You have every right to fail or lose money as a young/ start-up agropreneur but the most important aspect is that, you must learn from your mistakes and don’t allow the re-occurrence. I will never preach or advise you that you will not fail even when I know that failure is a step towards greatness. How can you become successful without failure?
Today, all people want is make millions trading charcoal without being bothered about the risk involved. All they do is to concentrate on the millions and never wish to hear you can also lose money trading charcoal.
Listen start-up agropreneur, the big players you see today in the business also lose money in some trades they ventured into but, they work around their failures and turn it to fortune. If you are afraid of failure, this line of business is not for you and with my experience, what I have learnt overtime was that people want to make gain and focus more on the profit rather than the reality of the market.
There are so many conditions that occur during trading and we call them unforeseen occurrences, you don’t have power over them happening and no way someone who is targeting profit will also pen it down that what if this business goes another way round? like my formal Chinese Boss would say to me “Business is not easy, if business is easy everybody will make it”.
Today when I see some seminal and workshop articles, I wonder if the instructors also tell the participants that the same way you can make millions, that same way you lose millions if proper care is not taken.
So many factors can cause failure or make you lose money in agricultural trading business. like I often tell people who business is an entity on its own, it doesn’t end up the way we feel oftentimes that is why an entrepreneur must be flexible in decision-making and never too rigid with his plan on paper. Entrepreneur makes most of their money from taking high risks and ability to calculate very fast will assist you in losing so much even when the need arise and no control over it.
“Sometimes ago about 9years now, I had the opportunity to work as a warehouse manager for a Chinese company partially own by Chinese government. After market research, they prefer to export cocoa bean from Nigeria to china as at that time. Every feasibility studies were done perfectly, many consultants were paid for information and guidance, but we ended up losing around 350million during the shipment. We failed, not because we didn’t do everything right but because we are just coming newly we didn’t know much about preparation for export and the consultant only takes money and directed us the way to go without proper monitoring.
Because of the far distance between Nigeria and China, during sea transportation, the cocoa beans grew mold and ended up into fermentation process which destroyed the cargo. Everybody wasn’t happy about the development and our company closed down for 3 years but today the company is back and better but this time they came up with ideas of processing the cocoa bean into cocoa powder, cocoa liquor, cocoa cake and butter before export”
So don’t allow anybody to analyze business for you on a sheet of paper and you will be expecting to make million working in the direction of paper analysis. It doesn’t work that way. Agricultural commodity business is not very easy.
In another instance, you buy some tons of cashew nut and prepare to sell it when the price moves up in your favour, and at the end of it all, the price falls against your wish and instead of making money, you end up losing money, will you quit because you fail? You don’t quit! so easily that way, if one season of business does not favour you, the next season will surely favour you. All you need do is remain focused, be dedicated and keep moving forward.
Today, most people burn their finger after analyzing business for them with sheet of paper and after brining money into it, they discover nothing as profit at the end of it all. They step out rightly because their expectation was cut short and they could not make the million as expected.
SehgateHub Team always advise the start-up agropreneur not to deep their two legs to know the depth of a river, and never put all your mind in the profit-making but rather base your speculations on “money back if there is no profit”
Hint* Even when you fail, remain focused and keep moving forward. Remember, no business is easy, if it’s easy everybody will make it.