Entrepreneurial Attempts & Blunders

I often hear young people nowadays saying they would finish school, get a job, save enough and quit to start their own business. Whilst some people follow that path, others especially those who have resources or those with easy access to funding take the shortcut and go on with their own entrepreneurial journey soon after they're out of school. And although some succeed doing so and take their businesses to the next level, most end up closing doors after a while.

(Tim Mossholder)

Doing business or starting one for that matter isn't always easy even when one has funds to spend. There are plans to be laid out and executed, things to be learned and adjustments or changes to be made not only during the early stages. At least that's what we discovered and learnt through our own attempts.

Personal Experiences

First attempt

The husband and I went into traditional business when we were just starting a family. We left our jobs and were excited to be our own bosses. The business plan was born prior to me quitting the 9-5. The budget was laid out and things were looking great on paper so I was convinced and sent in my resignation. Alas, I was free from the shadow of my boss! We then went on to find the location and it took quite a while which means we didn't have any active source of income during the time we were in the hunt _(1).

We knew our target market and it was one of the deciding factors for the space we were looking for. After two months, we finally found one, signed the lease, refurbished it for almost a month the costs of which were not included in our budget plan₍₂₎, purchased the needed equipment, products and all other stuff. We set a launch date, gave out freebies and promotional rates that ran for a week.

Everything went well and we were proud to have started something that is making good money although a lot less than what we earn when we were salaried. "It's okay," we thought even when we had to put more of our time and effort into it. We were our own staffs so we do most of the things ourselves - customer service, sales, taxation etcetera. We were able to brand our small business (Computer Shop Sales & Services) as the "better" choice amongst all the other similar ones around the area.

• We knew our customers, built good relationship with them and gone the extra mile when needed.

• As their needs and demands grew, we adapted too, providing them with more options. There were times when we could not accommodate them all and our business hours got extended. We were clocking in 16 hours on any business day at most.

• Things were great and money was coming in. We were paying our bills and had more for our extravagances.

• We each have our own strengths and we complement each other's weaknesses.

• Later on, we hired a steady staff and another part-timer during the second year of the business operation.

All good, we thought...

Until a year later, our trusted guy left for overseas and we felt bored and tired that we no longer wished to continue doing the same things although the business was still turning in profits. We decided to quit altogether and sell the shop ₍₃₎. Just two days after we put the words out, someone took the deal without even negotiating with the price. I think she knew that we have already established the brand and had loyal customers.

Second attempt

(Kelly)

We then moved to another field, still on the service and entertainment industry. A mini-bar, intended to fill the gap and cater to salaried people. We went through the same route we did in our first business - renting a space and refurbishing it then going all out with the expenses. The endeavor started well and we attracted customers that appreciated our setup.

Then suddenly, the local regulations changed, becoming stiff to liquor and related stuff. Add to that the envious neighbors who had connections with the authorities giving false reports thereby getting our space raided now and then. It was frustrating that although we have had gained steady customers, we decided to close doors in less than a year.

Third and Fourth attempt

(PhotoMIX Company)

Next was a bakery which didn't work out, then we moved to vegetable wholesaling and retailing (trading) where we thrive too and raking in money but became rather physically exhausting that we passed it on to another in less than 2 years and took an offer from overseas which was presented to us and went back to the 9-5, lol!

Did you perhaps spot the mistake/s we made during the span of our business endeavors?

While we may have done better in other areas like knowing our market, prioritizing our customers and adapting to changes, we have committed some blunders which may have been grave, re:

• Losing our commitment.
  This was our most common mistake amongst the four attempts. We were excited and passionate during the first years but then we lost our commitment to our end goals, giving up on them when things started to become tough for us. But in most of them, we could have found solutions instead of giving up altogether. We have no regrets though for our experiences on those endeavors taught us some good lessons.

• Cost overruns or overspending.
  Whilst we were able to finance and start with our own funds and not having to resort to business loans and such, we went beyond the planned budget in most of them. We overspent and didn't have a more appropriate cost planning. And even when we did have a budget, we didn't stick with them. Just glad we didn't run into cashflow problems during the business operations.

  But it is important to do appropriate costing and having contingency plans when things go beyond what is expected.

Personal Thoughts

Business is quite an arduous journey, a challenging one which requires and a long-term commitment, dedication, continuous learning and growing. Things are advancing fast too especially these days, hence the need to adapt more so when drastic changes happen. Mistakes cannot be avoided but they should not be the reason for one to quit.

This is just a look back. We have had our share of good and bad experiences from our own entrepreneurial attempts and endeavors and we learned quite a lot from them.

Photos as sourced out. 10052023/10:50ph

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