7 Failure Stories in Business you much Learn

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1. Need to learn before starting your business.


Hi, I am Abhijit 57 years old. I will share my mistake with the people so that you can learn something from my mistake

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         Business Idea

    
  After class XII examination I joined in Indian army. I served there for long 15 years. I had to leave the job due to my health crisis. By God grace, I got back my health after two years. Then I thought that one day I would face a financial problem if I did nothing. So I started business investing my money. I started with rubber business, as our state is the second largest producing state in India. I got a lot of profit in the rubber business. I was gaining profit in my business. It was growing. Then I started another business, I bought a Maruti car and rent it. Again I got a profit. I was very happy and I thought that my decision was right leaving my military job. I bought five cars including my personal car.  I was going to become a crorepati. My respect in society increased a lot.
  Now  I dreamed big. I started another business to increase my bank balance. I loved to see my bank balance increasing. I opened a car washing point. And I recruited two labours for washing cars. Here I didn't get a profit due to an improper place. Due to the lack of time, I could not check them. I doubted that my labours had cheated me. But I run the car washing business looking at my reputation. Because it did not affect me much. I was getting profit from two sides–one from rubber business another from the car business.
   

      One day one of my friends proposed to me to open Id Batta(Bricks manufacturing business)sharing with him. My friend was ready to provide his paddy land for that business. We made an agreement that I would invest money and my partner would give his land.70 %and 30 % share was done between us. In an agreement, there were many provisions. But I could not explain it in detail.  We started a business without learning that was my big mistake. I asked the owners of the Id Batta about the business but they did not tell me in an open-minded. By the way, we started a brick manufacturing business. We brought labours from outside. We produced Bricks and began to sell them.

       We could not produce quality bricks because our labours were not expert in it. There were other reasons too. So we could not compete with others. The sell of our bricks was very less. On the other side, every Monday I had to pay the wages to the labours. I suffered a great loss. I tried my level best to run the business but I could not run it. I reduced money to invest in rubber business and l sold my three cars and closed my car washing business to run my new business. Eventually, I had to close the Bricks making business. I suffered a great loss. I invested for that business more than Rs.74 lakhs. I lost all my money. All my bank balance got dried up.
  I focused on my rubber business again. But due to lack of capital, I could not get much profit. On the other hand, my expenditure increased as my daughter was studying in medical college. And I expensed a lot to get my son's marriage. I became Zero Patti.
     I had experienced the behaviours of the society towards me. Earlier if I go to the market, the shopkeepers were crazy to take me in their shops. But now they avoid me. They didn't want to give things without cash, even the value of that thing was Rs. 50.
    The readers may consider me fool. But I am sure that there would be many people who had suffered a great loss in their business starting a business without learning. So friends before starting your own business, you have to know the following things–
1. Select Your Type of Business, and Consider Its Effects on Your Taxes and Liability.
2. Ask Yourself “Who Is My Competition?”
3. Understand Your Target Audience
4. Choose Your Company’s Name
5. Brand Your New Business
6. Develop Your Overall Web Presence
7. Prepare a Business Plan
8. Find Sources of Funding
9. Licensing and Legal Documentation
10. Find a good mentor.
       I have learnt from my experience that if you want to do business more than one, your all business should be linked one after another. Otherwise, there is a chance to lose your business.
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2.  To accomplish the two big works at a time is very difficult and risky. 
  How to Handle Two Different Works at a time.

  I am 32 years old, a  govt school teacher. I am going to share my story how did I commit a mistake. I  was good at study. All my neighbours, friends praised me for having good marks in all examinations.
 I stayed in a  boy's hostel for 7 years. Our hostel superintendent was very strict. He used to daily go round the hostel with a big torch. The students could see the beam of his torch from a distance and rush inside their rooms. He stayed in an adjoining boy's hostel. In the morning he used to go round at 10:30 am before going to school to see if any student was left. And in the evening he checked all the hostel rooms to oversee what was happening inside. He loved all his students like his own children. I  could become a teacher because of my hostel superintendent. He taught me, guided me like my father. My father was an illiterate, farmer.
‌       My parents taught me selling crops, goats, ducks etc. I had seen my parents struggle in their life. So I wanted to become an economic sound person. When I was studying in class XI, I joined a chain marketing business without telling my hostel superintendent and my father. Some of my hostel mates came to know because sometimes I had to attend the meeting. My room mate's father who loves me like his son told me to give up the chain marketing business.
‌     He said-"You are a good student. You have been scoring good marks in all examinations. Your business will hamper your study. All teachers are praising you. If you continue your business, your results will not be good". He reminds me of the story of Mahabharata. He explained -
‌Dronacharya placed a wooden bird on a branch and decided to put everyone through a simple test. He gathered all his subjects and asked them to strike the eye of the wooden bird. But before letting them set their arrows loose, he asked each one of them a question.  He first called and asked Yudhisthir, the eldest of the lot: '' What do you see there?'' To which Yudhishthir replied, "I see a wooden bird, the branch and the tree, the leaves moving and other birds."Everyone else who followed also mentioned the same elements: tree, branch, bird, leaves etc. and Dronacharya asked them all to lay down their bow & arrow. When it was Arjuna's turn, he confidently stated:
"I can only see the eye of the bird."
Everyone else had set their eyes on everything but Arjuna had set his eyes on his goal, the eye of the bird.
    So you should focus on your study like Arjun.
‌      But  I didn't pay heed to his words. I continued my business. Later I realised my mistake, I should listen to him. To get success in chain marketing business is very difficult.  In the beginning, I worked hard on it but later on, I gave up when I realised that it was really disturbing my study.

‌    To accomplish the two big works at a time is very difficult and risky. There is a chance to lose your both works. My percentage mark of class XII results decreased due to my network marketing business.



3. Mistake,Instead of buying a plot of land , I have been staying in a rent house , big mistake for me. 
Author—B kumar Jamatia 

     I am Samir. I felt I was a lucky person because I got a job at the age of 25 and I was posted in a government aided school in Agartala, the capital of Tripura. I am from a backward village which is 42 km far from Agartala. And this village is identified as one of the most backward villages in our state. The government school is only up to class VIII in our village. There is a high secondary school that is 7 km away from our village. But in this school there is no science stream.And tuition teachers are not available. So most of the employers from our village are compelled to move with their family to Agartala to teach their sons/daughters after their sons/daughter's getting promotion in class VIII and those families who are economically well off moved there when their children are studying in nursery school.
They went to Agartala not only for their children's education but also for having specialist doctors for their children. The work place of most of them is in the village and they are travelling up and down from Agartala to office (in the village) and they are spending 4 hours a day in travelling. But I don't need to travel as my work of place is in Agartala. So I felt myself as a lucky person. But I couldn't utilise my luck.

     After getting job I took a rent house in the main town of Agartala. At that time I was unmarried and after 3 years I got married. I have been living in a rent house in Agartala for 12 Years from  2006 to 2018. During these times I have changed rent house four times due to many reasons. All the tenants have to face some problems in their rent house. And sometimes a dispute arose between the landlord and the tenant. There are many reasons why disputes arise between landlords and tenants.
     If a landlord fails to maintain the property in habitable condition, if a landlord allows nuisance behaviour of other tenants in an apartment, if a tenant fails to pay as required by the lease, the tenant can be required to pay late fees and penalties as specified by lease terms. No payment can also result in eviction. Besides misunderstood with the landlord, water crisis, increasing the lease of house rent per year etc.
   
     I also faced some problems, so I had to change house rent four times in 12 YearsYet the idea of buying a plot of land did not come to my mind. Last year one of my good wishers suggested me to purchase a plot of land taking loan from the bank
    He said----Residing in a rent house long time, paying 6000 rupees per month, you are making mistake. You are living in Agartala for 12 Years. You have already paid - 6000×12=72000 per year and you have spent - 72000×12=864000 in 12 YearsYou could easily buy a plot of land for this money. And your job is non-transferable. I suggest you to buy a land and make your own house. Your child is 6 years old now. If you do not buy now, you can't buy it later.
  So, I started thinking --Yes, I am doing wrong. Earlier my neighbours are buying and selling the property but I didn't get idea. I realised my mistake and I started looking for it. Now I want it hurry. But I was not getting a suitable a plot of land. One day I saw an advertisement in a newspaper that a new flat is going to be sold. I dialed the number and met them.
The construction of the flat was going on and 80 %  completed. The owner said that it would be completed within 6 months. The flat was expensive. But I wanted to get rid of the house rent. Without taking guidance of my elders and experienced persons, I have decided to buy it. I collected money from my saving account and GPF account and I took a big loan. I paid 90 %of the total cost. The construction of it is not yet Completed.
   After buying the new flat, now I feel I have done another mistake. Because I am confronting a financial crisis now. I thought if I bought a small plot of landit would be better....And basically I prefer house to flat.
   
LESSON..
Look before you leap. We should think carefully before we do something. I am impulsive by nature. I acted rashly. So dear readers think deeply before you do something. If you don't have knowledge, you can take guidance from experienced persons.
     Thank you




4.How a I suffered a great loss purchasing a second hand Auto-rickshaw 

   Learn from mistakes. I am 34 years old. Let me share you how I suffered a great loss purchasing a second hand Auto-rickshaw.  I'm a son of the poor family. I had to confront a great financial crisis in my student life. So from childhood I want to be an economically sound person. But I never want to walk on the illegal way. So after having a govt job, I am thinking of doing business so that I can provide better life to my parents because they suffered a lot to give me education.

    One day my neighbour suggested me to purchase an Auto-Rickshaw in the name of my wife because it's business was higher at that time in our area. I applied for route permit certificate. Without route permit, new Auto-rickshaw can not be bought. But my application was rejected.I didn't get it. Then some people suggested me to purchase second hand Auto-rickshaw checking the engine well. I searched for it and I also informed to the  syndicate office of the Auto- Rickshaw and gave them my phone number.
   
     After getting phone call from syndicate office, I went there to see the second hand Auto-rickshaw . They showed me an auto - rickshaw which was very well decorative. They told me the price of it RS 90,000.I told the owner that I would finalise  the matter after getting checked the engine by the Auto-rickshaw mechanic. At night I phoned an auto mechanic who was well known to my father - in - law. And he behaved well with us. So I trusted him completely. But I didn't know that the owner of the Auto-rickshaw got it repaired by that mechanic.
   
       In the next morning I went to the syndicate office with the mechanic. The Auto-rickshaw was standing there. Seeing it the mechanic said, - This Auto-rickshaw is well running. I have done work on it. You are lucky and so on. I felt very happy, but I told him to test drive. But he refused to drive and said, "No need to drive, I know it well." Being happy I immediately  finalised to purchase it. I informed my mother. I said--Mom I am going to have a nice Auto-rickshaw . I am so lucky, mom.
     
     I brought an Auto-rickshaw driver from my village to take it home paying the cash of Rs. 90, 000 and I paid extra 5000 rupees for its documents.
   
       When my driver started driving, he could understand that the engine of it was not good. By the way, we started giving service in my village. After five days suddenly it stopped running. We called the mechanic from our village. Checking the engine, he said-The body of it is nice to look but the engine is ruined. I had to pay him Rs 5000Then we brought it again to the road. After running 20--25 days, it stopped again. After that, problems had been showing again and again, some brake problems, engine problem, facing problems etc. If I had 1200 rupees , I had to spend Rs 3000.In these ways I had to spend more than Rs 50,000 in one year on it. I had four different bank accounts in different branches. All my bank balance from my all accounts got dry up. Finally I sold it for Rs 60,000 only.

              LESSON :
  If you want to buy second - hand car, Auto-rickshaw etc, please get it checked by at least three mechanics separately.
   Thank you.




5.  The importance of taking risks in life.
A mistake by Kamal Debbarma
You are reading at--www.amababu.com
   
    The Importance of Taking Risk in Life. Hi, friends, I am Kamal Debbarma, 45 years old, a middle-aged man. Here, I will tell you how I did a mistake for not taking a risk in life. A golden opportunity came once in my life, but I missed it for not having courage. From childhood, I was interested in sports -- football, cricket, basketball and so on. Particularly, I love football. From 10/11 years I began to play football. Apart from this, I played all the games played in our country. And I got many certificates to the state school level, district level, state level and national level as well as achieved a good name in the field of sport.
     
       Being a son of the poor family, I always kept in mind about income source so that I could help my father financially to manage the family expenditure. I was in a hurry to get a govt job. So after matric examination, I left home and went to Bangalore in search of work getting inspiration from one of my friends. Because I knew myself that it would be impossible for me to complete graduation. I could reach up to class XI getting a privilege from sports. Those students who would play games were given extra marks. In such a way, I could pass the examination. I worked in Bangalore for 7(seven) years in the hotel, restaurant and at the last in private company. I could send a little money to my father every month. At that time suddenly one of my co-workers who was a Muslim proposed to me to go to Dubai. He told me that his uncle was working in Dubai and earning more than double what we were earning in India. But I did not accept his proposal because I had no courage to take a risk. I did not agree for the following reasons--
1. I did not want to lose Job taking the risk. I thought if I did not get a comfortable job going to Dubai,  I had to come back in India. I might lose in a private company too.
2. I didn't trust my friends completely.
3. I was scared of going outside India.
4. I was confused.
     My co-worker went to Dubai alone. I did not take the risk. After one year I came to my village and got married. After the marriage, my wife and my father in law did not allow me to go to Bangalore again by saying that what I was earning there could be earned staying in the village. And my father--in- law was ready to help me financially to start a business.  I agreed and started a business in my village. Because I also wanted to remain with my parents and relatives. But I can not progress in life.
The proposal of my co-worker was my golden opportunity. That my friend who went to Dubai became a Crore Patti (million). I realised if I had gone there with my friend, I could also become at least a Lakh Patti.
    
     My friend is still inviting me but I can't because now I have two children. Now I am above 50 years of age and I have many responsibilities in my family.
I learnt a lesson --
  "Every one should take a risk in life but it should be calculated".
Thank you



6.   A story of a police constable


 I am 42 years old and I am from Tripura , the North Eastern state of India . I realised my childhood mistake as well as the value of education. 
     When I was studying in class IX, I bought a second - hand bicycle for 700 rupees from my friend without  my father's permission . My father is very strict and disciplinarian personality. But he is very caring for our education . Seeing my bicycle , my father asked me -Why did you buy it without necessary ? Actually I would go to school by school bus. I didn't require bicycle . I bought it for my enthusiasm . My father scolded me badly . I felt very upset and got angry . So I sold it again to another friend for 600 rupees and I left home in the absence of my parents . I started for Delhi . I had a phone number of my friend who was working there .

   I did not get direct train to Delhi . So I needed to change the train. After reaching half way of Delhi , I had only 150 rupees left in my purse. So I decided to come back home . But I couldn't reach Tripura. No money was left with me in Guwahati . On the other hand I didn't eat anything for long time , so I was very hungry . I  could not understand what to do . There were many shops , restaurants , hotels etc nearby . I asked them one by one for work. But nobody wanted to recruit me for  work . I felt dizzy for tire.

    At last I sold my personal bag and I got only 200 rupees. Instantly I ate tiffin for 50 rupees and started to board the train to Agartala (The capital of our state) . When I reached in Agartala , my money got finished again. I couldn't understand what to do, then I had an idea ,  I searched for the party office of the ruling party. I discovered the party office and they took me to the minister from our constituency . The minister was helpful . He fed me and commanded his men to arrange everything for me to reach home safely.
   Ultimately I  could able to come back home . But I knew well how I reached home. After that I felt ashamed to go to school but I managed to go to school but I failed in that year. I continued my study, I had no friends in school because all my class mates were younger than me so I felt shy to make friends with them. So I remained alone in the school. I faced problems if I missed the the class. And on the other hand tuition teachers were not available in our village. I could reach up to class XI, then I  dropped out of the school. Because I failed in many classes. Then I applied for the interview of Tripura police. I was rejected thrice. But I didn't loose my hope. I began to go to the field in the early morning. I ran in the field watching clock. I increased my speed. After running I did exercise. I continued my exercise two months. Then I went for the interview. I cleared all the tests one by one but I couldn't not clear final test that was written exam. That time I cried and I understood the value of education.

     I bought GK books, English grammar books, current affairs books etc and I read newspaper daily. I used to note down the important news and dates. And I continued my exercise in the field. Ultimately I got job in police department as a police Constable.
    Actually I was good at study while I was studying in primary school . Getting angry with my father , I went outside Tripura without any aim. That was the turning point for me.



7.Learn from my mistake.Lending money to one of my friends, what happened to me.

Hi!  I'm 35 years old. I am going to Share all of you how I lost 2000 rupees by lending  to one of my friends name Dipak and the common link between us was also snapped. 

     My friend Dipak  and I used to walk in the morning together. Slowly and slowly we were becoming a good intimate friend. Everyday I woke him up in the morning by giving miss call and in the evening we would go to the vegetable market together. 

   One day as usual we went to the vegetable market. He saw some 2000 rupees notes in my purse while buying fish. After sometimes he said, "I have to buy medicine for my spouse. But I forgot to bring money." He looked at me and said, "Can you lend me 2000 rupees? I Will pay you back tomorrow morning". "It's my duty to help my friend "I thought. So I gave him 2000 rupees

Next morning  we came out of the house and walked together.  " Sorry friend, today I forgot to bring money. I will give you tomorrow. "Dipak said.
" It's ok"   I said. 

    But that day  he didn't come for morning walk and receive my call. He stopped coming for morning walk. I understood his intention but I didn't say anything to him. I  heard that he walked in the morning with others and changed the road for walking. 

   One day I along with my uncle was having tea in the tea stall. Suddenly he entered into the tea stall but at once he came out seeing me there. I called him and asked him for tea but he refused and left the place. It's been more than one year. But I didn't get back 2000 rupees .
                  Image of 2000 rupee note
      I told this incident to Bimal, another my friend . Most surprising thing is that he is also the victim of losing money by giving money to a man name Shyamal  . He said —one day they were attending training programme together for one week . Shyamal  said to Bimal , Every month I have to confront financial crisis . I am worried how will I manage this month. No money for the car fare also ". Bimal felt pity for him. So he said to Shyamal , " You can take money from me if you want ". Shyamal  said , " If you have enough money, give me 1000 rupees. I will give you back after two to three days ".
    After three days he came to Bimal and said, " You have to wait a few days more. . . "
Bimal said , " No problem , you can give me back after withdrawing your salary ". But after one month they met in the market . Shyamal said, This month I have to admit my son in the college , so you have to wait one month more. It has been five months but Shyamal did not pay him. Now he avoids Bimal.
Many innocent people are losing their money lending others. 

Thank you 

If you made any big mistake in your life, please share your story with us so that the people of the world may not repeat the same you did. I will conceal your real identity. You can send your story to my email address- biswakumarjamatia@gmail.com

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