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Have you ever failed flat in business?
Rank: Member Joined: 1/26/2010 Posts: 124
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mulla wrote:RichVee wrote:It is good to talk about the failures because when one is down, it feels like the end of the world. And whenever we read a story of a successful business, the failures are normally obscured, yet for many successful enterprises, there were major failures before the success.
Also to encourage the newbies in business.
I sprouted several grey hairs and did not need to go to the gym, the weight just fell off. @RichVee you have been vague...tell us details of the business you went into, what was wrong with regards location, why were your costs unmanageable etc This will help someone not make the same mistake @Mulla, in more than 5 sentences... i will attempt a brief explanation... Basically, we're told when starting in biz, start small then grow. I had done my hesabu and identified a location. My partner threw in the idea of moving to a more upmarket location so as to price the services better...I revised my hesabu and they looked good. So I went for a rental space 3 times my initial plan. The customers were very few...yet the days were moving very fast. Everytime i saw the caretaker with an envelop i would hyperventilate...another rent due... Well, this was not the only mistake...but this one costed me the most. I kind of lost focus Tired of mediocrity. Am going to the very top!
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Every success is clouded with 999 failures out of 1.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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There is nothing like failure in business. Experience is earned and opportunities availed. Businesses rarely turn out into what and how the entrepreneur set out. An entrepreneur may set out to sell product A through channel P in Country X . Along the way, he might realise that he can make a better profit by selling product B. Then he might realise that The market is even better for product B if he sells through channel Q in Country Y. The entrepreneur should be flexible and adapt as he goes along. Life is short. Live passionately.
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Rank: New-farer Joined: 11/16/2015 Posts: 39 Location: Nairobi
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Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs Barikiwa tufanane
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Rank: Elder Joined: 6/23/2009 Posts: 14,217 Location: nairobi
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merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs A business with key movable assets that depreciate freaks me out.. Thank you for the share
KQ ABP 4.26
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Rank: Veteran Joined: 4/4/2007 Posts: 1,162
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merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs You are running a bakery in Githurai from Kampala?
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Rank: Elder Joined: 7/22/2009 Posts: 7,838
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majimaji wrote:merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs You are running a bakery in Githurai from Kampala? The Aga Khan is running major businesses all over the world from wherever!!! He owns major businesses in Kenya for example and he rarely ever shows up in the country. Who said you cannot set structures that work for an SME. I know most owner managed SMEs thrive as compared to employee managed but if you are creative (and lucky to some extent - especially with the managers and employees you choose) it can work!!! Otherwise you progress will be limited - you can only personally manage a limited number of businesses. Even if that number is 10 (Very improbable) that is the furthest you will ever go!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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MaichBlack wrote:majimaji wrote:merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs You are running a bakery in Githurai from Kampala? The Aga Khan is running major businesses all over the world from wherever!!! He owns major businesses in Kenya for example and he rarely ever shows up in the country. Who said you cannot set structures that work for an SME. I know most owner managed SMEs thrive as compared to employee managed but if you are creative (and lucky to some extent - especially with the managers and employees you choose) it can work!!! Otherwise you progress will be limited - you can only personally manage a limited number of businesses. Even if that number is 10 (Very improbable) that is the furthest you will ever go!!! True that Maich. We should only babysit at the onset I like merkava's resilience
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Rank: Veteran Joined: 4/4/2007 Posts: 1,162
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Lolest! wrote:MaichBlack wrote:majimaji wrote:merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs You are running a bakery in Githurai from Kampala? The Aga Khan is running major businesses all over the world from wherever!!! He owns major businesses in Kenya for example and he rarely ever shows up in the country. Who said you cannot set structures that work for an SME. I know most owner managed SMEs thrive as compared to employee managed but if you are creative (and lucky to some extent - especially with the managers and employees you choose) it can work!!! Otherwise you progress will be limited - you can only personally manage a limited number of businesses. Even if that number is 10 (Very improbable) that is the furthest you will ever go!!! True that Maich. We should only babysit at the onset I like merkava's resilience @merkava, keep us posted on how the business progresses.
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Rank: New-farer Joined: 11/16/2015 Posts: 39 Location: Nairobi
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majimaji wrote:Lolest! wrote:MaichBlack wrote:majimaji wrote:merkava wrote:Bought a tuktuk while working in Msa back in 2013.....4months down the line...my tuk tuk is stolen,found it 3 days later at kaa chonjo bila plates,hema,batt,starter etc......sold it at a throw away price and never looked back...Fast forward Mid 2014, i move to Kampala,again work, bought a car to do taxi bizna in Nairobi and trusted my friend with the car....big mistake: series of accidents...garage kila wakati na uongo mob......threw in the towel in about 6months, gave my dad the ride ajibebe nayo....2016 am still in Kampala.....started a bakery, at Githurai 45 and i think i finally got it....so far so good.for you orders wazuans call manager at 0727837536. Thaxs You are running a bakery in Githurai from Kampala? The Aga Khan is running major businesses all over the world from wherever!!! He owns major businesses in Kenya for example and he rarely ever shows up in the country. Who said you cannot set structures that work for an SME. I know most owner managed SMEs thrive as compared to employee managed but if you are creative (and lucky to some extent - especially with the managers and employees you choose) it can work!!! Otherwise you progress will be limited - you can only personally manage a limited number of businesses. Even if that number is 10 (Very improbable) that is the furthest you will ever go!!! True that Maich. We should only babysit at the onset I like merkava's resilience @merkava, keep us posted on how the business progresses. @maji maji, i will do that Barikiwa tufanane
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