Difficulties and experiences of hardship you overcome

Discussion in 'Growing and Managing a Business' started by Changed Creation, Sep 13, 2013.

  1. Changed Creation

    Changed Creation
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    Hi. All businesses sometimes experience hardship and difficult times. :(What business experience was hard for you and what did you do to overcome it?
     
  2. AnushaJain

    AnushaJain
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    Once I have started online emailing with a company, it was a fraud company and taken all my investments. It was difficult for me to come out of that but then I established my blogs and working on it to get good money out of it.
     
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  3. Shawn Gossman

    Shawn Gossman
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    For my bike repair shop, as I am just starting out, its not a registered business. I also don't register on bike repair organization sites. So a lot of the pro cyclists in my area are not going to use my services because of that. So I had to determine a better strategy. I decided to target the lower class markets. If a family that doesn't make a whole lot doesn't have the income to get their child's bike fixed, they can bring it to my shop and it will be much cheaper. I buy everything in bulk so I can still make a profit. Its not a huge profit but it keeps my supplies stocked and even gives me a bit of pocket money. At this time though, I invest all profits back into the shop. In a few years, maybe I won't need to.

    For the pro cycling part though, I am investing in expensive tires (which I also buy in bulk for a cheaper rate) which I plan to sell a bit cheaper. They don't need my licensed to sell them tires. Once I make a certain amount of income, I will get licensed as it will then be required by law. But for now, I don't wish to make such a large investment...

    Having a business in the state of Illinois isn't cheap ;)
     
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  4. amwarner

    amwarner
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    Before I started the website I have now, I was involved in alot of crazy business opportunities that cost me alot of time and money. Those opportunities were all empty promises and I realized overtime that I was looking for an easy way out to just make money. I failed so many times that I lost count but from those failures, I realized that I needed to do a actual business of my own and not some get rich easy opportunity just to make money. That mentality was something I had to overcome to finally get on the right track.
     
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  5. Martin Willard

    Martin Willard
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    Mainly for me it is managing finance. I find it hard not to spend the money on anything I see that says it will help. I need to learn to create a project where I spend as little as I can but still have the best possible features.
     
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  6. Changed Creation

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    Hi Anusha
    It seems that although the online company initially turned out a bad investment, you found a way to develop a new skill by building on the online idea and starting blogs that you want to use to give value in exchange for money. How about adding your blog address in your signature so that we can see what you are all about? Some of us may even join your blog?!
     
  7. Changed Creation

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    Hi Shawn. I'd like to congratulate you with keeping your risk low by not making large investments and re-investing your profits in the business! Starting up one needs to keep risk to loose capital as low as possible. Sometimes I think our circumstances of not having are the best thing because it forces us to be creative.
     
  8. Changed Creation

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    Thanks for sharing that. That opportunity seeking mindset is quite a difficult thing to overcome! It wastes money and keeps one from focusing on building business right. It also distracted me from developing the skills I needed to master in my business. The advertisement world specializes in cashing in on that "just to make money"! I also wasted a lot of time, effort and money chasing empty, quick promises. Ps. I enjoyed reading your reports.
     
  9. Changed Creation

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    Hi Martin. I have had to learn in a very hard way that the only way to successfully manage anything is to build a system for that and to find a way to measure it on a daily basis. Even if it's just to myself.
     
  10. angelOnEarth

    angelOnEarth
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    Because my business just had its launch this year, there are a lot of lessons I've learned. I'd like to think I'm a little better now and I'm kinda getting used to it. :) Of course, thanks for the help and tips of the people here in BaF. :)
     
  11. Changed Creation

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    Hi AngelOnEarth
    Please share some of those lessons learnt looking back at the launch of your business and what kind of business do you have? Its also wonderful to know that BaF shares in your success!
     
  12. amwarner

    amwarner
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    Thank you. The advice you give to some people on here is really helpful to not only them but to me as well. It's good to be part of a community like this.
     
  13. Changed Creation

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    Hi amwarner. Before I joined this forum, I had heard of forums, but had never joined one before. I think I regarded it as a bit of a waste of time...Sorry. Well this one has not been a waste of time for me. I said in another post that I was doing a business course, and it was actually because of the need to engage with my "client", that I joined. Joining a forum has been my way to find out what the needs. wants, pains, hopes and dreams of my client are. I never knew to what an extent this knowledge is playing in how I devise my product, the hot buttons of all my marketing, and probably the most valuable is starting to love my client and want to give real real value! I think whatever your product or service is, there is nothing more important when starting out a business to get into your prospects heart and mind and find out what really makes them tick! :)
     
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