A couple of weeks ago I wrote an article entitled “The Best Advice I could ever give you about Money”.  I received a lot of feedback for that article and I thank everyone who read and wrote back. If you were not able to read that article yet, please read it here

This post is the story about how I started in business, the hardships I faced, how my wife was instrumental in making me succeed and the most critical decision I made in my life. If you are in debt right now, facing a failed business endeavor or starting to feel down, don’t give in and never give up.  Instead, read on as I hope that through this, you and others like you may know what it takes to win and succeed in anything you do.

In my “Best advice” article I mentioned that generating money for me was as natural as breathing. But after college, I decided to work for someone else and the pay was very good. I put my entrepreneurial ways aside because the salary, benefits and perks were just too convenient and hard to let go. As a result, I became complacent, over confident and cocky which made me careless about managing whatever I made. I spent it all on useless stuff. I never thought about the future because I honestly never saw that far. I was single, lived like there was no tomorrow and always thought, “I’ll spend my money now because I do not want to scrimp and save and be a slave to money. There is no reason to start thinking of the future. Live today because tomorrow you may die.”

I was a fool. I became careless and my debt began to pile up.

Then I decided to revert to my old entrepreneurial ways to augment my income. I thought that because of my high pay, I now have capital to start a serious business. Never mind if I was getting deeper and deeper into debt, never mind that I didn’t know how to manage the money that I earned, I’ll just do it.  I was young, handsome and stupid.

At that time, I was working full time in a multinational company. Because of the time constraints and pressures of my day job, I decided to just “let my money work for me”. I could not personally oversee the business on a day to day basis, so I hired a general manager and she convinced me to hire her cohorts with disgustingly high salaries. BIG MISTAKE. I ended up putting in 90% of my salary and bonuses into this business. Within 8 months, my debt had soared to close to a million pesos.

During the 6th to 8th month, I was already feeling the money drain away from me. I was always waiting for payday to come, this time not to enjoy the luxuries of life but to pay off whatever debt I had accumulated and the needs of the business which up until that point did not produce a single cent of income. My General Manager and her cohorts were milking me for all that I had and although I knew it, I was too arrogant to admit it at that time.

It was exactly like a dramatic movie scene where the room was dark and only the faint moonlight was peeking in, and in the corner of that room was me sitting, crying, and feeling the world falling apart. I couldn’t even think straight, I was close to a million pesos in debt. My job was my only lifeline and I was getting really tired of seeing all my hard earned money go away. Why and how did I get into this mess in the first place?

I asked myself repeatedly if I should close down the business and just pay off my debt slowly through my salary or if I should continue it and try to turn it around. The easy way out was the first option, and it was very, very tempting to just give in, to just give up.

Now I rarely find myself wallowing in self pity, it has never really been my style so after a full hour of drama alone in that dark room I made the most critical decision in my life.

I said to myself in a stern, scolding voice. “Get up, fix this and get it done. You have never been a loser Mark, don’t you dare start acting like one now” That night was the first turning point in my life which no one else could do for me, except me. So I got up, washed my face and started to feel better. So for those who have serious financial problems: “Get Up, Fix It and Get it Done. The first step is for you to first help yourself.”

HOW I GOT UP AND FIXED THE PROBLEM.

1 month before I met my wife: At that point, I had made a decision to fix the business, turn it around and get it done. Problem is, you will never get it done until you find a good enough reason to. For a month, the only reason that was driving me to fix the business was my ego but it was not enough. I found myself ready to give in and take the easy way out again.

I needed a stronger reason to stick to my decision. I prayed religiously for a month, and on October 9, 2000, that prayer was answered. The reason came in the form of my wife. You see I met my wife because I wanted to make a deal with her company to turn my business around. She was an entrepreneur herself and being more seasoned than me, she quickly turned down my business proposal. These were her exact words: “Your deal doesn’t make any sense for us to get into it.” That line, harsh as it may seem to you right now was actually the start of a beautiful relationship. …(Click here for the continuation.)

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  1. […] To read more about my problems on my first business and how I solved it, Click here to read: “Business and the start of a beautiful relationship parts 1 to 3”. […]

  2. […] To read more about my problems on my first business and how I solved it, Click here to read: “Business and the start of a beautiful relationship parts 1 to 3”. […]

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