I discovered loan for a first time agro-preneur because of lack of experience. But most risk takers borrow and venture into agro trading or exporting. Some scaled through his process for the first time but high number of agropreneur gets stocked and probable fail along the line and run into debt. As a matter of fact, as some will be trying to get out of the debt they make more wrong decision due to anxiety and they plug into debt more.
Failure is inevitable but we can minimize the risk of going further into debt if you have found yourself already in one.
Most young agro preneur fails not because they didn’t pan but because of the unforeseen occurrence/huddles along the feasibility study they have earlier done.before going into the business.
However, here are some useful steps to follow after finding yourself in a debt during trading adventure.
- Avoid taking more money in form of loan if you discover there is no clear picture of solution master plan.
- Accept within yourself that you have failed. This self relieving truth will assist you to develop more ways of finding solution.
- Never keep to yourself to avoid suicide thought. Get in touch with your mentor and try to explain and seek for advice
- Don’t try to impress anyone at this point (family, friends and partner particularly someone you borrow from.
- Relax yourself and sleep more. Most people find it difficult to sleep when they are worried and they forgot that worries don’t solve problems instead it will cause more confusion.
- Go through your expenses, your records, all your decisions, mark them and correct yourself against it another time
- Take critical decision that is suitable for only you i.e. if the goods are still available at your disposal, sell it off, even at reduce price just to avoid further decrease in price
- Finally, if you now get clearer picture of the solution, only take fund from family and friends to solve the problem and not borrow money with interest.
* Do not quit even after you solve the problem instead learn from your mistakes and proceed further “only the strong will survive” business adventure is not about gaining money always, you can learn other trade from losing money as well.
Always remain focus. Remember that even expert fails sometimes