Business failure

[maxmayer221]

I really don't understand how people become billioneirs through all problems and failures they get during business making process. Recently I tried to make my own small business and I failed.. Is it really impossible to do without special knowledges or money? Share your experience if you have had

 

[sparkylitesthefuze]

Fortunate timing, generally being lucky, and a wealthy family go a long way to ensuring success.

 

[trysail]

I really don't understand how people become billioneirs through all problems and failures they get during business making process. Recently I tried to make my own small business and I failed.. Is it really impossible to do without special knowledges or money? Share your experience if you have had

It's not easy. There's no denying that a bit of luck helps but there's no substitute for hard work, extremely long hours and determination.

What is amazing is how many ultimately successful entrepreneurs experienced early failures.

The common denominator seems to be a willingness to accept risk.


​

 

[Desiremakesmeweak]

Nobody listens to me, but still, hey - you did ask!! LOL

I made my first million when I was just 27 and that was in the day when there was no such thing as young kid 'internet bazillionaires.'

I was a good twenty years younger than the guys I had around me (we ended up being a public listed company).

Then the Eighties stock market crash happened - everyone left town, went bankrupt, or died; our company made a tiny profit and went private basically because the government literally closed the stock exchange (previously unheard of) and later the High Court ruled against the government but by then it was too late to re-create the same company or its business that it did have as a public venture.

THE-E-E-N, I made another million (in SA Rands) in the bond market, and THEN, the GFC happened and once again we pulled up stumps and p*ssed off into the shrubs.

People often ask do I still have my 'millions' left - I gave a lot of it away to people that I personally knew who were battling during the bad times.

It's easy for me to develop a money solution to the question or at least, the challenge: 'make a lot of money.' And so I don't tend to think about 'how much do I have left,' from what I had before, and especially also, because earlier on, I only saw what I was doing as a kind of experiment as a young person, clever yes, but not mature and FULLY experienced. I am VERY experienced now, and completely deadly. That's just saying it as it is.

What I encountered during all of the years I was highly active in 'group' business as such, was that people - especially males, but also quite a lot of women too - are or tend to become completely fixated with 'THEIR' way of doing something, and in the end they fail because of that very fact.

The way to make money right now today, is totally different - let's say, in a mechanical sense - to how you might make it in previous decades, but basic rules still apply, and the ability to 'see' things logically and clearly and VERY objectively, are absolutely crucial.

To 'want to do such-and-such a business' is entirely a separate thing from 'want to make a lot of/some, money.' The two things are different. Sometimes, in fact OFTEN, the environment WILL NOT PERMIT you to make money doing the type of thing you feel you WANT to do.

'Making money' I mean REALLY making serious money without being a privileged person who's getting some 'inside advantages' (which is mostly what is around these days) - is a deep dark and magical secret thing. You are very lucky if you can find genuine authentic mentors these days (who will impart or lead you to those secrets, and secret ways) - I was lucky I had a couple when I was younger. Most of the well-known 'business successes' today are not entrepreneurs at all, but stale and 'yes-men' (or women) graduates from some copycat biz school or other shoe-horned into old old OLD businesses that someone else actually created and which are 'run' by accountants and a Fed-funded fragile and highly artificial 'banking' system.

 

[maxmayer221]

I've checked some articles about common mistakes due business creating and they wrote about importance of team communication process, imcome traffic, importance of loans etc. For example taking a loan is a common additional for this and I guess it's a crucial stage if you need to be sure in your business making. If someone is interested I used to take this kind of loans. Anyway we'll see

 

[Noor]

I am kind of tired and in intense pain at the moment, so this maybe kind of rambling.

I really don't understand how people become billioneirs through all problems and failures they get during business making process. Recently I tried to make my own small business and I failed.. Is it really impossible to do without special knowledges or money? Share your experience if you have had

Nobody listens to me, but still, hey - you did ask!! LOL

I made my first million when I was just 27 and that was in the day when there was no such thing as young kid 'internet bazillionaires.'

I was a good twenty years younger than the guys I had around me (we ended up being a public listed company).

Then the Eighties stock market crash happened - everyone left town, went bankrupt, or died; our company made a tiny profit and went private basically because the government literally closed the stock exchange (previously unheard of) and later the High Court ruled against the government but by then it was too late to re-create the same company or its business that it did have as a public venture.

THE-E-E-N, I made another million (in SA Rands) in the bond market, and THEN, the GFC happened and once again we pulled up stumps and p*ssed off into the shrubs.

People often ask do I still have my 'millions' left - I gave a lot of it away to people that I personally knew who were battling during the bad times.

It's easy for me to develop a money solution to the question or at least, the challenge: 'make a lot of money.' And so I don't tend to think about 'how much do I have left,' from what I had before, and especially also, because earlier on, I only saw what I was doing as a kind of experiment as a young person, clever yes, but not mature and FULLY experienced. I am VERY experienced now, and completely deadly. That's just saying it as it is.

What I encountered during all of the years I was highly active in 'group' business as such, was that people - especially males, but also quite a lot of women too - are or tend to become completely fixated with 'THEIR' way of doing something, and in the end they fail because of that very fact.

The way to make money right now today, is totally different - let's say, in a mechanical sense - to how you might make it in previous decades, but basic rules still apply, and the ability to 'see' things logically and clearly and VERY objectively, are absolutely crucial.

To 'want to do such-and-such a business' is entirely a separate thing from 'want to make a lot of/some, money.' The two things are different. Sometimes, in fact OFTEN, the environment WILL NOT PERMIT you to make money doing the type of thing you feel you WANT to do.

'Making money' I mean REALLY making serious money without being a privileged person who's getting some 'inside advantages' (which is mostly what is around these days) - is a deep dark and magical secret thing. You are very lucky if you can find genuine authentic mentors these days (who will impart or lead you to those secrets, and secret ways) - I was lucky I had a couple when I was younger. Most of the well-known 'business successes' today are not entrepreneurs at all, but stale and 'yes-men' (or women) graduates from some copycat biz school or other shoe-horned into old old OLD businesses that someone else actually created and which are 'run' by accountants and a Fed-funded fragile and highly artificial 'banking' system.

This. ^ If you want to make a lot of money , it's always best to use other people's money and also invest your own for yourself, but if you want your own business that is something different.
Most businesses in the US fail within the first year, then another large amount fail within 5 yrs. Those are the odds. Accept them, plan for them, have an exit strategy.
Mentors are a big help, working in the industry before starting your company also helps if you learn it well. Also make connections with customers, vendors, colleagues, other workers esp people you may want to hire later on.

I also made money in the 80's and then lost money when the market crashed in 1986, and I have started other businesses that are still going well. Money for me comes and goes, it is not my real interest, building new things is.
I am a start up person, once it becomes a solid going concern with no really new exciting projects, I lose interest or over tweak things, but mainly it's a loss of interest. I also go in and help fix old businesses.
I have not done much for several years, and by not much I mean nothing earth shattering, I still sit on boards and consult, but I probably will get back into it within the next few years. I need to knock my health back into remission, then I will be back at it because I love it.
From my perspective you need someone like me, a good numbers and legal person, enough capital for your company to survive a couple years or more ,depending on your product's development timeline. You may start out with a combo of salary and options, but you need to be able to pay people enough to survive from day one.
You need a serious business and marketing plan, complete with competitor evaluations and best to worse case scenarios. I have seen business fail because they got too successful and couldn't scale.
Analyze why your business failed, most are under capitalized. Look very closely at your best competitors. If you have no competitors, it's much harder to succeed because you are introducing the market as well as presenting your own product.
Plan to work hard, be in good shape, be very organized. I usually have to stop myself from working too much, but that is what you want in a start up, someone who will put in 80hrs/wk. It helps if you have a non working a spouse, partner or housekeeper, someone to do stuff,you won't have time for. If you're lucky, your partner will be your unpaid help. Someone to deal with laundry, food, repair people, pets, kids, back up alarm clocks...
A trust fund would be nice, or even just a free place to live, although you really don't need them if you plan well enough ahead.
You also need to be out there, meeting the people in your industry, make connections with your vendors, look at them as your free sales team.

 

[DroolinFool]

I really don't understand how people become billioneirs through all problems and failures they get during business making process. Recently I tried to make my own small business and I failed.. Is it really impossible to do without special knowledges or money? Share your experience if you have had

Spelling is a biggie in the Billionaires world.

 

[DroolinFool]

Nobody listens to me, but still, hey .

Probably because you put them to sleep with page long posts.