ListingDock

What is the biggest lesson that you have learnt in business?



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What is the biggest lesson that you have learnt in business?

Most of us have been in business right from the time that we began understanding what money is all about. I have seen some that got to the point where they even became company managers at an early. So, this thread is for us to share with one another, the best lessons we have learnt in business.

For me, I have learnt that keeping records in business is one of the ways that our business can boom and also the power of marketing. I am pushing everyday to understand how to market my services for I know that it is one of the best that we can make more.

So, share your best lessons in business?

Comments

treecko142

Always do your research on the market or industry you want to go into before even thinking about starting a business. Make sure that it's still profitable to open a business on that industry, the competition is good enough for a new business to thrive, and people actually want to purchase the product or service that you are about to offer. Just going in blindly and opening your business because you think it's a good idea without doing any research will end up very badly.



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ballyhara

Most of the time, that's true. If you know the market you're going to be immersed, that's certainly a big step ahead. But honestly, it also depends on the effort and dedication you give to it. I've seen many businesses that had the best assessment, hard money investment, modern logistics, one of a kind personal, but the owners don't freaking care about the business. That my friend, will broke even the best company ever, without effort and dedication, you are not doing enough.



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treecko142

Yeah, I think having a business is really more about a combination of various factors you should be able to do well, and you can't really pinpoint just one because without other components, you won't be as successful as you can be. Dedication and passion for your business are definitely up there as one of the most important things you should have as a business owner, especially when you're just starting out and during difficult times in your business.



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Martinsx1

Your are very correct my friend, this is a very good point that you have just mentioned here, and it's very important that anyone who is into any business or still planning to enter into any new business to make sure and take this tip very seriously.

Research is like uncovering a treasure mine in business because it's what would give you all the detailed information you needed to make one's new business a successful project. It will show you the strength, weaknesses, opportunities and potential threats such business might experience, and with such information at your disposal, you can take all the necessary precautions and be on the safe side.



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treecko142

Yeah, research is a constant part of having a business and it doesn't end with your initial research on the market. You have to research constantly about your competitors, the new products on the market, your potential marketing strategies, etc. just to be able to adapt to our ever-changing times.



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DenisP

This is so absurdly important! So many people try to open up a business by jumping onto some bandwagon that happened to work some time ago, but by the time they get around to it, they've failed to realize that the train has left the station.

Much like many trends, there are a lot of potential business ideas that are going to come and go. They might be popular for a time, but they're destined to fade into obscurity. You have to make sure that the business you're aiming to start isn't bordering on the edge of oblivion already.



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treecko142

Definitely, and in the same vein, even if you're already an established business in the market, you still have to come up with innovative ideas and keep up with the current trends, or else you'll just be left behind in the past. Most big companies really invest a lot on their research and development division.



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fishbate

I agree, a business without a market is a waste of time and money. Learning if your market is high enough to make a profit is a wise thing to do before starting any business.



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jeffreyjose48

Recently we just closed a business. My uncle and his business partner ventured into buy and sell business. We started oil and rice business. We buy wholesale and sell it in retail.

The problems we encountered are so many. We lost 7 containers of oil from a thief that until today was not caught. Our rice was also not paid on cash to cash basis. Months pass by and people did not pay yet. So we learned business is not easy. You will experience a lot of bad things.



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jeffreyjose48

I believe that the biggest lesson I learned from business is getting along with people. Having good relationships is very crucial. We must make sure that relationships are intact.



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menchuuy58

I have worked in the rice and oil store of my uncle. There are so many things that I have learned. I have learned to really keep our products away from thieves.



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wallet

The biggest lesson that I have learned in business and in life is that I should not trust people around me, most of them are fake, arrogant and they live and do things only for their interest.



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Martinsx1

I pretty much understand where you are going with such decisions of not trusting anyone around you. I know that feel very well and it comes hard on you especially when you have been betrayed by someone close to you whom you trusted with almost everything. But the truth is that every now and then you will have to trust someone but the caution to take is mind the extent of trust to have on such person.



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clairmatin

I think you have gone through some pretty bad situations, that's why you have this kind of view on people. You've been let down.
It's true, you shouldn't trust everyone around you, but you should trust your family and friends to a certain degree. There are good people out there just like there are bad ones. I hope the people who surround you are good to you.



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fishbate

Yeah, there are people that are too intelligent even they haven't experience any business related problems. Also there are people that will take advantage of your weakness and make something out of it for their benefits. Choosing who to believe in business is very essential.



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RhealaineS

I have to agree with you. You have to be careful with who you trust. There are some people by your side who want to see you failing. That's why sometimes, it's better to have a small circle of friends. Atleast you know that they genuinely care for you.



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jennyfermanuel

Correct. We are in a world where we can't trust anybody but our own family. This is also one of the biggest lesson I have learned in our small business in the province. But dear, no one is an island right? We still need to give our trust even for our friends and for the people who helps us reach our goals even in the smallest extent. I've been in the same situation before, but then I realized, in order to have a good relationship with others, you have to give them a chance if they are worthy of your trust.



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Martinsx1

Business is a very serious project in my opinion and once you fail to take it very seriously, it's definitely going to crumble right in front of you and there wouldn't be anything you can do to stop it. So, what I have learnt so far in business are the following ;

Don't build your business on credit sales
Learn to improvise
Take your customers serious
Keep good records
Smile to every customer that enters your shop



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Barida

Building businesses on credit sales is one of the sure ways that any business can crumble and I believe this is the reason most businesses we have out there don't sell any item on credit. They are always serious about how you can pay back even when they sell because they want everything to be going quite fine in the business.



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Martinsx1

@Barida selling on credit can never ever be eliminated from business no matter how detasteful it seems, there will definitely be some customers that you wouldn't have any other choice but to sell on credit to them, but it's very important that you reduce the rate of credit sales you engage in. So, the little the number of credit sales, the better chance of your business is going to grow.



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fishbate

I have my share of experience in "Don't build your business on credit sales". Its the worst thing that could happen on your business. Having credit sales will put your finances on hold and this could lead to bankruptcy.



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Martinsx1

Yes exactly. Too much credit sales will put your business in a perpetual hold and it will most likely bankrupt you if you are not careful. In fact, it's better not to sell your products and have them in your shop, than sell it on credit and never get your money. If the products are still in your possession, you are not losing anything, and should you have the products while the price appreciates, then it's your gain.



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clairmatin

I have learnt that before starting a business, you first have to really evaluate all of its aspects. See if you have the needed capacities and dedication. If you can really see yourself doing whatever your business is all about, then do it. If you have the slightest doubt, I'd say you'd have to go through your decisions again, study your case before you get into something you cannot handle or succeed in.



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Barida

Evaluating all the aspects of a business before you set out on it is one sure way that we can really get better with it. I have come to notice that not many that went into a particular business were prepared when they began the business. So, it is always necessary that we are sure of what we are getting ourselves into before starting out any business that we have in mind.



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clairmatin

Exactly. A lot of people start their business without having a thorough research about all of the aspects of that business. They go in and expect to be the best and become millionaires in a couple of days but they fail to even generate a decent amount of money. So the very first thing to do is to know what you're getting yourself into.



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Tronia

Well, I've truly learned so many lessons while learning how to develop a business, set it up and manage it but for me personally, I think the most valuable one has been - there will be ups and downs.

I feel like many potential successful business owners give up once they hit a roadblock or a small bump... that's such a big mistake. You have to stick it out and learn that even the most successful businesses once had problems as well.



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Barida

This is definitely the truth as we can see that it is not always a free ride when we are talking of getting into any business. The thing is that some will feel that getting into business is all about the constant profits that we should be getting without thinking of the challenges that might occur as we progress.

It is always proper for any emerging business take time to understand that there might be setbacks in the business and the need for them to relax when such scenario arises.



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fishbate

I learned that business isn't all pleasure and success. You have to be consistent and persevere. And in times of trouble, its the time that you need to do more effort.



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Barida

Thanks for the contribution! Being in business is not a fun play and many businesses won't have failed assuming they took this lesson very serious. Once it is business time, there should not be any chance of playing or having emotions in it. So, it is pertinent that most businesses out there understand that there is need to be consistent when we are into any business.



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clairmatin

I agree with you.
Some people want to succeed without going through any troubles or stress, or failure. That doesn't happen even in the movies. We have to accept that to succeed you first have to put a lot of effort and you will face a lot of problems. But it's worth it.



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fishbate

Yeah, facing and recovering problems in your business will actually help you with your management. Also it's a good way to develop your managing skills, but of course having problems is not good specially if its recurrence.



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vhinz

8 years ago I started a traditional business and have failed in just a couple of months. Things that I learned in my first attempt to business is that you should have to study your target market and the products you are going to offer because no matter how good is the product if the people don't need it, it's going to fail. Good management in finances is also very important. You have to know your business operations costs and compared it to your sales if you are gaining or losing. Never jump into a business if the things you need to do is unclear.



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Barida

Understanding the market that we are going into should be basic when we are talking about businesses. The thing is that once the market is not there, there are chances of the business not making it up to two months since you keep spending without making any returns on it. So, we should survey the available market first before starting any business that we desire.



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Marako0406

There's really so many things to consider, study and research about the target market one is aiming for in starting a business. It is really a big factor to market the product or service of your business to the right consumers. Study as well the supply and demand of your product and competitions that are already there. One should be thorough and serious in opening a business and aim for long term.



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Barida

Getting to study the dynamics of the market as this is really the best way to get to the point where you get to get used to the things that works better for you. I have realized that business is all about understanding that the demand and the supply will work better at the end of the day.



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esteban123

In business I learned that it is very hard to achieve success if we don't have the patience and the best strategy in dealing with customers. It is very important to choose the best technique on how to deal with customers so that later on we will achieve a higher sales or profit. Sometimes it is not just enough to have only a capital to raise a business, but must as well as have the knowledge on how to deal with business.



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Kakashi2020

I agree that patience, focus and a never say die attitude are traits essential in business. A business owner must have these traits in order to have a successful business.



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esteban123

Yes that is really true, we need to work hard and never give up, It is a must to take some risks at business because we will never earn if we will not gamble. Having a business is a tough job that we need to perform since in a business there is a massive competition and we must go with the flow for us to earn more.



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DenisP

In terms of brick-and-mortar businesses, it is practically all about where you are located. My aunt had opened a secondhand clothing shop a while ago, and it was pretty much objectively identical to a competitor's store which was located in the town center. Because the competitor was in a better location, they received significantly more business than my aunt's shop. She was located a bit outside of the center, which was out of the way enough for most shoppers to not pay it any mind.

There is a reason why the old saying goes, "location, location, location."



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Barida

Location can go a long way in making a business grow and it can as well bring the downfall of any business that didn't push for the main goal of such business. If a business is located in a place where many people can see them, i believe that making better sales is nice for such businesses.



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fishbate

I also learned that in business capital is a reserve and not consumable. Basically your capital is what started your business and in order to keep your business running. Avoid consuming your capital even it's business related. Its more wise to increase your capital reserve than consuming it to expand or to buy materials.



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Kakashi2020

Friends and Business don't mix. What I meant by this is, it's better to start a business by yourself, without any friends getting involved as partners or incorporators or subordinates. This is because of the high probability that the time would come that you'll argue and part ways, and when this happens, you'll also lose a good friend.



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fishbate

I agree, its also wise to have an agreement on controls and boundaries of work when you have a friend as a business partner. Just as long as you and your friend have agreed and implement the strategy everything would turn out right even with some problems along the way.



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mdayrit

You learn a lot of things everyday in doing a business. Some of these things are:

1. Success doesn't come overnight - Do not expect that your business will do good the moment it opens. It takes time before you can relax and just wait for people to come to you so for the meantime, you should be the one to actively come to your customer and introduce the business.

2. Be constantly creative and find innovations for your business - I find it common for some small businesses to be contented of the success that they have. They just continue doing what they were used to do for the several years that their business is doing well. It would be a good idea to constantly think of things to improve the business. Take advantage of that success to expand and increase the income.

3. Keep track of income and expenses - Always keep a record of the money that comes in and out of the business. This way, assessing if your business is successful or not will be accurate. Apart from that, you can use such information to determine where the bulk of the money comes from or is being used.



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Barida

These three points are crucial when one is thinking of achieving success in business and the last one which is keeping track of expenses and income is something that some businesses are not taking serious and that has been the place that they don't do it well. I feel that if there should be constant check on how the expenses are going, it will help to plan well for the progress of the business.



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fishbate

I agree with your points specially "Be constantly creative and find innovations for your business". I had my share of experience with this in my business and it's very effective. Innovation and improvement is a constant work, there's always a room for it. Creating angles and perspective in your products makes opportunities and discoveries .



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mdayrit

Just thought of another thing I've learned in handling a business, that is to separate personal relationships from your business. There are instances that your customer will be a relative or a friend. And when that happens there are times that they will ask you if they can pay you on a later time. For the sake of friendship or being a relative, you will allow that kind of arrangement. The problem is when the amount is too big and they do not pay you as agreed. Remember that it is a business and you are incurring expenses for the services or goods that you give your customer. If they don't pay, then it can be recorded as part of the loss. It is ok to give once in a while but if this continues to happen then you are not running a business but a charity.



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amelia88

Understand what your competitors are doing, and do it better is probably the best thing I've learned. I think having an understanding of what's happening in the business world around you is critical for your own growth and self improvement.



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Barida

Getting to know what your competitors are doing is one great way to improve your sales in business. The thing is that there must be a way where your rivals are not doing well and taking charge of it is really a great way to go.



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Kakashi2020

The best lesson I learned in managing a business is "Trust No one" and "Let actions build trust". It means being hands on and one must be the Boss to his subordinates and not a friend. Also don't hire relatives or your good friends nor get them as business partners because eventually something would happen and you'll have to part ways at odds with one another.



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Barida

Trusting people in business at an early stage is not really nice as some can be said to be spies that are there to capture information for your rivals. So, it is always better to build the trust with time instead of trusting them right away.



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vinaya

Here are some of the lessons I have learned while doing business.
Don't put all your eggs in one basket.
taking a risk does not mean putting your both legs in the water without knowing the depth.
Invest the amount that you can afford to lose.
I had heard the aforementioned statements many times, however, I understood the true meaning only when I started business.



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Barida

Investing in other sectors is one thing that can really work for people that have the funds to do so. It is not always easy to do as some are always not there to manage everything that they invest in the other sectors. So, it is nice to focus on one and push further when you are known in one sector.



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jaymish

I think that running a business is the most exciting thing that you can do in life. It comes with highs and lows. The most important lesson, like you I've learned is that you need to learn how to market.The more customers you have the more you will sell. That's the golden rule to business The second rule which is also very important is to have an amazing product that provides solutions . This will make marketing easier and the product will practically sell itself.



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Barida

Understanding how to market is the best thing to do especially when we are just starting up in a new sector. I have come to know that with a good marketing technique, you can sell anything that you want to sell on the internet.



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EfficientNinja

The biggest lesson for me is that there are bad days and good days. Before I ventured into stock trading and joined our family's agriculture business, I thought it is always profits every day. But in reality, there are days that you can't avoid having losses.



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fishbate

Yeah that's the reality of it, business is not all about profit. It's about your path to success and stability. The best thing to do is never stop trying and never give up.



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mitan143

This is such a great topic. Well, I have tried one business before and I did not really expected that it would become popular and that it would give me so much earnings- no need to mention what kind of business it is but do not worry it is not bad and not a scam. What I learned from doing that is when you do something and it unexpectedly gives you so much that what you have expected then do not overjoyed with it and try not to waste even those extra money you have. When your business gets boost then take care of it as much as possible, and be matured enough to think for your business. Consider all the necessary things that you need to consider because it will help you improve your business. Most especially, do not hesitate to take a risk.



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Barida

This is true as we have that urge to start spending recklessly when the business that we start to do bring a whole lot of profits. I have discovered that it is better that things work better in such a way as you need to save some funds for the future instead.



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amelia88

Another thing I'll mention that I've learned is about having stellar customer service. Often, you're one of many businesses providing the same service, so what can set you apart from your competitors is doing customer service really well. If you foster a culture of great customer service, I find that customer loyalty goes hand in hand with that!



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Barida

Relating better with your customers is one of the best ways that you are going to establish better in the industry that you are into. Often times, I have always said that the best thing that is going to help any business is the way that they relate better with the clients for that is the only way to keep things working pretty fine.



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Jhie

The business world is a beast all to itself. It is full of people who are looking to climb the ladder and realize their own dream. You have people that make mistakes and they rat on one another. When a mistake is made fall on the sword- your superior will notice that. Accepting the responsibility of individual and team mistakes is revered leadership quality. Gossip and complaining keeps you in a whirlwind of misery. Always be a little detached from the drama in the office- it has no place for your advancement. Keep that in mind everyday, keep your emotions check, do your job, and if you find you don't like working there anymore don't complain- just keep it professional and move on.



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Barida

Staying away from some issues that come up in the office is one way that you can prove that you are a professional. I have noticed that leaders always seek out the people that can be able to handle things the best way that they can at the end of the day.



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cmoneyspinner

The biggest lesson in business that I've learned?
The 4 Ps. Patience, Persistence, and Perseverance PAYS.



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Barida

Just as we were taught in the business school back in those days. The 4ps should be the base of every business that we are looking at working on as being patient means for us to be able to take the setbacks in every business in good faith. You get to realize that you are able to handle things the best way that you want in the business.



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jpk0007

I think the biggest lesson I have learned so far is the constant and the inevitable change. Change is one of the biggest factor in every business. There is change in the tastes of a customer. There can be a change in circumstances of any business. What is trending and hot can very quickly change into something obsolete.If you don't accept the change and do the necessary corrections you are left behind in the race. So to constantly remain updated and be ever ready for a change is a big lesson I have learnt so far.



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Barida

Change is something that we should look beyond ready for as long as we are working on a project that relates to business. I have been looking at the ways that things happen and it seems that change is a big factor that we can't underestimate when we are into business.



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nrnlss

I think the biggest lesson I've learned is not to trust anyone, even your friends. Sometimes money makes other people vicious and they don't even think about your friendship with them.



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vivalavanda

The first thing you should do before you start any business is a Feasible Study about the business you are trying to get into. Doing this, it will help you to have an overview of what your business will look like. You will research deeply about your business and also your target customers, these will help you to improve your business products as they are the one who will buy it. And lastly, don't ever give up, every successful people you can see on the internet already overcome their hundreds of failure but they are alive and still kicking.



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Jeane

Do what you love.

That is the most valuable lesson I've learned from business. There is a possibility that virtually any venture can be profitable. Nonetheless no matter how much money whatever you do makes you, if you don't like what you do, you'll gain no satisfaction from it.

This is something everyone should take into account before they start a business. Take an objective look at what you want to do. Is is something you love? Something you'd keep working at even if you didn't make a lot of money from the project?

That passion is what will get you through the bad days.



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Kakashi2020

The best lesson I learned in business is to always start small. Starting small lowers the risk of losses. It also saves you money that can be used as a backup fund. By starting small you can easily tweak your business to be more effective. And in the event of failure atleast it won't hurt your pockets that much.



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Kakashi2020

Two things I learned from years of managing my business are:

1. Don't believe in everything that you hear. Only believe something which can be proven is fact based.

2. Trust can only be gained over time. That's why I never trust anyone who hasn't proven himself yet.



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Corzhens

The amount of capital is a very important item in the start up of the business. A rough estimate is not good and even a conservative estimate is not good either. My advice to have an amount of capital that is double of your estimated figure. For example you estimated 10K then you have to make sure that you have 20K when you do the start up. That will have an allowance for growth that when the demand overwhelms you then you have the money to purchase more supplies. It is not good to be borrowing money when you lack the supplies due to the big sales.



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