Today marks a new end and a new beginning for me. Today marks the 2nd business that I started and failed. The first one was acceptable. I closed it because I wanted to focus on this 2nd business. But this 2nd business has a lot of mistakes that I think I needed to write down to further reflect on.
This business was started by me and my sister. It was her idea to put up this kind of business (I will not disclose what kind of business it is). In collaborating with our skills. Me in tech and she on service. It was great from the start. We have a good manager, my youngest sister. Which seems to love her job as well.
The mistakes happen in chains. My younger sister got married. Had a child and quit the job. My business partner fill in for the job. But this is another mistake. She is not a good manager.
While I expand the business to other location. She, hides the fact that she don't open shop. Going on leave without a memo. Making the business suffer. Never tells me that some of the machines, critical part of the business, are failing to which I could repair because its my job. And she is rude to the customers.
I don't want to be pointing fingers why the business fail. I could have known better. But theres only a few things you can do to fix a broken business when all the little failings piled up.
I can only conclude that, do not go into business with family members. They tend to take advantage of the fact that you could never fire them.
Subscribe to:
Post Comments (Atom)
The Year End Report Passive Income
The amount of passive income I received this year amounted to: - Stocks & Investments : 413,907 - Passive Business : 144,000 - Renta...
-
At first IPO of this great business model, I was excited. Finally, a Walmart - like business in the Philippines. Affordable retail and it mi...
-
I would like to try the 10% Rule on a whole new level. Everytime I pass money around to use for savings and investments, I'll take 10% o...
-
Things are looking pretty good. We are now building up the cash flow to P35,990 per year. That's P2,999 per month. Not good and we won...
Sorry to hear about your business. I always have the same dilemma mixing business with friends/family. I feel it has something to do with their mindset that we could always forgive them. My grandma always say, if you are not going to be there physically in the beginning, don't do it.
ReplyDeleteHope all is well with you? It's been a while since your last post and yes, I'm a follower :D
Lola
Hi Lola,
DeleteThank you for following my blog. I am currently busy with life and business. I will try to post more often when I have time.