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My father's Entrepreneurial journey and what I learnt from it.

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Saad Khan

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Mar 14, 2021
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Pakistan
My father completed his pharmacy degree in the 90's and worked for several companies. Then he decided to start a pharmaceutical company with his partner in 2010. That's how my father started his entrepreneurial journey in 2010.

Without a mentor and a coward partner, the pharmaceutical company ended up in someone else's hands due to this "coward" partner selling his shares and leaving my dad with no choice but to sell his shares too in 2017 which was forced by the way.

To make things worse, the partner left the country and didn't participate in the business and started a slowlane job at a foreign country. Leaving my father self-employed instead of running a "business".

As the company was limited by policies in the country imposed by the government at that time (because of some fraudulent pharma companies in 2007's) despite knowing that government policies would change in the next year and they would be able to increase the no. of products they sold, the partner was hesitant to continue and played it safe. Anyway after 7 years after being in (sole proprietorship which was forced by partners) pharmacy business my father still managed to get his ROI back but not the TIME that was gone.

In 2015, I think before selling his entire shares my dad received a enough money to build a house but he invested that with a shady and fraudulent partner in a crockery business (this time the partner was greedy af). Well what do you expect when you handle two big business at once? The crockery business horribly failed JUST BECAUSE my father didn't do RESEARCH on his partner before starting a company. Till to this day my dad is still getting rid of that melamine inventory. Before my dad could establish monogammy, he started polygammy already.

When my father sold his company, I was 13 at that time and seeing my father in such mental stress I convinced myself that I would work a slowlane job rather than doing a business like my father. Mistakes made by my dad in businesses had a negative impact on me about the perspective on businesses at the time. I had this impact until I read MJ's books and started questioning my dad about his businesses and what he learnt from them.

What I learnt from my father's business journey.
- ALWAYS research your partner. Get a hold of his track records and see what problems they solved in the past.
- Never ever start a business on sole proprietorship model because it could end up horribly.
- And many more like problem solving mindset and stuff.
- Always have a mentor(LITERALLY). Because he can avoid you from dangerous detours. I think the reason my father didn't make millions is because he didn't have a mentor.
- You'll end up spending double the amount of money on marketing than the current budget.


As fastlane entrepreneurs, I would love your feedback on what do you think my father lacked at the time. I respect my father for not sticking to the slowlane rut like the rest of my family and gave it a go.
 

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Last edited:

Togata

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FASTLANE INSIDER
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Mar 22, 2021
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As you stated your father didn't perform his due diligence, however I believe it is extremely difficult to predict the performance of a partner in the long run.
To conclude, your father did not give up after his first failure which is quite admirable, he surely had a strong WHY/FTE which is literally one of the most important ingredient in the fastlane formula.
I believe he simply lacked guidance, you should introduce him to MJ's books, ( the CENTS commandment ).
 

Saad Khan

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 14, 2021
20
20
17
17
Pakistan
As you stated your father didn't perform his due diligence, however I believe it is extremely difficult to predict the performance of a partner in the long run.
To conclude, your father did not give up after his first failure which is quite admirable, he surely had a strong WHY/FTE which is literally one of the most important ingredient in the fastlane formula.
I believe he simply lacked guidance, you should introduce him to MJ's books, ( the CENTS commandment ).
I agree with you, I'll surely persuade him to read MJ's books. I'm sure he'll identify more mistakes than I have because he experienced his journey. Now he's planning to start a brick-and-mortar medical laboratory or a store in local town after raising capital again. Until then I'll try to squeeze lessons from his failures. :)
 

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