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2 years of time and a loss of 1.5 million$.

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AKANSHA

New Contributor
Jun 7, 2020
3
3
New Delhi
Hello,

This is the first time I'm using Fastlane forum, and I don't know how I'm going to use this forum exactly. so I guess I'll just start from introducing myself.

I am Akansha, from India..I'm a 25 year old and I recently shut down my business (started at the age of 23) cause I was bearing heavy loses. I do not have a formal business degree, and only learned from my various experiences in some short terms jobs or free services I used to provide to companies in form of internships.

I recognised at an early age that I wish to start my own business and the reason I gave to myself for doing so was (cause I can't take order from bosses) I have always been a rebellious student/employee, my naive behaviour took me on a troll for the next two years...I was fortunate to have financial support from my parents and went ahead with the idea of a "successful business" without proper planning.

what MJ now calls entrepreneurial masturbation...yeah I was succumbed to that. I rented an office, hired people...started my fashion manufacturing unit...and started producing merchandise.. (I was good at my core knowledge) ...but I couldn't sell anything...not as much as I was paying on a monthly basis..

I kept giving myself time ( and my comfort zones of not being able to pay salaries never really helped me with my hard work either) ...so as to when came a point, I had to finally realise that the success of this idea was just in my head and it was nowhere scene in numbers. I was able to shape it quite average because of my skill, but it failed because of lack of hardworking and focus.

I shut down my fashion brand in February'2020, something that I had dreamt of from the first day I joined college... have taken time by myself from past 5 months..have discovered spirituality and have questioned all my actions post my graduation, did self retrospection and stumbled upon UNSCRIPTED .

I am still working on the idea of how do I add value with the kind of skills and knowledge I have..I sometimes question if I have enough and have had thoughts to pursue a business degree to learn more then I remind myself that its just me spending more and more money..so I decided to learn it myself...

I give myself online classes, I have started to work on producing new ideas now....

Life has its own ways of teaching you things, I'm learning everyday in my own way..
I guess I'll be back in a month or so and have something tangible in my hand..
 
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Wil22

Contributor
Jun 8, 2020
41
53
Philadelphia,Pa
Hello,

This is the first time I'm using Fastlane forum, and I don't know how I'm going to use this forum exactly. so I guess I'll just start from introducing myself.

I am Akansha, from India..I'm a 25 year old and I recently shut down my business (started at the age of 23) cause I was bearing heavy loses. I do not have a formal business degree, and only learned from my various experiences in some short terms jobs or free services I used to provide to companies in form of internships.

I recognised at an early age that I wish to start my own business and the reason I gave to myself for doing so was (cause I can't take order from bosses) I have always been a rebellious student/employee, my naive behaviour took me on a troll for the next two years...I was fortunate to have financial support from my parents and went ahead with the idea of a "successful business" without proper planning.

what MJ now calls entrepreneurial masturbation...yeah I was succumbed to that. I rented an office, hired people...started my fashion manufacturing unit...and started producing merchandise.. (I was good at my core knowledge) ...but I couldn't sell anything...not as much as I was paying on a monthly basis..

I kept giving myself time ( and my comfort zones of not being able to pay salaries never really helped me with my hard work either) ...so as to when came a point, I had to finally realise that the success of this idea was just in my head and it was nowhere scene in numbers. I was able to shape it quite average because of my skill, but it failed because of lack of hardworking and focus.

I shut down my fashion brand in February'2020, something that I had dreamt of from the first day I joined college... have taken time by myself from past 5 months..have discovered spirituality and have questioned all my actions post my graduation, did self retrospection and stumbled upon UNSCRIPTED .

I am still working on the idea of how do I add value with the kind of skills and knowledge I have..I sometimes question if I have enough and have had thoughts to pursue a business degree to learn more then I remind myself that its just me spending more and more money..so I decided to learn it myself...

I give myself online classes, I have started to work on producing new ideas now....

Life has its own ways of teaching you things, I'm learning everyday in my own way..
I guess I'll be back in a month or so and have something tangible in my hand..

thanks for sharing your struggles (failure) which are much more important for all of us to learn from than successes. Your experience begs the question how long should entrepreneurs stay with a business before admitting defeat? Of course if you run out of capital. But I am speaking of situations well before that realization. My first business I set a go/no go dollar spend at $200k with plowed back profits of $60k. At three years, I saw a decline in closing new prospects and stopped. Maybe it’s all based on your level of risk tolerance. Does anyone have a go/no go formula?
 

AKANSHA

New Contributor
Jun 7, 2020
3
3
New Delhi
You sound pretty relaxed for somebody who lost $1.5 million of their parent's money. Or are we talking Indian rupees here?
Ofcourse, we are talking Indian rupees here. To answer your question, I don't see a point in creating stress and panic for myself after my failure. I failed, I evaluated and did some self awareness for 3 months now..I will try again. Its that simple.
 
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AKANSHA

New Contributor
Jun 7, 2020
3
3
New Delhi
thanks for sharing your struggles (failure) which are much more important for all of us to learn from than successes. Your experience begs the question how long should entrepreneurs stay with a business before admitting defeat? Of course if you run out of capital. But I am speaking of situations well before that realization. My first business I set a go/no go dollar spend at $200k with plowed back profits of $60k. At three years, I saw a decline in closing new prospects and stopped. Maybe it’s all based on your level of risk tolerance. Does anyone have a go/no go formula?


Very well said,
I feel like because it was my first venture, I was bit too emotionally attached too with it , I ran out of my basic capital after an year .. but I was reluctant to keep it working because I had a weird belief business in luxury sector require time to boon..
I only accepted defeat when I ran out of entire capital right before the pandemic hit !
 

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