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5 Major Lessons I Learned From My Failed Businesses

Vikram Brahma has over a decade of corporate working experience. By profession, he is a Digital Entrepreneur, Blogger, Writer and YouTuber.

Introduction

When I started earning money online I realized many things. I have learned many lessons during this time. There was a time when I was struggling to make money offline. I only have some clues and little direction.

Before that, I tried my luck in various offline businesses but I failed. I started taking interest in building businesses when I was only 28 years old. I was hungry to start some business, so I even left my high paying job and city without any concrete plans.

I started at least four offline ventures one by one from running a small vehicle, beekeeping, chalk making and even rubber plantation. In the beginning, everything went well.

But as I moved forward my every venture failed. It was a difficult period of my life and it broke my heart without any doubt. Through these failed businesses I got lots of experience but I even suffered from brain diseases for three years.

So, in this article, I am going to share a few extremely important lessons which I learned from my failed ventures. And I hope these will guide you in some form.

Never Leave Your Job For Someone Without Any Backup

If you wanted to start any business whether it’s online or offline then first you need to do some side hustle. First, you have to learn about that business after your office hours as much as you can. Mentally prepare yourself and plan things one by one.

Previously, I left my job without any clue or plans or back up and that was a big mistake. And then I had no one to guide or teach anything. I was literally alone. So, whatever it maybe don’t leave your current job unless you have another good source of income or backup.

In the year 2019, I again left my job to start my digital marketing journey but this time I have my small home rental business and it pays me around Rs. 25000/- ($342) per month. So, I could take the risk again but this time without any fear. And even if I will not work any day still at the end of the month money comes. This valuable lesson I learned from my failed experience regarding real estate in 2009 when I was working in Delhi.

Your involvement is must in your business

Your involvement is must in your business

In Your Business, Your Involvement Is Must In The Beginning

If you wanted to start any business then your 100% involvement is a must. You just cannot depend upon someone else to do things for you.

For example, if you want to start a restaurant then you should know everything about that business. Like how to cook foods, how to serve, how to manage the fund, how to clean utensils, from where to purchase raw materials and how to cut vegetables etc.

I know one lady in my small town who runs a small fast food restaurant but she knows everything about her business and works independently well.

I asked her who taught her all these skills and how she is able to cut vegetables and chicken pieces so well. As per her, she learned while working in one restaurant. And after that only she opened her own small restaurant by investing some money.

Start Small And Upscale It Slowly

When I started my offline vehicle business or plantation work I remember I spent more than half of my saving and that was a big mistake. Since I was new to the business I should have started some other business with low investment first.

In my experience, you don’t have to invest heavily unless you are starting your big factory or organization. It is always recommended to start small. Remember even big companies like Apple or Facebook started in a garage and from one room.

Once you start understanding your business better then you can expand your business and even hire someone to do your job. Today by the help of digital marketing I know many businesses which we can start simply by sitting at home and make millions within a few months time. And definitely, I am going to do some of them one by one.

Every business needs time and efforts to build

Every business needs time and efforts to build

Everything Takes Time And Effort

I have learned that building business and success in life is all about patience. If you are not consistent and ready to put the hard work then forget about success.

There is nothing as get the rich quick scheme in this world. Everything takes time and effort. When I started my career as a digital marketer from home I had zero clients and no earnings from online. But as I kept on working I managed to work with four clients and I was able to build two sources of online income.

Now I am still working with two clients permanently and I am about to get another client for a website development project for Rs. 25000/- ($342). Further, I am looking forward to adding two more services to my agency portfolio.

Self education is must for growth

Self education is must for growth

Learning And Self Education Is Must To Grow Your Business

After learning digital marketing techniques, I clearly understood that yes to grow in life learning and self-education is a must. Without this, we cannot succeed in life.

Now whatever work I do for my business or for my clients’ business I make sure that I keep on learning new things. To achieve this I have divided my schedule.

From morning to evening I just work on my client’s and own businesses. But at night I always like to study and learn new things. I am sure because of this one reason alone I will be able to grow myself faster and quicker.

Conclusion

I can proudly say yes I failed in my previous business attempts and but those failures taught me many valuable lessons about business and life. I am successful today in the field of digital marketing because of my previous failures. But still, I have to learn a lot and need to grow fast and bigger. I hope these lessons will guide you to take some important decisions during the crisis.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Vikram Brahma

Comments

Vikram Brahma (author) from Assam, India on October 01, 2020:

Thank you, my friend. I once read somewhere - that a person who has nothing to hide is free from tension. So, I wanted to become that kind of human being who has nothing to hide and I want to free always. So, I like to share what difficulties I faced in life and others can take some lessons and benefits from my life. Thank you for your generous comments.

sowspeaks from Bengaluru on October 01, 2020:

Hi Vikram, I really admire your honesty because everyone likes to discuss their success but none wants to talk about their failures.

This is a valuable article for all wannabe entrepreneurs. It is indeed a generous heart that says 'please don't commit the mistakes that I have done.'

Thank you for sharing my friend.

Vikram Brahma (author) from Assam, India on October 01, 2020:

Thank you so much, mam, yes whatever you have mentioned is true. I also got carried away but failed. But I know one day these failures will be my stepping stones for success. Now, I can literally guide people regarding what kind of steps they need to take for attaining success. Life failures are the biggest teachers.

POONAM MALIK from Faridabad on October 01, 2020:

Business is such an attractive term that many get carried away and jump in too soon without realizing the pitfalls. I wish more and more people talk about their failures like you have done so that people can learn valuable tips before they start.

A very good and helpful topic for all those who larn from others' experiences.

Keep on writing my dear friend.