Sometimes ago, one man called me urgently that he got stuck at a middle of a transaction and they needed me to drive down to assist them.
They heard people trading kosso/Madrin wood and they borrow money from corporative and went into trading. They ended up buying rejected goods from the bush because they don’t have the idea of what good quality looks like.
I called my Chinese friend, to come and load the wood but what Mr. Lee told me was devastating “he said Julius you know I don’t buy this kind of wood and you have never supplied me this type of wood before”? Eventually, all effort to assist them proved abortive.
Hint* every business has is trick you must follow. Get experience advice from someone who is successful in it so you can go far without losing so much money at the beginning. Never put all your resources into it until you are sure on how to run the business perfectly. Always give a trial..
Most of the times, people want free things which I can understand but, paying token to learn or receive guide from an experience personnel is inevitable. Pay #5000 so you don’t lose #500,000. What you don’t know, you don’t know it. So consult experienced group/ trader to know how to go about your new business venture. You lose money; you waste time and get frustrated if you don’t learn well before going into a new business. Learn to achieve more. Travel if necessary give a trail test. Don’t venture your entire fund on any trade you don’t know much about.
You end up losing so much even if you don’t have a plan B for your business. For instance, you heard people buying sesame seed in Lagos with high profit margin, you borrow money from your bank and go into the business on getting to Lagos, the company buying the sesame seed closed the gate and said they are no more receiving goods. What will you do? As a young agropreneur, you must be able to have up to 3 valid plans. Should in-case one is not working then you switch quickly to the other plans. You stand high risk of losing all your money when you don’t know the best way to calculate your risk.