land but she's operating it till now, and she said nothing will happen!

why do I have to come online to lie? to gain what? and why do I have to tell you her husband's name? I never had business together with him though she used his influence but I believe God has shown me mercy and grace and should be grateful to him for pulling me out of the suffering that came after then , we don't always win in life, even though it hurts, I have left everything to God because I don't want unnecessary distraction in my life, I want to remain focus in finding a new pathway in life, I value peace of mind.
I'm not lying !

16 Likes 1 Share

Re: What Lead To The Collapse Of Your First Business? by DonroxyII: 4:12pm On Nov 16, 2019
mfm04622:


That 3% is per annum, not per month!

To clear your eyes, go back to the person and ask him to calculate for you how much the interest will be after 30 day on 100k
Leave dem , their eyes go soon clear when dey see return that enters their account !

1 Like

Re: What Lead To The Collapse Of Your First Business? by Starke(m): 4:14pm On Nov 16, 2019
eventsmallchops:
it was a car wash business set up by the road side in front of undeveloped land ,
after spending so much despite paying 80,000 rent per year, the owner of the land across the gutter came to me that she also want to do carwash business with the same land, she came with Hausa thugs with knives, got government to served me demolition notice without compensation, I explained to the government and we were invited but she kept missing appointment because her husband is a labour leader from gombe state serving in Abuja, this was a business I sold a car to raise capital for.
she's now running the carwash I built with my money because her husband is a politician without compensating me, I took police there but they said it was a civil case.
anyway I believe it happened because God have a better plan for me.
lesson learnt!
Quit being a lil p*ssy and lawyer up!

1 Like

Re: What Lead To The Collapse Of Your First Business? by Nobody: 4:22pm On Nov 16, 2019
lack of accountability.

mhen i just dey spend money as i see am o. and it affecting me xhai.
Re: What Lead To The Collapse Of Your First Business? by ArticleBeast: 4:26pm On Nov 16, 2019
NGRsenate:


Did all that. Lol even sponsored a fashion show back then in school with locally made sandals for ladies.

Use yourself as an example. Let’s say i come to meet you with shoes, locally made and i tell you it costs 28k. Even if you have the money, will you just buy it?

Tell me in detail what will go through your mind?
You killed yourself with pricing. Never compete with big sharks when it comes to price..
Re: What Lead To The Collapse Of Your First Business? by Nobody: 4:26pm On Nov 16, 2019
mrgoodd:

Importation is not for small scale entrepreneurs, It can favour you if only you have the shop to display it or you re not in Nigeria, If you re investing millions, if might work for you as you will be selling in bulk and giving discounts to customers and that will help your business grow, But if you re investing below 500k without having a shop to showcase it that will help the online sells, kindly stay off, It doesn't work for me Dont mean it won't work for you , you can try it .


ThisisIkemefuna this is d real truth .. d business is highly profitable buh u would got discoyrage and heartbroke, cos nigeria only want POD which wont favour u. any many oda thing to be consider
Re: What Lead To The Collapse Of Your First Business? by DonroxyII: 4:27pm On Nov 16, 2019
Yoighaman:


Mine was around 2006 or 2007. I was working in a financial institution and nursed the idea of running a laundry business as a side gig due to an opportunity I saw. Prior to that time, there was a lady in the area I resided then, she worked at a business where I usually patronize, I observed she was a very good, decent and diligent lady, so I 'toasted' her (trust boys nau) but she was foot-dragging about my advances, so I decided to back- track.

Months later we spoke and she informed me she longer worked there, I was happy and she asked me why, I immediately told her my plans and offered her an opportunity to manage the new business I was about to set up to which she agreed. We launched the business, a sizeable one and I did a lot of marketing, so customers started pouring in, including my friends and church members.

The business went on very well for about 2 years and I was making money so comfortably that I wasn't really touching my salary where I worked except for the loan I took to start up, the lady didn't steal my money and even if she did, I didn't really care because I was happy with what she remitted, besides, I trusted her so much.

Then trouble started, she started giving me 'attitude', I was confused because we maintained a good working relationship, so on a fateful weekend, I took her out to have a discussion and the outcome shocked me!- She had been managing the business properly in my absence ( I only went there occassionally after I close from work in the evening) because she saw it as 'our' business, that she's been waiting for me to follow up on my earlier advances and start thinking of settling down with her, I was speechless.

To cut the long story short, she eventually left when she saw I was more interested in growing the business than having a relationship with her. Every manager afterwards was a sorry story, they stole so much that I wanted to close down the business, sadly, I encountered an unprecedented financial challenge at the time and sought investors, funny thing is that I even posted it here on Nairaland, that I was looking for investors....lol.........I eventually closed down the business and that experience remains one of the most painful in my life.

Conclusively, I'd say Human Resources was my bane. Without good and sincere people especially Managers, your business is likely to suffer.
Eiya She thought she was doing it for her would be husband .... both of you woulda be a Millionaire now ....

Don't mind dem bad advisors... u did d right thing ... These goon of advisors fit use people do ritual 4 money!!

6 Likes

Re: What Lead To The Collapse Of Your First Business? by Legendguru: 4:27pm On Nov 16, 2019
Low capital and lack of business know how and funds mismanagement are key factors in most cases
Re: What Lead To The Collapse Of Your First Business? by ArticleBeast: 4:30pm On Nov 16, 2019
achi4u:
We Igbos believe in apprenticeship before setting up any business because every business has a soul,when u know the in and out of any business, succeeding is just a matter of time. Be patient with any business u venture into, don't touch ur seed (capital) and change ur life style.
You won't know all this because you don't have a mentor who nurtured you for close to 5to6 years.
Intead of you going into importation with a megre 500k why not look for a better location and start selling women's clothes.
Gbam 5 years too much... Even 2years he go don sabi the way
Re: What Lead To The Collapse Of Your First Business? by ArticleBeast: 4:33pm On Nov 16, 2019
vecman22:


Lol my friend that took this same advise last week,is still running up and dwn like a mad man looking for where to borrow 150k from because someone actually gave him that money to keep in trust,baba play 2odd and the rest is a story
Funny thing na say people wey dey give the advise never use 10k play o

1 Like

Re: What Lead To The Collapse Of Your First Business? by ArticleBeast: 4:35pm On Nov 16, 2019
Nnemuka:
So a friend of mine in spain sends spanish wine down to Nigeria and he told me he wanted to expand his business to south south Nigeria and luckily for me he said he would supply me those wines in cartons so i can market the goods for him.

Last year, he sent me some cartons and i sold out in couple of months.
Business was lucrative for me and i decided to venture into it.

Discussed with my friend and he asked me to get a shop, so i can have a warehouse atleast that he will send to me, once i sell off, i will pay him and he will bring more just like we did last year.
Elated me rushed in, rented a shop, and gladly informed him. Shockingly he told me to pay money for any amount of cartons i wanted shocked shocked shocked
I informed him that it wasn't our agreement but he insisted.

I have paid shop rent, fixed the entire place and now he is coming up with another story.
To cut the long story short, i went into retail of the wine, Converted the place to a wine store but i hardly sell anything. embarassed embarassed
Well i have decided to convert it into a bar and sell drinks, beer, juice infact a sit out spot.
I have made losses but hopefully this new addition will sell for me.

Life is in stages sha
You are wise....with time you will expand to a new location but curb free or credit drinkers

4 Likes

Re: What Lead To The Collapse Of Your First Business? by Nobody: 4:37pm On Nov 16, 2019
Thane:


I'm interested please
I import intimacy gadgets from China and sell here. Gerrit?

1 Like

Re: What Lead To The Collapse Of Your First Business? by ArticleBeast: 4:38pm On Nov 16, 2019
hustlelegit:
All those shouting mini-importation blah blah, mini -importation is 100% a profitable business depending on how vast your knowledge is on the field. Most of you venture into mini-importation with no knowledge on digital marketing or social media marketing, and you keep advising people not to start and blah blah. Mtcheww. I ventured into mini importation,print on demand and drop shipping at the same time and my business was booming but I stopped cos facebook deactivated my facebook account and I had a balance of 100k in my ads account, so I just decided to put it at hold since I can't create facebook ads and instagram ads, google ads dey expensive and twitter so I ignore those two. Am still pleading facebook till dey open am back.
Don't mislead people, learn digital marketing and you will be able to sell things easily, Invest and learn. I bought courses and learnt alot, so even if you have 100k start importing and put aside 20k for advertising and learn social media ads, if you no get money to learn am, find person to help you run am. Use gig logistics for your local delivery and u go Dec enjoy ur business.
Once facebook activates my account, I will start a subscription platform and my main target will be USA, Europe ,Canada and Australia cos those countres can invest in anything. No money is small to start a business bro
Baba how you take dey run this print on demand and dropshipping stuff

1 Like

Re: What Lead To The Collapse Of Your First Business? by xpresseeve: 4:41pm On Nov 16, 2019
InvertedHammer:
/
Don't forget that there are buyers for your imported goods until they arrive. Then the stories change.

The only business that seem to have minimal challenges is food business in a market.

/
No truer words.
Re: What Lead To The Collapse Of Your First Business? by Dannieln1: 4:44pm On Nov 16, 2019
henrixx:
I spent carelessly and needlessly and i failed to do my homework as well. Got extremely confused along the way. Was faced with a tough decision not knowing wether to walk away or keep trying.

Capital got finished and i realized I should have walked away earlier embarassed
bet9ja candidate spotted

1 Like

Re: What Lead To The Collapse Of Your First Business? by whitering: 4:47pm On Nov 16, 2019
Phil124:
a bike for 50k can you tell me where I can get it

is like you want to buy stolen Bike. Be ready for the Kasala

1 Like

Re: What Lead To The Collapse Of Your First Business? by delishpot: 4:47pm On Nov 16, 2019
mrgoodd:
I am learning a lot from comments here, When my business finally grows to 20 staffs rate, I will willingly block employment chances from my country men, employed Chinese or Arabs and implement a strict law, You tamper with my money your passport get seized. Not that I can’t employ my county men oo but how I go hold you when you mess up.

You that was advising someone to toy with a woman's heart because of financial gains is worried about being used or cheated in his business? World people sha. Anyways, thieves hate to be thieved from. grin

11 Likes 3 Shares

Re: What Lead To The Collapse Of Your First Business? by delishpot: 4:54pm On Nov 16, 2019
Authortee:
Was stupid I entered a farming business. I was lured into it after visiting an elderly friend’s farm and seeing him selling hundreds crates of eggs and counting hundreds of thousands of naira. I got greedy and entered the business with doing research. It was the worst business I ever did and within six months, it affected my health so bad that till today, I suffer from this health challenges. The painful fact was my mentor sold me the baby chickens and sold me the feeds and sold me the drugs and gave the workers. The man made insane money from me. Before I know it, 10million naira was down the drain.
My mother even left her own business and tried to salvage the business and lost her life in the process.
The only thing I made from that business was the land I bought for it which is till today still along a busy road. Sadly the land is not even up to 10 million naira in value till today. Most of the time I just tell people, entrepreneurship is not worth it if you are not stealing money from somewhere to back it up like Otedola, Dangote and co. If not you are on a long thing.

Moral: don’t let anyone push you into any business because they are doing well. Most of the time, the successful business man you envy is a smart criminal who will finish you if you fall for this tricks

Haba, we're you guys contracting disease from the farm? Anybody tgat nears it almost dies or dies. Na wetin dey kill people there na? May Mamas soul rest on.

1 Like

Re: What Lead To The Collapse Of Your First Business? by namiji2598: 4:58pm On Nov 16, 2019
eventsmallchops:


just pray that powerful influential people should not come against your source of livelihood, you will not even have money to make call talk less of fighting back , this is the paper I was served , they claimed both of us were served the paper , they even said she has cheated the government by collecting rent from me because the place is lay-by and not her land but she's operating it till now, and she said nothing will happen!

why do I have to come online to lie? to gain what? and why do I have to tell you her husband's name? I never had business together with him though she used his influence but I believe God has shown me mercy and grace and should be grateful to him for pulling me out of the suffering that came after then , we don't always win in life, even though it hurts, I have left everything to God because I don't want unnecessary distraction in my life, I want to remain focus in finding a new pathway in life, I value peace of mind.
I'm not lying !
sad

1 Like 1 Share

(1) (2) (3) ... (7) (8) (9) (10) (11) (12) (13) ... (16) (Reply)

I Over-scratched This N200 Glo Card -- Nairalanders, Please Comment / See Some Of Nigeria's Richest Men In One Photo / The Reason Why You Should Quit Gambling

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 78
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.