One lesson you learnt from your failed business?

[Augusta]

It is always good to share a lesson you learned from a failed business so that others can learn from it. For me I learnt not to sell on credit even to family members they will wreck the business. How about you?

 

[Starmix]

I have not experienced failure in my business, it is a new milk tea business. I hope and pray it will never sink to the ground.

 

[King Belieal]

My business failed and closed down once before I worked hard to resurrect it and one thing I learned was that as you start selling, you should buy your production inputs for the next batch before you even finish selling else you might use up the money.

 

[eLdavis]

For me, one lesson I have learn so far is always have a clear understanding of the kind of business you are going into.

 

[Augusta]

Go into a business you understand how it works. Don't go into any business blindly. it would not work

 

[Kross]

I learned that because a product is good doesn't mean that ot would work in a particular location.

 

[Min George]

I have learned that it is not a business that fails but it is the strategy used for the business that fails.

 

[Augusta]

Heavily avoid selling on credit. This style of business would easily drain you and your business financially

 

[Kera]

I have not yet had a business but I have learned from the organisation that I work with that customers are always so entitled and indulging them from that angle is not good for the business.

 

[Augusta]

Yes we don't have to overindulge the customers but we just have to create a balance to still maintain them