In all labor there is profit. Which makes me feel awfully good because that means that all those countless business meetings (saw a book- "Death by Business Meetings") were not a loss.
I've struggled for a few months now as to what to do with one of my companies.
The most major problem I was having with it had to do with the fact that it was a luxury product and service... uh huh. Now THAT was a smart move for 2009, wasn't it!?
Ah well. None of us have crystal balls.
I appreciate the feedback I've gotten through blogging- most specifically,
I've struggled for a few months now as to what to do with one of my companies.
The most major problem I was having with it had to do with the fact that it was a luxury product and service... uh huh. Now THAT was a smart move for 2009, wasn't it!?
Ah well. None of us have crystal balls.
I appreciate the feedback I've gotten through blogging- most specifically,
Kim Ayres, who, being an expert in the field I had inadvertently launched the said business- took the time to review and comment on my dilemma.
He said, "Your website is crap on a number of levels." Hahahahaha. It IS! I adore it when people simply level with you and cut through the nicey-nice.
What did I learn? I learned that I'm proud of myself for forging ahead with an idea and concept, knowing nothing about it, and still pulling together the various components to pull it off- for a little while.
I learned there's a whole lot of people out there with a whole lot of talent who know what's going on- and I'm glad I can defer to them.
I learned that a fundamental rule of business failure is always going to be under capitalization AND to keep throwing money into a losing proposition does not turn a sow's ear into a silk purse.
I learned that I lost interest, and sometimes have the business attention span of a ferret.
I learned I do not like dealing with the general public, but only business to other busineses.
I learned that I still have to take a risk when I think I have a viable idea anyhow, and that money is only an idea- but I have an idea that I lost a lot of money!
Still, in the end- moving on an idea is usually always going to be worth it 'cause I'm Entrepreneur Chick and I can't help myself.
He said, "Your website is crap on a number of levels." Hahahahaha. It IS! I adore it when people simply level with you and cut through the nicey-nice.
What did I learn? I learned that I'm proud of myself for forging ahead with an idea and concept, knowing nothing about it, and still pulling together the various components to pull it off- for a little while.
I learned there's a whole lot of people out there with a whole lot of talent who know what's going on- and I'm glad I can defer to them.
I learned that a fundamental rule of business failure is always going to be under capitalization AND to keep throwing money into a losing proposition does not turn a sow's ear into a silk purse.
I learned that I lost interest, and sometimes have the business attention span of a ferret.
I learned I do not like dealing with the general public, but only business to other busineses.
I learned that I still have to take a risk when I think I have a viable idea anyhow, and that money is only an idea- but I have an idea that I lost a lot of money!
Still, in the end- moving on an idea is usually always going to be worth it 'cause I'm Entrepreneur Chick and I can't help myself.
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Great philosophy! Do not worry about what critics think, do or say. Persistence wins out in the end. Learning from mistakes turns defeat into victory.
ReplyDeleteGreat blog entry!
Why, thank you, Mr. Bailey. :-)
ReplyDeleteHey, you want to buy a cool biz for cheap, heh?
While I don't have a business, I find all the tidbits in your blog so interesting and, in my next life, I hope I remember them! At 65, I've finally retired and I could certainly use more income. Having to adjust to $100,000 less a year, is not my idea of fun so one never knows when I might enter the business world.
ReplyDeleteWhen we learn major lessons about ourselves through screwing something up, provided it's not fatal, it's such a powerful investment :)
ReplyDeleteMy first business died horrifically as I learned that a) the whole business model was based on cold calling of some form or another and b) I hate, despise and loathe cold calling.
My 2nd business was based on networking and worked considerably better :)
It seems you've learnt some very useful things. Thanks for sharing them with us.
ReplyDeleteBTW, I like your new header.
LOVE the new design!!!! :), Amy
ReplyDelete"In all labor there is profit." I love this. It's a very elegant, wise statement.
ReplyDeleteAbout having the attention span "of a ferret" - That's the problem with being a creative, "idea person" type, isn't it? At least for me.
Sex robots could have crystal balls.
Sorry. That was bad.
Oh, I almost forgot - I adore this background and the new header.
ReplyDeleteHave I ever mentioned how gorgeous you are? Well, you are.
RNSANE,
ReplyDeleteThank you!
Let's see what happens. What I like about life the best is- you just never know how it will work out.
Kim,
ReplyDelete"I hate, despise and loathe cold calling." LOL Sooo, you're pretty sure it's not for you, huh?
No wonder it didn't work.
DUTA,
ReplyDeleteAww, thanks.
It's easy for me, when it's a holiday or whatever, to really 'crap up the joint'.
Translating that to my blog- same deal! I think this look is a little more simple & sophisticated.
Our house though, is not crapped up. If I don't use something for a year; I'll donate it or throw it away.
Amy,
ReplyDeleteAh, my little lurker girl. Thank you.
I'll see you in just a minute.
We are bringing our dominoes just in case. :)
Polly,
ReplyDelete"In all labor there is profit." I love this. It's a very elegant, wise statement.
I try to read a Proverb each day, which corresponds with the number of the day- as there is 31.
That is Proverbs 14:23. I figure if I hear it enough times, something might stick. lol
Polly,
ReplyDeleteI'm so glad you like it! I've put together a few more- I can't wait for summer 'cause I have a really cool background & header.
One's a little racy though.
AND, that's so sweet of you to say that you think I'm "gorgeous". I'm humbled.
Now I almost forgot- Polly?
ReplyDeleteThe sex bot with the crystal ball? That's an add on service- for the low price today of $800.000.00. Of course, we take Visa, Mastercard and Discover or a personal check if it is not from out of town.
How would you like to pay for that today, Polly?
Sir Sex-A-Lot is SO coming with um, an extra ball.
Stupid question from non-entrepreneur (or soon-to-be entrepreneur, all other things being equal): is there a catch-all solution to under-capitalization? Or perhaps I should rephrase the question: are there steps that can be taken to avoid under-capitalization?
ReplyDeletePostman,
ReplyDeleteThat's not a stupid question! How many businesses might have survived had they have asked?
Steps that can be taken to avoid under-capitalization? This is what an investor told me once after I had worked all the numbers that were going into a start up, which happened to have a standing location-
"See that final figure?"
"Yeah."
"Triple it."
There's a lot of unforseen costs associated with startups sometimes; but the way I like to go is usually with my own capital until I roll out a test market, then I get more funding through a bank after I've already proven, on a smaller scare, the viability of my business.
And good for you to be a "soon to be entrepreneur".
Ah-ha! That's sound advice. Triple the figures, eh? I'll need to remember that. You might have just saved my venture. I appreciate your time and counsel very much. And thanks for the well-wishes, too.
ReplyDeletePostman,
ReplyDeleteWell, if I saved your venture, you know I'm going to need a certain percentage... lol
Anytime. No problem.
I'm thinking of calling it Rogue Airways. Keep an eye to the stock market. And thanks again.
ReplyDelete"Rogue Airways"... nice.
ReplyDelete