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Part 9: The End? Key Takeaways and Experiences from this Project

Hello guys, welcome to a different type of post. Instead of boring you with information and knowledge, I will be sharing something different with you. If you are the sort of person who reads a book from the beginning, read from here. In the final post of this series, I will be sharing with you the experiences I had from my business project, The iKeme Store.



First Things First

Before getting to that, I want to share something I learnt from this journey: Never get disheartened if your business does not generate profits the way you expected it to. Always look at the bright side: the experiences you gained, the skills you learnt, the people you interacted with, etc.

Why My Business Closed Down

Before getting into that, I'd like you to know that this project spanned 2 months of effort and preparation. The iKeme Store ran for a total of 4 weeks, after which it came to a halt. There were two reasons for the closure of my business: one was my loss of interest, and the other was COVID.

One reason for the closure of the iKeme Store was my loss of interest (not being modest here). After about 3 weeks, I could no longer find the urge to pursue the project because ice creams were going out of season. However, I cannot forget the experience and skills this project gave me.

The other reason was the global pandemic, COVID. You've probably heard a lot about COVID in the news, so I am sure you will be able to relate. 

This graph shows the sharp increase in the number of COVID cases in May 2021. This increase impacted the operations of many businesses, including mine. The outlet from where I got my ice cream had closed temporarily because the employees were COVID positive. So, I couldn't replenish my supplies. To add fuel to the fire, my customers grew afraid of the newer, more deadly variants of COVID and stopped buying ice cream. As the climate graduated from summer to monsoon, ice cream lost demand, so all of this resulted in the closure of the iKeme Store.

What Lessons I Learnt?

Other than entrepreneurial skills, I learnt a lot of lessons from the iKeme Store project. I am highlighting the most important ones for you:

Don't Procrastinate

This phrase is used exuberantly by high school teachers and college professors. The result of procrastination is explained by the idiom, A stitch in time saves nine. You should never keep things for later because tomorrow never comes...

If you need to buy supplies or procure funds to operate your business, never push it for a later period because this would adversely affect your business. Keep your accounts up to date and always accomplish your goals within the targeted time.

Treat it as a Passion, Not a Chore.

One way to make any job enjoyable and engaging is to make it a passion, not a chore. This way, everything you do will give you satisfaction. Treat your business activities (such as accounting) with enthusiasm. This will make the process enjoyable and increase your productivity. 

If you ever think of your business as a chore, you would stop getting motivated. That would really affect your business's performance, gradually bringing it down to closure.

Give It All Your Interest

Giving maximum interest to the work you do is arguably the best way to accomplish your goal. You may have noticed how engaged you are in the tasks that interest you. Take gaming, for example. Don't you play in a frenzy to become the best at the game? Don't you spend hours 'grinding' or racking up 'XP'? Use this exact same concept in your daily routine, and in no time, you will see how engaged you become in your tasks!

Experiences I Gained from this Project: A Summary

It has always been my dream to become a successful entrepreneur who owns a conglomerate entity with businesses in various industries. This project played an important role in allowing me to look closer into business, finance and entrepreneurship as a whole. I learnt a lot of skills and acquired experience operating and operating a business.

I believe that you, after reading all the posts in this blog, are also familiar with:

  • How to Write Effective Business Plans
  • How to Convince Investors to Invest
  • Making an Idea into Reality with Proper Planning

These skills are sure to come in handy when you plan to start your own business. I wish you all the best in all your future endeavours! 

It always seems impossible until it is done.

 - Nelson Mandela

And with this post, we reach the end of the series of 9 posts that help you start your first business. I hope this project will help you in your pursuit of success in the field of entrepreneurship! I also hope you had as much fun reading each post as I had in writing them. My best!

Read some more articles from Student Expresso: 

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