failed business

[search1ng]

Hey, to all you older guys out there, or guys/gals that have had business ventures go south did you keep at it and eventually succeed?

Due to a lack of planning and organization on my part (at the start i had thought enough work had been done but as the days progressed i realized how inadequate i was) I've pretty much wasted $2000 USD. Granted it may not seem like a large sum but I'm also a poor university student so it was heart-wrenching to see that money effectively disappear...

Really not in the mood to talk about it in depth cause it brings feelings of mass depression but if you guys have had similar experiences like losing money, fast, how did you bring yourself out of it? What did you go on to do?


thanks. . .

 

[STR8UP]

I remember the first time I lost $2000. It didn't feel good.

I remember the first time I lost $20,000. I thought my life was over.

Then I lost $100,000. Then another $125,000. Then i lost the better part of a million.

Guess what? Each time you lose you become desensitized and realize that losing $2,000 was necessary for you to lose $20,000, and that was necessary to lose $100,000, and on and on.

The point is that losing is part of the game. Each time you lose you move one step closer to winning. And each time you come away with something that no one can take from you no matter how many times you lose- you take away WISDOM.

The important thing is that you don't quit. If you quit, you FAIL, but that is the ONLY way to fail. Remember, this isn't a straight climb UP. you are going to get knocked back a few notches along the way. Stay with it and eventually you will figure out how to make millions and actually keep from losing it.

 

[search1ng]

I remember the first time I lost $2000. It didn't feel good.

I remember the first time I lost $20,000. I thought my life was over.

Then I lost $100,000. Then another $125,000. Then i lost the better part of a million.

Guess what? Each time you lose you become desensitized and realize that losing $2,000 was necessary for you to lose $20,000, and that was necessary to lose $100,000, and on and on.

The point is that losing is part of the game. Each time you lose you move one step closer to winning. And each time you come away with something that no one can take from you no matter how many times you lose- you take away WISDOM.

The important thing is that you don't quit. If you quit, you FAIL, but that is the ONLY way to fail. Remember, this isn't a straight climb UP. you are going to get knocked back a few notches along the way. Stay with it and eventually you will figure out how to make millions and actually keep from losing it.

thanks STR8UP, really needed to hear that. Of course I'm not going to quit and I'll keep at it but losing is always depressing isn't it, haha...

Sounds like you've had quite the journey as well, I'd imagine you made back a lot more then you lost though. Any general tips you want to give me in regards to money management and the like?

 

[erivera571]

If it makes you feel any better, I myself am also a college student and I've lost over $3500 to taxes/interest on the car I bought last year. Yea, losing money sucks, but **** happens I guess, sometimes there's nothing you can do.

What STR8UP said is true though, you do become desensitized. Back in high school just 3 years ago I thought $200 was a LOT of money, and before that in elementary school I thought $20 was a LOT of money. These days $200 is like ... meh, who cares.

 

[erivera571]

thanks STR8UP, really needed to hear that. Of course I'm not going to quit and I'll keep at it but losing is always depressing isn't it, haha...

Sounds like you've had quite the journey as well, I'd imagine you made back a lot more then you lost though. Any general tips you want to give me in regards to money management and the like?

Stay away from new cars in college , they are tempting, shiny traps.

Pay all your **** on time too, to build credit.

 

[STR8UP]

thanks STR8UP, really needed to hear that. Of course I'm not going to quit and I'll keep at it but losing is always depressing isn't it, haha...

Sounds like you've had quite the journey as well, I'd imagine you made back a lot more then you lost though. Any general tips you want to give me in regards to money management and the like?

Yea, the best tip I have is to make sure you grow out of expansion, not contraction.

Saving money is great, but you are better off concentrating on making more money rather than saving every penny. People all too often make the mistake of concentrating too heavily on pinching pennies that they pass up dollars. Think about it. You can only squeeze so much in a downward direction before you reach zero. And a business with zero overhead is pretty much unheard of.

On the other hand, if you concentrate on growth, you can always look to cut expenses later. I just see too many people who are so focused on SAVING money, they will never reach their full potential for MAKING money.