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Lessons Learned From Losing Money in Business

By: Gemma Reeves 

bild_pengarMost seasoned entrepreneurs would tell you that losing money is part of business. And what matters more is how you rise up from that setback.

As renowned money guru Robert Kiyosaki said: “Don’t waste a good mistake… learn from it.”

With that said, it is wise to learn not just from your own mistakes, but from the mistakes of others too. Here are some golden lessons entrepreneurs have learned from the painful experience of losing money:

1. HAVE A MENTOR – AND CHOOSE HIM OR HER CAREFULLY

You need a more experienced adviser – end of discussion. Some people actually think this is optional but it is one of the most important decisions you would have to make as an investor and entrepreneur.

You’ve heard the saying that experience is the best teacher. If you can pool together the experiences of one, two or three advisers and add them to your own, you quadruple your lessons and hasten your learning process.

Ask all the questions you want and absorb everything you can learn from other people- especially in the aspects where you are weak at.

2. DO NOT BE AFRAID TO MAKE MISTAKES

Mistakes can be painful but they are not final. But some people are so fearful of mistakes that they end up not taking risks at all. Calculated risks are okay – remember, the greater the risk, the greater the return. This is especially true in investing.

When entrepreneurs are asked to share key learnings from their entrepreneurial journey, many entrepreneurs reveal they wish they made mistakes earlier. The earlier they commit their errors, the earlier they can learn from them and maximise the lessons.

If you look around, you will discover that those who made the biggest mistakes ended up being the most successful… because they gained memorable experiences that taught them crucial life and business lessons.

3. TAKE RESPONSIBILITY FOR THE OUTCOME OF YOUR ACTIONS

When you lose a big sum of money, the usual first reaction may be to look for someone or something to blame. You may want to point to your mentor, your employee, the stock market, Suze Orman who gave the ‘bad’ advice on national television, the president of the country… anyone but yourself!

Other factors might have contributed to the loss, but accept that the main accountability falls on you. It might sting your self esteem a bit, but moving on means that you challenge yourself on how to make up for that loss. And that will help you grow up fast.

4. BE ON THE LOOKOUT FOR OPPORTUNITIES

Losing money is not limited to losing the cash that you have on hand. There is a bigger mishap that might not be immediately obvious, but can be quite sizeable – the failure to take advantage of great opportunities.

With our fast-paced environment, new trends are constantly emerging and you have to be up-to-date. It would be wise to have certain funds ready for investing when you see a great opportunity.

You might want to consider having a full-time broker with the expertise to advise you which risks and investments are worth taking and which ones are not.

5. THERE IS NO QUICK FIX WHEN IT COMES TO MAKING MONEY

You might be dreaming of a magic formula to help you make more money but really, there is none. You know well enough that get-rich-quick schemes are usually scams or not legit.

Do not be so fascinated with the idea of getting rich that you make that your goal in life. Remember, the most important things in life cannot be bought by money: family, friends, health, personal values, honor, etc.

6. WORK HARD AND WORK SMART- AND THE FRUITS OF YOUR LABOR WILL BE SWEETER

It is nice to have money and all that it can buy for us. But keep in mind that losing it doesn’t mean your business dreams are over,

Rise up from any challenge and press on… learn from your own mistakes and the those of others and come back stronger, wiser and more motivated to succeed.

Source: Dynamic Business

Testimonials

  • Napoleon Guines

    Director, Travel Company Operations

    Ritchie Cruz and Co are accommodating and have excellent service.

    Cruz & Co have impressed me the most is due to their efficient service.  They are…

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  • Jonathan Yeoman

    Director, Technical Design Company

    This is a new business startup and Cruz&Co. have provided great help, guidance and reassurance from the beginning.

    Ritchie has provided us with excellent service and…

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  • Jae Kwon Yoo

    Business Tax – Electrical Contractors

    Ritchie is awesome. He is very professional and responsive and he is always there to help you. He even replies during weekend. He needs some…

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  • Regina Wang

    Business Tax – Beauty Salon 

    Ritchie has been managing my tax matters as a sole trader for 2 years+. Always very responsive to my questions and make effort to reply…

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  • Vanita Aloda

    Restaurant Owner

    Ritchie Cruz is my Accountant. We have a solid 10 year relationship.

    Ritchie as always provide me with honest and efficient service.

    Is a great communicator, always replies efficiently to…

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  • Jonathan Fambart

    Business Tax – Travel Industry

    Cruz & Co was introduced to me this year and it was the best decision for my sole trader and personal taxation affairs. Ritchie the…

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  • Dr Krish Perananthan

    Cosmetic and Implant Dentistry

    Ritchie was recommended to me by my father and I have also continued to recommend him to my friends. He is reliable, efficient and has a…

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  • Daniel Robey

    I have and continue to recommend Cruz and Co to many businesses and individuals who are looking for a business advisor and accountant that goes over and above…

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  • Kellie Pincham

    Director
    Automotive Parts Retailing business

    Cruz & Co offer a great professional and friendly service. Ritchie gave me confidence running the business knowing that he was readily available for…

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  • Zac Fryer

    Director, Import and Distribution Company

    Ritchie Cruz provides and high level of accounting expertise and goes above and beyond in answering any queries we have.

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  • Home
  • About
    • Meet the Team
    • Our Clients
    • Testimonials
  • Services
    • Tax Consultant and Compliance Services
    • Small Business and Sole Trader Accountant
    • Outsourced Accounting Solutions
    • Business Structure
    • Outsourced CFO
    • Working Visa Refunds
  • Resources
    • Tax Refund Process
    • Client Assistant Schedule forms
    • Downloadables
    • Helpful Links
    • Rental Property Cashflow calculator
    • SMSF Tax Refund Process
  • Contact Us
  • Blog