Am a salary earner. Waiting till the end of the month before you get any meanful money is something I don't like. So have been graving business for some time now. Last year I collected a loan of 950000 and invested it in a business. But the business failed. And for many months now to things has not been good. To the extend, that feeding my family is a big issue.



Recently, God gave me another opportunity and am planning of collecting another loan of over a million naira for business. But due to past failures, am getting scared. Should I go ahead and collect this loan. With my salary I can't achieve much. Pls matured minds advice.

1. First deal with the negative scenarios in your head and have it decluttered. After decluttering your mind and head from the trauma of past failure, you'll have the clarity you need to take the right path !


2. Create a business plan r hire an expert to create one for you that outlines the risks and the pros so you can see the possible pitfalls with great clarity before setting out. From xraying your ideas in crystal clear from, you can identify the level of risk you can tolerate and the level of risk you musn't exceed.

3. Have a spreadsheet developed. A spreadsheet should indicate your daily inflow and outflows of finances. Doing this will help you track flow of funds so when you're over-doing any aspect of the business, your attention can be triggered to turn, slow down or to stop

Have you learnt why you failed last time and now know not to make the mistakes you made then?

If not don't take the loan unless you would suffer no consequences if you don't pay it back.

budaatum:
Have you learnt why you failed last time and now know not to make the mistakes you made then?

If not don't take the loan unless you would suffer no consequences if you don't pay it back.

yeah I did learn somethings. First the business I invested in was wrong. I didn't know much about it before investing in it. Secondly, I am thinking of doing two types of business. Is just the fear of last year that is affecting me.

Wodu89:
1. First deal with the negative scenarios in your head and have it decluttered. After decluttering your mind and head from the trauma of past failure, you'll have the clarity you need to take the right path !


2. Create a business plan r hire an expert to create one for you that outlines the risks and the pros so you can see the possible pitfalls with great clarity before setting out. From xraying your ideas in crystal clear from, you can identify the level of risk you can tolerate and the level of risk you musn't exceed.

3. Have a spreadsheet developed. A spreadsheet should indicate your daily inflow and outflows of finances. Doing this will help you track flow of funds so when you're over-doing any aspect of the business, your attention can be triggered to turn, slow down or to stop

thanks man. What you wrote is really helpful

delkuf:
thanks man. What you wrote is really helpful

I'm building three enterprises together so I'm knowlegable enough to know even far more than this

Business is not your calling bro! Continue with your salary work and be contented. Because this line your going may end in suicide. We read about many people that committed suicide cause of loans they couldn’t pay back.

delkuf:
yeah I did learn somethings. First the business I invested in was wrong. I didn't know much about it before investing in it. Secondly, I am thinking of doing two types of business. Is just the fear of last year that is affecting me.

The fear is a warning about your past mistakes. It will diminish the more confident you are that you know why you failed last time.

Remember though that failure in business is very common, and that it's the ability to dust oneself off and go again that is very rare, but those who prevail succeed in the end.

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