Mistakes I have made As an Entrepreneur

First of all, let me tell you that I am 27, and I am still making mistakes and learning from them. What I am trying to do is share with you one of my stories that might give you more insights into what you can expect as an entrepreneur, and maybe you will have a better way to solve it. You know, living the story without being in it.

When I was pursuing my bachelor’s degree in Civil Engineering in Jordan (20 years old), I didn’t want to just be at university and not be productive at all; I wanted either to work or to do something in addition to continuing my studies.

One day, I was surfing the internet, searching for students programs, and I found an amazing one (Work and Travel program). This allows you to travel to America, work, and experience a different culture and people in another part of the world. By working there, you can cover your costs, and if you were cautious, you could even save some money with some profit! I got so excited that I almost immediately started preparing my papers and contacted the agency to move forward with the procedure.

This program costs $2000, and obviously, at that stage of life, if you hold me upside down and shake me, maybe $20 will fall out and a pack of mint gum. But even so, my inner self was so sure that I could make it.

Midway through the discussion with the agent, I needed the money to proceed with the procedure. First, I asked my father; he was supportive and agreed to lend me the money, but of course, he told me to go ask my mom. And my mom didn’t agree and also told me to consult with my dad, so it was like a loop. I understand that my mom was protective, but that didn’t stop me. After several attempts, I went to my father’s friend and asked him to lend me the money, promising to pay him back.

My father’s friend went and told my father about it. So, what happened was that the loop got bigger. But eventually, my stubbornness won the conversation with my mom. “With one condition,” she told me, she must go with me to the agency and listen to every detail about that program.

Fortunately, it was successful, and I traveled and worked hard while exploring the wonders of a new location, a new life, for four months.

On that trip, I saved almost $3000 after my expenses. It was a great experience, my first time having some money in my pocket that I could choose how to spend.

I returned to Jordan and started thinking about how to invest this money. But first, I wanted to be cautious and not put all my money in one basket, which means either it works or not. So, I split my money in half and decided to pursue two business ideas to lower the risk.

Do you believe in the power of attraction theory? well, after what I experienced I sure do:

Once, while sitting in a coffee shop with my friends, one of them mentioned a distributor he knew who could provide me with products to sell. I liked the idea and proceeded with it.

I decided to buy the products and started selling them.

2 big brown boxes came that were almost heavier than me. I dropped them in our yard and my mom came to me and asked me what is this? I told her the story. she was supportive and wished me luck.

I couldn’t find any of me with the big boxes that were beside me but I believe that this photo can give insights.

People were buying, but money wasn’t in my pocket! Every day when I returned home, I hadn’t made much profit; in fact, I was even taking more money out of my pocket.

Now, looking back, I understand that I made mistakes, which I can summarize with these points:

1. Mixed my personal money with the business money: Mixing both your personal money and the money you use for business will surely lead to chaos. Without proper accounting, you won’t know how much you’ve sold, and there’s a risk of theft.
2. Didn’t pause and consider the potential profit: I was too hasty with my decision-making. I bought 500 pieces of clothes costing $1500 without assessing potential profits.
3. Blindly believed my friend and didn’t explore other distributors: While I value my friend’s opinion, I shouldn’t have blindly followed his suggestion. I realized later that the products were overpriced.
4. Wasn’t passionate about the product: Selling clothes didn’t excite me or motivate me to improve my sales. I was only focused on making a profit.
5. Didn’t test the market or gather reviews before selling: After this experience, I believe it’s essential to gather more information about the product you’re selling, such as its quality and value for money.

After three months of doing this, I lost motivation and didn’t continue because of many reasons, most of which I’ve shared above.

The other half of my initial investment went to another business idea, which was successful. and I made More than 140k$ in revenue and almost 70k$ as a net profit. I don’t want to make this article any longer, so I will share it in part 2. I also made mistakes and I will share about it. Please let me know what mistakes I have made so we can learn more from each other.

“It’s not the destination; it’s the journey”