Business is more of guesswork, forecasting, and assumptions. Of course, the optimistic trait in us makes it appears that we'll always hit the ground running or hit a home run as soon as we start the business.


This is exactly the opposite of reality most of the time. The reality is that in every business endeavor, you either earn (go home smiling with profits) or learn (bitter lessons from business hard knocks).


Let me share some of my experiences with us here tonight:
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Ismaeel, before we embark on this business, make sure you get what your family will live on for good 6 months in reserve!


That was the advice echoed to me by one of my mentors a few years ago. I asked why! He replied ordinarily this deal should be within 3 months but we can't predict what happens along the lines.


Guess what, we spent good 9 months on that single transaction. That means my mentor knew that business success isn't always an easy pie as it appears. Business can make or mar one's financial status, alongside mental sanity.


That same year, I had a terrible challenge in my snail farming, the weather was too harsh that mere wetting couldn't curtain a high rate of snail mortality during the dry season that year. I lost more than a million naira worth of snails within a month.


Then, we came up with another business pursuit tagged dry season farming with a special focus on tomato/cucumber farming. This one still ties down millions of Naira as I type, we hope to reach profitability one of these days.


Here's the point I am trying to make if you think you can start a business today and make huge success overnight. You're a joker or a gambler.


Making money takes time and there are loads of unpleasant surprises and unpredictable circumstances waiting to verify your entrepreneurial ability.


Intuitively, human beings do all they can to avoid losses, because losses lead to trauma and emotional stress.


Loss is inevitable in any business endeavor, business is never without risk, every business confronts several risks that may threaten not only the profitability of your venture but also its survival.


Sincerely, there are no guarantees, you will hit a home run in your business pursuits, most especially, during your early days in business, but it makes sense to try. When a loss occurs, make sure you learn from it.


Arm yourself with the following to survive your early days in business:


�Note that in the business world, failure has become an expected rite of passage and it takes time to achieve business success. You need perseverance and tenacity to cope with business shocks.


�When you fail, don't run rather than rush down to your drawing board, examine what went wrong critically and objectively.


�If the cause was as out of your control (natural disasters or pandemics), there is little that can be done. If you identify errors and misdoings, take full responsibility and pick up the lessons from them.


�If you can't figure out what went wrong, either due to your fault or something exogenous, a short break from such a business may be the next significant step.


�Don't start that business without a mentor, your mentors could be successful business owners or self-help business books.


�There are tons of business wisdom in black and white, marry yourself to good business books such as The Richest Man in Babylon, The Millionaire Secrets, The Richest Salesman in The World, One Minute Manager, Brian Tracy & Zig Ziglar have tons of books, clips, and audios on business.


�One of the benefits of having a business mentor is having someone you can ask questions, seek guidance, and get advice.


�Your mentors can help you examine problems and situations from perspectives that you would not have thought of on your own and offer you effective solutions


�Another effective means of managing business loss is to have a backup or a plan B. If you offer only products for sale, you may consider offering services as your plan B.


�Also, you may have valuable assets in reserve or land banking as a backup that you can depend on when a business loss occurs. This could be a veritable means of raising another fund to keep running your business.


�Seek Help From Partners, Suppliers & Distributors. Here, having a cordial mutual business relationship with suppliers and distributors matters most, your distributors and suppliers want your business to thrive, and they are quite aware that by offering you financial support, you may eventually become a long-term repeat customer.


�During the loss moments, you may opt for supplier financing from them to keep your business going, you just need to maintain your creditworthiness and assure them they will get your continued business, come rain, come shine.


�The bottom line is that loss is unavoidable in business and it becomes commendable when it provides opportunities to learn, develop, and compels us to improve and effectively overcome the challenge of change.


Ismaeel Akintayo O
BSC & Msc from School of Business Knocks!
The man who has tasted both profits and losses.