When you look at the society today, you discover a lot of businesses collapsing. A firm failing to meet its expectation as the decision to either quit or has to find possible solution to reach its goal. Attaining business objective is the biggest challenge of any firm but a business must learn to build on failure. Using it has a stepping stone to bounce back to reach expected goal.
I met a lady last year, she owns a fish pond. She was cajoling me that the business was a lucrative business and she was making 50% returns on investment. Her challenge was finding finance to expand is pond from 5 to 15 to accommodate 50,000 fishes.
Source: Farming business setup
She faced conflict in deciding to use either organic or inorganic business growth. My advice to her at that was to gradually grow the business from profit but she was more concerned with fast growth.
I met her at a summit in January, She revealed to have quit the fish farming because of death of over 30,000 fishes. She had to use proceeds from the remaining fishes that survived plus personal fund to finance debt acquired to expand her business.
Source: Brainy Quotes
She said she was scared to continue the fish farming and I had to advise her. This was the summary of my advice below
- In business, it is very hard to escape loss or failure. Failures are finger posts on the road to achievement.
- When you lose or fail, Quitting is not the best option. Failure is temporary but quitting lasts forever. A failure carries a seed of an equal or greater benefit. Henry Ford said failure gives opportunity to begin again, more intelligently.
- No matter how interesting, lucrative or safe a business is, there is an element of risk. Always bear the mindset that everything will not always go has planned. When we give ourselves permission to fail, we at the same time, give opportunity to excel.
- The best way to grow your business is gradually and systematically using readily available resources (organic growth). This offers the business skill and experience to handle business expansion.
- Relate with people within your business environment for relevant information.
Mrs Elizabeth
Mrs Elizabeth restarted are fish farm, after relating with people she learnt her pond was over populated and the fishes suffered Oxygen depletion. Another cause that result in death of her fishes was heat wave weather condition.
After she has applied the correction, we expect good news and improvement in her business. The failures and struggles of today will be parts of your success story.