In 2015, I bought this small industrial machine that cost me almost a million Naira. From the day I brought to my operational base till the day I eventually decided to sell it, it never worked. While other machines were working and reeling off money, this particular machine was just occupying space.
For some reason the technical cost was high and engineer after engineer kept telling me that my decision to buy the machine was a fantastic idea. They told me that , in time, I would make so much money from it. For me as an entrepreneur, it was taking too much time. I had milestones to reach and targets to meet.
I had to sell.
And painfully, at half the amount I bought this so-called fantastic machine.
So this is what I did to change a bad investment to a very profitable investment.
I bought a machine of far lesser amount for one of my other businesses. This decision was probably the best decision I made. For I did not only recoup the investment, I also got twice as much the money I lost selling off the other equipment.
An entrepreneur should be quick to make decisions.
Trust your guts and instincts.
While it is important to listen to the experts who work with or work for you, always make sure that you make decisions. Make decisions quickly. And make decisions regularly.
It is your business. You are the risk bearer. Not the ones who give you all the advice.