Though the purpose of starting any business is to make profit. While no one wants to experience loss, it is something we can't control most times. Last year I had experienced a few losses in both my online gigs and offline business. It was not easy but what kept me going was the that I simply saw these losses as a means of learning so I won't ever make these same mistakes again. How did you cope with losses in your business?
Have you ever suffered loss? How did you cope.
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I have experienced losses and the amount was huge almost $ 2000. I only gained $1 500. I joined a trading business but the website was nowhere to find after the higher authorities in my country noticed how the people became rich. It's too long to elaborate. I already moved on from that bad losses.
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I can imagine how you must have felt back then. I have also experienced something similar from a trading platform before. Others who lost their money tried taking the matter to court but in the end it was useless.
You are so right, it will be useless especially if the leader of that is at large or virtual. It is hard to trace a person we met virtually. He might use an alias. We better serve it as a lesson that must not be repeated in the future.
I am suffering a loss because the government is falsely claiming that the son of the girlfriend of top government employees owns my business to pay him a monthly salary and give him great powers. The son who is a full time bank manager does not pay any expenses, does not do any work, yet because his mother has seduced and controls top government employees he is getting away with all his frauds. So I am trying to sell the domains to reduce my expenses.
In business, profits and losses will come and go, there are many causes of my losses, such as the product being made is already needed by the market because there are new products that are more up to date, so I have to change products. Even though the business has to close, there is no loss in the income statement.
Any entrepreneur that would say he or she has not suffered loss has obviously not gone deep into entrepreneurship. You must experience loss. The key is to understand the reasons for the losses and find ways to stop it from continuing.
We used to have a family business more than a decade ago. The business needs to be shut down because customers cannot afford to buy the products. It is because of the sudden increase in the tax rate at that time. So, we decided to stop the business rather than incur a great deal of loss.
Oh wow this would have been a really bad one for you. You don't need to give up if you can still continue
I have suffered losses in business. It affected the business so badly that I had to drastically reduce my capacity. I eventually learned from the experience and grew gradually and passed the capacity.