Fear Of Making Mistakes?

By | November 28, 2015

Fear of making mistakes? I am sharing this article as I have seen many people tend to avoid or fear of making mistakes as they deemed it is either too risky.

My mistakes and failures

I would like to share my own personal mistakes and failures so that it will either help you to have more guts or vice-versa.

Mistake number 1: Got cheated

Back in 1990s and 2000s, I have been wanting to get out of rat race and once I smelt any opportunity, I would be one of the first few to explore and see whether it can generate passive income for me.

Case 1: Got cheated from con man

I got to know Mr Tomm Ng from another friend of mine, Mr Lai back in 2008/9. I was given the impression that Mr Lai is a very rich and influential person so I naturally thought whatever he said should carry some weight. I told Mr Lai that I wanted to do commodity business to trade in oil, metals or agricultural. Without any hesitation, Mr Lai brought me to Thailand to meet up his close friend, Mr Tomm Ng.

To cut the story short, Mr Tomm Ng started calling me with no agenda in mind as he wanted to size me up without me knowing. Later, he started to propose a business opportunity for rice trading and even use the name – United Nations to help provide rice to countries like East Timour. As the amount was small so I tell myself, “why don’t I pass him some money just to try him out. No harm anyway”. He told me he will returned the money within 6-9 months as the entire deal will take some time to complete.

As you can guess, within 2 months Tomm Ng called again asking for another pile of money saying that this round there was another even bigger opportunity – Manganese supplier from Indonesia and there was a buyer from China. He asked for sizable amount this round but I was reluctant as first and I asked him to present various pieces of informations like:

  • Proof of the supplier with name, types of material, content, address
  • Test analysis of manganese.
  • Any offers from the buyer

Kindly see the attach files.

Fear Of Making Mistakes - Offer

Fear Of Making Mistakes - Test Analysis

There were other deals that he offered to me like sugar, rice and etc. He even showed me one of the buyer in Thailand for sugar and the supplier from Brazil with the sugar type – ICUMSA45.

In short, you may come across con-men or have already encountered. Be cautious as you won’t know whether the person is a con man or not until you lose your money. However there are some recommended suggestions below to help readers to avoid should you encounter something similar.

My conclusions about con-men:

a. They are experienced and they know where is your soft spot. They will deliver a message to hit what you want to hear.  They are very professional – I mean they sounded so experienced in their respective field.

b. They will package with lots of materials, but it can be true that they have some experience with that business or trade.

c. Usually, they will start with a small amount for the initial project then they will ask you for bigger money for a kill. Either they will return you a portion of the money for the first project or they will give you “BS” to delay until they can get your big portion for subsequent projects.

My advice towards handling con-men

a. Never work with people without checking their background. Get to know where they work, their family and also conduct a background check on them. Con men usually had been bankrupt before else they won’t be cheating your money.

b. Never pass your money without proper documentation.

c. They will usually call you and they won’t give up until they con your money. Today they may call you regarding this project and if they fail, they will call you again either for a smaller amount (saying that the project will offer you a discount – only YOU will get this offer) or they will call for another project. Once you sense that they are pestering despite your insistence of saying “NO” to them then you know – THEY ARE CHEATERS.

Over the years, I have encountered various types of cheaters (whether you know them for a long time or not). I highlighted only this case just want the readers to be aware of the dangers that anyone will face.

Mistake 2: Trust your one and only supervisor?

When I started my haircut business, I entrusted my shop to my supervisor and I thought by giving him good remuneration package plus a certain amount of the company shares if my shop recovered all my initial investment. I assumed that my supervisor would be satisfied and he would do his utmost best. I WAS WRONG!

Within 6 months of operations when my shop was not performing well, his attitude started to change by not coming to work and giving lots of excuses. Eventually, when I confronted my supervisor regarding the change in his attitude – I soon realized that I was too liberal by not overseeing the daily operations of my shop. It ended up the other 2 hairstylists were at loss plus the supervisor was complaining about me despite my tolerance to let him stay despite his frequent absence from work.

I had no choice as I didn’t know how to cut hair and I had to rely on my supervisor to run the shop. I tolerated this behavior until I set up another shop and identified another supervisor so that I start to build a balance of power within my company where I no longer rely on one supervisor to run the shop rather I have a few supervisors to manage my haircut business so that I won’t be bound by any sole supervisor anymore.

 

I hope my personal experiences will not scare the readers in terms of not wanting to take risks. I am here to share that I am still alive despite many negative things that happen to me. Life is very short and if you don’t take chances, you will never know what will happen. However, I strongly urge the readers to take calculated risks not blind faith especially from my personal failures.

 

Hope this helps,

For those interested to hear more about my experiences, do visit main page. Thanks.

Do drop me a comment if you have any questions.

Stanley

 

 

 

 

 

 

 

18 thoughts on “Fear Of Making Mistakes?

  1. Marcus

    I tell you what, I’ve made my fair share of mistakes in the past. One big mistake I made back in 2008 when looking to make money online was to fall for an online gambling method. I think it goes by the name of the Martingales method. Basically, each time you bet, you double the amount until you win. That’s all fine if you win after several goes, but if you keep losing then the bets can get very big and you could really lose a lot of money. I’m never making that mistake again. Have you ever done anything like this?

    Reply
    1. Stanley Post author

      Marcus,

      Hope everything is alright with you. Nope I have not heard of them but certainly thanks for alerting me and I will be careful of such similar services.

      See you,

      Reply
  2. Boniface

    Hi Stanley,
    Good post right there on how to not make investment mistakes. Being risk averse (totally avoiding risk in business) is quite not entrepreneurial. entrepreneurs take risks. That’s the only way genuine opportunities materialize in successful ventures. However, as you have put it, we ought to be very careful with who we are dealing with. Are they people/companies that we know well? Are they “researchable”? I believe these, as you say in your point on background check, are some of the areas we must look at before we make investment choices. Thanks again.
    Boniface

    Reply
  3. Darren

    Thanks for sharing this very helpful advice on recognising and dealing with con men. Unfortunately there seems to be almost as many ‘cons’ out there as there are real opportunities. And you’re right, these guys are experts at finding your soft spot and telling you want you want to hear.

    I’m sorry to hear about your bad experiences with people like this, but I really respect you for sharing so that others don’t get burned in the same way.

    Reply
    1. Stanley Post author

      Yes, it was very painful for me not anymore. Thanks for the comments.

      Reply
  4. TheDopestMatrix

    I think it’s totally natural for us to be fearful of making mistakes, but the fact is whenever we have fear, its really a sign from god that it’s a challenge to overcome! I think that fear is a misconcepted reality and we are forced as children to think this feeling is negative so it stays with us this way for a long time- sometimes for life for some!

    Matt TheDopestMatrix

    Reply
    1. Stanley Post author

      Yup, we need to learn to use our fear to turn it into opportunity.

      Reply
  5. Joon

    You should take risks but there are certain risks that you should not take. Everyone has their own opinions on this. And I’m new to the business world so I may not be qualified to make right assessment, but I’ve always been extra cautious when money is involved. I’m more paranoid to just go with all these offers people make and try to ask for some money from my pocket. When it comes to other risks, such as facing fear that will not hurt me financially or my life(sometimes), I don’t see why you should not take those risks. Especially if it’s going to benefit you but only your unreasonable fear is hindering you from making a further step.

    Reply
    1. Stanley Post author

      Joon, you have brought up a good point and it is very common among us. Yes, taking risks without hurting us financially is quite easy decision to take. Often a times, taking risks will involve money especially when comes to building your assets.

      Typically i am slightly high risk taker and I will consider taking a calculated risks but I will not take similar risks if I have suffered losses or being cheated before. Once bitten twice shine.

      Nonetheless, do consider this quote from Caesar

      “Fortune favors the bold”.

      There were many examples in the past where people took risks and a number of them went to become rich.

      1. Henry Ford – he could have stayed as an employee instead he went to take risks and setup his own company to become FORD.

      2. Colonel Sanders – he went from working for various companies to start selling chicken rom his roadside restaurant in North Corbin, Kentucky, during the Great Depression. Eventually lead to KFC.

      3. Robert Kuok – he worked for as an office boy in a Japanese company in rice trading. Eventually he setup company with his relatives to trade not just in rice but sugar and also own some of the largest hotels (Shangrila, Hotel Jen) today. Robert Kuok is the South East Asia richest man till this date. Personally, I respect him a lot as he has helped many poor and needy people over the years. Not only is he wealthy but he is humble as well.

      Any business venture will always involve capital and i am pretty sure these individuals took their calculated risks to start their dream. To be able to live your dreams is worth living for. Though we got to know their success but I am certain they had their setbacks as well. It is from their setbacks that they learn how to overcome and eventually become successful. Life is always full of uncertainty and no one knows the outcome but those who are willing to venture and take calculated risks will have a chance to make a difference. Hope this inspire you. These are real people and examples.

      Reply
  6. Riaz Shah

    Hey Stanley,
    Wow another awesome post by you, reading this one makes my adrenaline rush! You truly are a brave one especially when it comes to making an investment so easily just like that.

    When I make investments which costs thousands, I couldn’t even sleep for the night and because previously I’ve made some mistakes which costed me my money.

    Because of that, fear is imminent and its getting so annoying as it blocks me from thinking clearly when making decisions. Loving your article man, keep up the good work!

    Reply
    1. Stanley Post author

      Riaz, yes I take more risk when comes to opportunity. I am not advocating to take any opportunity. However, allow me to share one sentence to you. The faster you fail. the faster you become successful as you will learn from those painful lessons. I know it sounds irony, but it is true bro.

      Reply
  7. Viljoen

    Hi Stanley

    I also had the unfortunate experience of being cheated by a conman. These people just know how to sweet talk themselves into your wallet.

    The fact is that you cannot experience success without failure as it is impossible to avoid failure all together. I am sorry to hear about your mistakes but that is the way we learn.

    Reply
    1. Stanley Post author

      Vijoen,

      Yup, I learnt the hard way. Yes, I fully agree that one will not taste success without entering into failures. The important thing is how can you recover mentally from failures and stand on your feet to achieve your dream in another challenge. Those who can recover from failures will certainly taste and enjoy success eventually.

      Reply
  8. @Cloakedbeardco

    I have made mistakes and realized I am human and its to be expected. Thanks for sharing your experience . We all have to be careful as we can in this strange and deceptive world? If you could point to the one lesson in life coupled with a mistake that altered a significant part of you I’m sure it would be as eye opening as this. Thanks for being strong!

    Reply
  9. bidnesslady

    I believe mistakes are just scary! Mistakes have levels, so it’s important to know what level mistake was made. Locking your keys in the car is not as scary as sending your mortgage or insurance to the wrong location, it could be castostrophic! Lol I believe we are all uncomfortable with any part of the unknown, so when mistakes happen (even tiny ones), sometimes we lose it! We all make them and until we wake up perfect, we always will.

    Reply
    1. Stanley Post author

      Hi,

      Thanks for providing your comments regarding making mistakes. I believe I want to share my viewpoint is there are people who fear of making mistakes to a point where they dare not make a decision. To me, in the long term may not be favorable to them. I learnt from my mistakes so that I can be better the next time.

      Yes. there are some mistakes that maybe too large but what can we do when we make such stupid mistakes including myself. I have to pick myself up and never commit such grave mistakes again.

      Hope this help,

      Stanley

      Reply
  10. Rob S.

    It’s terrible that you can’t trust people anymore. I’ve been searching the internet for years and experiencing scam after scam. You hope you find something legitimate. It’s depressing. I’m smarter now and I can usually spot a con-artist a mile away. I’m not saying don’t trust anybody, but keep a sharp eye and mind out for these despicable human beings. Don’t be afraid of making mistakes, just put your common sense antenna on high volume.

    Reply
  11. BooBish

    It seems like you’re saying you’ve made some big mistakes and you show it to us in order to make a point that mistakes are okay, you learn from them, and you survive.

    The tips on how to avoid being conned by con men is good advice. I agree, one has to find out more about others (and not just take them at face value) before getting involved in business with them.

    Reply

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