We all start businesses because we wish to be our own boss, solve a problem and create something new. According to Bloomberg 8 out of 10 entrepreneurs who start businesses fail within the first 18months. This is so true. I can’t stop asking why? How did the likes of Coca-Cola survive for so long?
I have started several businesses that failed over the years.
I once I reached out to the bank for a loan to start my business. I remember the manager looked through my documents and said in a low tone “Mr. Kevwe this is a very good business idea that may really thrive, but unfortunately the Bank policy states that we should not give start-up capital…but nevertheless you can come back in five years and maybe by then your business would be at its peak, we would have no option than to finance it”. I don’t think I can or will forget his response in a long time. I was so downcast and sad, I left the bank wondering if I will ever achieve my dreams of becoming an entrepreneur. That idea just died a natural death since I had tried all available options before even resorting to the bank.
I didn’t give up so I started another business, this time I went into frozen foods. Because I didn’t want to fail in this business I did my research well. I even went to shadow an existing Frozen food just so I won’t fail in this business. The business starts off so well and everything was good. I was so happy and I became one of the biggest in that area until PHCN took power for over a month and even with generator almost all the items got spoilt. I lost a lot of money. Now this business failed because of the power issue.
Running a business is just difficult.