Question
Have you ever had the courage to take risk ... and failed anyway ? How did you live that ?
Well, a few months I was faced to certain life issues , and I started to make investigations on how to change things that could make me happy life having a house, get a life mate, start my own business ... This was a terrible year in my life, it was the year of failures ... I wanted to get a house and I started my own guesthouse business so I can pay and come to buy the house I'm renting but it failed, I had to sell my car, get a little loan ...but, it failed anyway ..I believed so much in this project that I think it was going to free me from my concerns ...but, it happens at the end that it fails anyway ...so, results of this : I ended up broke, lots of debts, lost my previous job, lost my mom (not because that, she was sick), I got even sicker as well, as I was living a lot of stressful situations ... Finally, after all those, God helps me find a new job, a few months after, I started to pay some of my debts, I'm trying to get on track economically ... Well, in one part, it's true that I failed , but in another part, I think I'm more able to accept the failures because it was my decisions, to take that risk, and the project was so real in the beginning, but, it failed anyway ...I accepted all my losses, but I think also, it was right for me, to take the risks, because, we won't ever get nothing, if we don't even try ...!! but, what would you advise me for now ? Obviously, after 10 years of professional life ... I feel that I'm restarting again ... from scratch financially ..!
4 weeks ago - 4 answers
Best Answer
Chosen by Asker
I'd advise you to do more research. First, you should know that almost no new business ever makes money in the first year. Most of them hemorrhage money for the first two or three years, followed by a couple of years in which they don't lose money so badly, and then maybe, they start making money. Maybe. But you can pretty much count on losing lots of money for the first five to ten years of a new business. This means that you need to have a lot of money in the bank AND a good credit line in order to see you and your business through those first years. This is why most new businesses fail, because the owners didn't have enough cash and credit to help those businesses along. Don't invest anything that you can't afford to lose, and don't count on your business making any money for about 10 years. It MIGHT start breaking even in five years, but then again, it might not. Be sure that you know the business that you want to start. Did you have any experience in guesthousing before this? Had you ever worked in one? The second biggest mistake many new business owners make is not having experience in and knowledge of the business they're trying to start. When I became interested in buying a used book store, for instance, I thought I knew a lot about the book business, and I did...however, there's lots of little things in the used book store business that I didn't know. Also, I needed to get the contacts in the business. I'm sorry that you lost your mother, that must be very hard.
by Lynn Bodoni
4 weeks ago
Asker's Rating: 
Other Answers
well i try and try and try until i win
by Latip- 4 weeks ago
Well, it's been a learning experience for you. And you've come out with a positive attitude. I would say next time, take a realistic look at what you want to do. crunch the numbers, ask a respected business person. Many times we fall in love with an idea and just jump into it thinking it's just got to work. if we do the math and look at it honestly, we will know that it wont work, or that we need to change the approach for it to work. Don't calculate yourself out of doing anything just be realistic in what the odds of success are.
by Drewfuss- 4 weeks ago
Life is all about risk. That's the way I see it. To get the good things in life you have to risk it most of the time. If you fail...then you get over it and continue tomorow!
by freddy- 4 weeks ago