Failures in Business

Tuesday,February 10 ,2009

Failure is the worst faith in business, also is the biggest impediment of thousands of people to start a new business because there will always be something missing.

One day a good friend comment me how wonderful would be the idea to start a business together, I was agree with him. I asked him to describe what all is about in his mind. He told me something about a machine built by him. The machine has a laser mechanism used to cut and engraving over any surface, like a printer. The main idea was to establish some kind of factory or store where we may provide the service to public of laser cutting, even he show me the budget for the project. By looking the budget I came to the conclusion we could not start the business due the lack of money, although both we had the capital needed, the truth we should need more to achieve success. So I decided to decline his offer.

Despite the rejection my friend decided to start the business by his own. Two weeks later I decided to visit him just to look his progress, the result was amazing and devastating. The first impression was a place decorated by wood pieces of Christmas ornaments; it was not the best organized place, the machine was in sight of all public and a girl was attending the place.

Just when he saw me arrive, rapidly he came to greet me. His words were quick and without any pause, he asked my an opinion about the business, I told him all was looking fine and working, and without hesitation he asked me: Would you like to be my partner? My first reaction was to put my hands onto my head and my face with a sigh of disappointment and desperation, I answered in a way of asking a question: Why are you asking me to be your partner when you have all you wanted? The answer was simple: he needed money to keep his business on operation also he showed me a list of expenses to make and some payments to do because during the last two weeks he spent all his money.

Despite of being my friend I told him I was not able to help him, a good suggestion was to abandon the business before losing everything else and as a second option he could ask for a loan to the bank, he took the second option, I left him alone to his luck. Two weeks later he sent me an email telling me his business was in bankrupt.

It is not necessary this happens to us to understand that a failure in business is the less we want and it is not allowed, we should make our plans and analyze all possibilities before doing anything else even if it is the best idea on the world.

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Comments (5)

Business failures tend to drastically increase when economies tank...like we are seeing now. But good minds always prevail and some of the best US businessmen didn't succeed on their first try. The good new is that 2010 should be better for us all. Let's hope!

It is very hard to start your own business because it requires a wide range of skill sets, plus various other things (capital, luck, etc). Even harder in today's economy where credit is tight. I think you just have to be realistically optimistic. Be smart and plan things out. Be honest with yourself about your strengths (what you bring to the table and what resources you have around you), your weaknesses (including family obligations and job constraints), and your idea. You also need enthusiasm. A good test is to go to a bookstore and find a book on point with you want to do. If you can't sit down and read that book cover-to-cover, you have to ask yourself whether you are really committed to being your own boss. It takes work.

Good post. Interesting story. Many successful people say that their biggest success came right after their biggest failure, so always be learning from your failures and improving your business models and idea. Check outWeb Traffic Academy to learn seo, link building, and how to get more web traffic for your online business.

Oh my. Lost all of his money for one business that didn't become successful. Thanks for the advice. I needed it because I'm starting my own business soon. Thanks! :)!

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