AgentGoat:




Mtchew..

Why did you give them the soft copy without pay first?

My brother, when you're new in business, you tend to trust big companies you're dealing with, I just realised they are looking for avenues to take advantage of people they are working with. Sometimes, you have to learn the hard way. Can't make this type of mistake anymore.

Koval12:
Wonderful thread. Spent over 4m to set up my supermarket business about two years ago. Till today, am still battling for stability. It's been one loss after another. Now am heartbroken because of expired goods totalling about 200k. Even people owing me don run comot

Did you have the experience before setting up a supermarket? Guess what? People actually learn 'provision' - this is how they call it. Like, you will actually pay someone to learn in their shop/outfit how to sell 'provisions'.

On the outside, it looks easy but until you put in your legs, you won't know that there are some trade secrets only people in the know are exposed to.

The advice I was given constantly when my business kept failing is this: re-strategize. So I will advice you do same. Do a lot of research, this also has helped me in a whole lot of ways. God help you!

Onnasucs1:
Every single day I visit the business section here on nairaland, It's either I find the crew who have money but don't have a business idea or I find those with business idea but lack money.

Whatever crew you are, please never start up a business if you're not dogged. That business idea might appear rossy in your brain until you start it up in the real world.

I started up a business barely a month ago and I'm almost loosing my mind. Is it the sleepless nights(sometimes working from 1am-7am) I'm going to talk about or the failed projects or the rude customers or the unnecessary but compulsory expensis or the pressure to give out the best at all times or the uncertainties.?

Hehehe...Because of business, I am now a professional Liar. Lord have mercy!

Now I know why most businesses don't last long. Not everyone is willing to go through the stress.

I now respect Dangote, Otedola, Adenuga, Jim ovia, Tony Elemelu...they are many

Your business will break your heart so many times. (I'm heartbroken at the moment)

Please if you're not dogged, don't think of starting up a business.


If you have started one, never back down. If it gets tough, you too get tough. In the end, you'll succeed.


I have made up my mind to continue to press on. No going back



My respect goes out to all business people.

You don't have to lie, Integrity is painful but it's investment into the future of your business.. Lies won't allow you to think of doing it better, it will only pacify your customer for the moment. Reaping rewards of integrity....

Business is not easy o.... Even the business my Dad left for me, I praise God for grace and His mercy.... At first when I continued, I couldn't rest.... Buh we thank God...

Bigfellas:
You are very correct my brother. I have been keeping on for about 1 and half year in my business and it just keeps getting tough with each day. I started feeling chest pains since the beginning of my business. Sometimes I cry so hard in the middle of the night . Sometimes all roads seems like they are closed and you just feel like quitting altogether. business world is a tough world and indeed it is not for the faint hearted. I won't advice anyone not to start up a business but I want you to be sure of something, you are going to fail many times and go down to ground zero. Only God and persistence can get you back up. Some people get back up while some never will. It takes a lot of effort. That is why we all are not billionaires. Life is definitely going to ask for a bargain before you become successful . Be ready to fight hard with the realities of life. Business world is indeed a fight to finish . There is never a moment to relax cos time and realities can sweep you off your feet. God bless all the successful business owners out there. I hope and pray to become successful soon. May God help me.

Seriously, ure inspiring bro..

May fortune smile on u soon.

OdiaI:


They are wrong for not paying you. But I suggest you apply caution in the matter. I hate when things turn out this way. I hope you get your payment from them.

Caution is needed truly especially because entrepreneurs do not want to spoil future business opportunities. It is a classic situation that a lot of businesses in Nigeria use. They know most entrepreneurs will not want to spoil business relationships/future prospects because of one that ''simply went sour''. So the question is when does one go all out for battle? And how are you sure it wont linger for a while should it become a legal issue?

It a callousness that many entrepreneurs have to deal with, especially in Nigeria where laws are not modern and not fully enforced.

OdiaI:


They are wrong for not paying you. But I suggest you apply caution in the matter. I hate when things turn out this way. I hope you get your payment from them.

I hope they pay up soon else, they'll pay much bigger in the long run. I don't understand how they think they can advertise their company for a whole year without paying for the design of the advert material. Funny.

Onnasucs1:
Every single day I visit the business section here on nairaland, It's either I find the crew who have money but don't have a business idea or I find those with business idea but lack money.

Whatever crew you are, please never start up a business if you're not dogged. That business idea might appear rossy in your brain until you start it up in the real world.

I started up a business barely a month ago and I'm almost loosing my mind. Is it the sleepless nights(sometimes working from 1am-7am) I'm going to talk about or the failed projects or the rude customers or the unnecessary but compulsory expensis or the pressure to give out the best at all times or the uncertainties.?

Hehehe...Because of business, I am now a professional Liar. Lord have mercy!

Now I know why most businesses don't last long. Not everyone is willing to go through the stress.

I now respect Dangote, Otedola, Adenuga, Jim ovia, Tony Elemelu...they are many

Your business will break your heart so many times. (I'm heartbroken at the moment)

Please if you're not dogged, don't think of starting up a business.


If you have started one, never back down. If it gets tough, you too get tough. In the end, you'll succeed.


I have made up my mind to continue to press on. No going back



My respect goes out to all business people.

The likes of dagote, adenuga, etc started bizness when morality, integrity and truth were high, the unemployment ratio wasn't high too. This days every graduate is a potential entrepreneur, the level of patronage can not generate the expected turnover/profit to sustain the bizness.
The other factors are high mobility fare and cost of energy. It takes the grace of God to breakeven.

Entreprenuership is not for everyone. You must have very thick skin to venture into it.

Onnasucs1:
Every single day I visit the business section here on nairaland, It's either I find the crew who have money but don't have a business idea or I find those with business idea but lack money.

Whatever crew you are, please never start up a business if you're not dogged. That business idea might appear rossy in your brain until you start it up in the real world.

I started up a business barely a month ago and I'm almost loosing my mind. Is it the sleepless nights(sometimes working from 1am-7am) I'm going to talk about or the failed projects or the rude customers or the unnecessary but compulsory expensis or the pressure to give out the best at all times or the uncertainties.?

Hehehe...Because of business, I am now a professional Liar. Lord have mercy!

Now I know why most businesses don't last long. Not everyone is willing to go through the stress.

I now respect Dangote, Otedola, Adenuga, Jim ovia, Tony Elemelu...they are many

Your business will break your heart so many times. (I'm heartbroken at the moment)

Please if you're not dogged, don't think of starting up a business.


If you have started one, never back down. If it gets tough, you too get tough. In the end, you'll succeed.


I have made up my mind to continue to press on. No going back



My respect goes out to all business people.

Lol. Please post this on my business forum. I will appreciate. I will like to share it from there. Thanks

https://naihub.com

True

You couldn't have said it any better. I gave them the soft copy all in a bid to protect future business with them. I knew they will never get a better offer than what I gave. It's quite unfortunate. But they'll pay, whether they like it or not.

The10thMan:


Caution is needed truly especially because entrepreneurs do not want to spoil future business opportunities. It is a classic situation that a lot of businesses in Nigeria use. They know most entrepreneurs will not want to spoil business relationships/future prospects because of one that ''simply went sour''. So the question is when does one go all out for battle? And how are you sure it wont linger for a while should it become a legal issue?

It a callousness that many entrepreneurs have to deal with, especially in Nigeria where laws are not modern and not fully enforced.

Its not easy running your own business oo like you are so much in debt already before you even begin to make any money whatsoever,

1zynnvn:
lol, month don end about 4 staff dey wait for their pay, for the past few months we started we've been paying them off our pockets, the business cannot pay them yet, this month I just dey look them as money no even dey. I've been brainstorming on how to enlarge the market. Abeg Any marketing gurus to advice us on how to enlarge the customer base? money no too dey for ads

As long as you don't quit there is still hope.

Don't have staff sitting down tell them to make money and they are paid

Period

I've spent millions on my farm in the past 15 months, inluding about N2m in salary. Just paid salary again today.

Yet, total revenue to date - just N300, 000!

I should make more money this dry season, but I need to spend about N500k over the next 2 weeks to make that happen.

I'm beginning to doubt if I'll recover my investment.

The vast majority of new businesses fail. It happens every where, but in Nigeria, the likelihood of failure is extremely high.

I started a business a year ago, invested millions and each passing day I wonder where the money we make zooms to....I understand cashflow and all that but there is just this evil spirit always waiting to swallow the money, it comes in various forms of expenses within and outside your budget. My advice is simple, ensure you save something everyday no matter how small and never touch it, a piggy bank would make sense, once one is full, get another. For example, if you saved at least 5k everyday for a year whilst going through the challenges, at year end, you would at least have something to show for the pain and effort. Resilience is very important in business. You must keep your eyes on the big picture, that way, the little hiccups would not break you. May God bless our hustle.

in business there is buying and selling as my boss would say while talking to me and i quote "my business is not buying and selling, my capital on each transaction is in the hand of my customers' now does that ring a bell?

DeLaRue:
I've spent millions on my farm in the past 15 months, inluding about N2m in salary. Just paid salary again today.

Yet, total revenue to date - just N300, 000!

I should make more money this dry season, but I need to spend about N500k over the next 2 weeks to make that happen.

I'm beginning to doubt if I'll recover my investment.

JEEZ how are you coping?

Similar to a retired friend of mine.....

whytediamond:
You couldn't have said it any better. I gave them the soft copy all in a bid to protect future business with them. I knew they will never get a better offer than what I gave. It's quite unfortunate. But they'll pay, whether they like it or not.

A particular client got a job from a Down Stream Oil and Gas Company without doing his homework. Eventually when he noticed he coundn't handle it he called for assistance. After all discussions were held and terms agreed, he decided to subcontract to us to handle. We commenced the process with proper terms of reference and delivery timelines. Few days latter he calls saying we should refund his money. He has found an easier way to do it. It was a big problem. But we obliged and sent him his money. We did not want issues with the main client who gave him the contract as we were also trying to directly become one of their vendors.

Few days latter the same contractor calls us to beg that we should please come help them execute the job. Apologizing about how they were deceived, bla bla bla. We told our lawyers to add a clause to the Terms of Reference. Should they interfere again at various stages we keep various percentages of the mobilization as our inconvenience fee. And we insisted on 70% mobilization. And this is even a very simple case. There are other complicated and pitiful cases.

It is a tough world out there sailing in rough seas with sharks and other predators. But keep sailing. [s][/s]

Koolking:
Heartbreak is an understatement.

Near-suicide experience is more like it.

When you invest your life-savings in a business and it's gone down the drain upon how much you incubated the business, that's near-suicide experience.

Business risk is for tough people. My utmost respect to self-made business women.

Note: Church business is not included

This tho.. started a biz late 2016, las las it failed and i was determined to commit suicide, got to d river and i cudnt jump. Well i am restrategizing to start another biz. Cuz no matter how it is, 8 to 5 job is more depressing

Information about your business would help.

Can't help you with lead/customer generation if I don't know what you do.

1zynnvn:
lol, month don end about 4 staff dey wait for their pay, for the past few months we started we've been paying them off our pockets, the business cannot pay them yet, this month I just dey look them as money no even dey. I've been brainstorming on how to enlarge the market. Abeg Any marketing gurus to advice us on how to enlarge the customer base? money no too dey for ads

As long as you don't quit there is still hope.

uzobaby:
Most times businesses fail when most owners want to start big. .without learning anything about the business and trade secrets...even if you have 10million..start from buttom.and learn .this will prepare for eventualities..

This is the best advice you can give a biz starter but then pple dream too big and expect too much. My last biz failed cus i started too big

Yoighaman:
I started a business a year ago, invested millions and each passing day I wonder where the money we make zooms to....I understand cashflow and all that but there is just this evil spirit always waiting to swallow the money, it comes in various forms of expenses within and outside your budget. My advice is simple, ensure you save something everyday no matter how small and never touch it, a piggy bank would make sense, once one is full, get another. For example, if saved at least 5k everyday for a year whilst going through the challenges, at year end, you would at least have something to show for the pain and effort. Resilience is very important in business. You must keep your eyes on the big picture, that way, the little hiccups would not break you. May God bless our hustle.

If these are necessary costs, then these must have to be borne. If they are not, then try reducing these by changing patterns or seeking alternatives as long as it doesn't drastically affect your business/quality of product/service. Do you understand the LEAN principle? Daily saving culture is a good idea. Daily Operating Cost and Daily Revenue must be accounted for where possible to know how the business is doing. While this is difficult for my type of business which is more of professional intellectual service, with payments taking months to come, I still had to break these down to know how to control my costs.

It is all good experience anyway. For future ventures.

ConnectMee:
What does your business do? Can you DM me?

Bike deliveries. We have 3bikes and one accountant/secretary

963AvatarSpirit:
Most of you lamentators do not know what is takes to run a business successfully.

A great product is just one of the 4 steps process to guarantee profiteering and each of the 4 steps requires precision and supra level of market engineering and sales execution.

Money making is an art. Building generational wealth requires a template.

It is a science that only few have mastered.

easier said than done

Bought land for agro business last year, till today na one problem to the other from land owners( omo onile) , though things are settled now..

After spending cash to settle land dispute, na cultivation money I dey find now, but still, heart is strong, there ll b a way. No packing out..

Thumb up to All Entrepreneurs out there.

NdiaraIGBO:



JEEZ how are you coping?

Similar to a retired friend of mine.....

God. Nothing else.

When family members ask how much it's all costing me, I quote a figure equating to about 25% of the true amount

They would question my sanity if I told them the true figure.

AgentGoat:



You must pay them.

we must

Rubbiish:

Same here & dat is business for u...
I spent close to 1.5m on a business last year...i no dey bother go there again. Na my friend just dey go at times...Same happen to my dad and i thought he was not serious, until i experienced it myself. I have told all my siblings to use their money to buy land and resell or keep it in the bank. I trust no business...if business show u shagay ehn...lol

Real estate is the big deal... But then one has to be very patient. Right from time I have vowed to venture into real estate alone.

Ugosample:



easier said than done

My mum used to say, cutting an Iroko Tree by mouth is easy.


The person says ''I'll just cut it like this and slash it like that and swing the axe like this.....and it will fall with a great crash''!

963AvatarSpirit:
Most of you lamentators do not know what is takes to run a business successfully.

A great product is just one of the 4 steps process to guarantee profiteering and each of the 4 steps requires precision and supra level of market engineering and sales execution.

Money making is an art. Building generational wealth requires a template.

It is a science that only few have mastered.

Sir have you mastered it yourself or you are just quoting a business theory or someone?

1zynnvn:
lol, month don end about 4 staff dey wait for their pay, for the past few months we started we've been paying them off our pockets, the business cannot pay them yet, this month I just dey look them as money no even dey. I've been brainstorming on how to enlarge the market. Abeg Any marketing gurus to advice us on how to enlarge the customer base? money no too dey for ads

As long as you don't quit there is still hope.

Lemme know what the business is about