Mothballed Businesses: Why Did You Shut down?

As much as entrepreneurs seek to provide worthy solutions in the form of setting up a businesses tailored to meet so societal needs, they sometimes shut down their businesses after all the energy, money, time and effort and the team work that has gone into it.

Have you found yourself in this situation before? What qaa it like?What was the reason you mothballed your business? What did it feel like emotionally for you? What did the people around you: your team, your family and friends, enemies and rivals say?

 

I’ve tried business way back 2010 with health and beauty products. That’s the first time I ventured out in business. Before I started my business, I’m teaching Information Technology in a private college. A business opportunity came in and I thought that it was the key that will free me from being employed. Being able to get the necessary capital, I immediately decided to quit from my job to focus on my business. And it was really a big mistake. Because I entered the business without the required knowledge and skills to managed it. I don’t even fully understand the market. And I don’t have the proper skills in handling finances. For the first month it works smoothly but on the succeeding months it turns terribly. I started to notice that my expenses surges than the profits. The business just stayed for four months and I decided to close it because my capital keeps on losing.

When I closed my business, I don’t have a job, so I was broke. It was really embarrassing and I was devastated. But my family and friends helped me to overcome it.

That was my first major failure in life. But I’m still looking forward that someday, with the knowledge and skills, the right attitude, and the right business, I could start again a business and become successful.