Here are some business failures I’ve experienced in my time running my businesses that have served as great lessons that I think will benefit you.

I have lost a quarter of a million dollars in a year that was invested in an interior design company. The whole business went bankrupt. One of the lessons learned from this failure was in the choice of my partner. I think the wrong partner.

Here is a little tip on how to find partners. People always ask me this question, is it good to work with friends? The answer is yes and no.

In fact, I’d say it’s best to work with people you’re not friends with at first, but become friends in the process. When you work with friends, you tend to be very similar. You tend to have similar interests, passions, and hobbies.

In addition, there are many already pre-established expectations, assumptions, etc.

This way, you don’t turn it into a professional business. It is the same with the family. I don’t know about you, but I would never allow someone in my family to work in my business. The reason is that feelings always get in the way. How are you going to fire your cousin? Or how are you going to fire your friend?

Here is another lesson learned. I entered a business that I was not aware of and was not within my circle of competence. I didn’t know anything about interior design. I had no passion for interior design. I only got in because I was greedy. And that’s what killed me.

So the lesson is not to get into something that you are not passionate about or interested in.

Greed was also one of the lessons I learned that resulted in my failure. What happened was that when I started, my partner gave me a lot of good projections. 1, 2, 3 million dollars in a year, these kinds of projections.

I got so excited about the numbers that there were dollar signs in my head. And the moment there were dollar signs, you got so greedy, and logic went out the window and led you to make all the stupid mistakes.

So right now, I always say when you start a business, hope for the best but plan for the worst. Whatever projections people give you, take 50% off. And if after getting a 50% discount, you can still make money, go for it. So be very conservative in your planning but at the same time set high goals for it.

Presence in the business is also very important. Focus and Presence.

Someone needs to be able to be the leader and be able to be in the business 150% of the time and really focused on that business.

One of the problems with my previous interior design company was this. My partner was not a businessman, he was a designer. He was a great designer but he couldn’t run a business.

And he hoped that I would be that businessman who would promote that business that he could not fulfill because he was in charge of 4 other companies at that time.

That is why the company collapsed. So you need a key driver, you need someone who is focused on business, who knows marketing very well, who knows accounting very well, who is very good at leading the team.

These are some of the lessons I have learned from running my business. Hopefully, it will give the reader some ideas that they can apply to running their own successful business.