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.
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.