Everybody in this world makes mistakes, some repeat it again , some learn from their mistakes and some keep repeating it till they make their last mistake of forgeting to breath.
Here are some lessons that I learned from my own mistakes
Hey friends, this is Kishore and you are watching Kishore Vlogs
1. Nothing is permanent
At the age of 19 I started my own business, worked really hard and I grew really good and made good money. Purchased land, build a house which was among the biggest houses in that locality.
I earned everything with my hard work. I used to work 18 hours a day, 7 days a week and 365 days a year.
I did not know that I was supposed to pay taxes, This was about 30 years back
One fine morning – Income tax raided my business, and I was penalised for not paying taxes.
Anyway, I paid the penalty, appointed a charted accountant to take care of my finances and I got a PAN CARD
Those days, only people who pays income taxes would get PAN cards and it was less than 1% of India’s population and I was one of that.
I thought, this was it, I was earning more and more every year.
I got a car – Not new but the most demanded one was
Ambassador – 1978 model with new matador diesel engine, super king AC, bucket seats, tinted glass, black color, platform gears
I used to often travel 100 km to my favourite restaurant to have lunch and comeback with lots of my friends in my own car – Yes those days the best car was
Got almost every possible luxury that I wished and what money could buy. My business was growing
Then after few years, came a day when I did not have 7Rs to have Anna Sambar in Bangalore, lost entire business, nothing left.
This was after about 12 years of my business, I reached was standing much behind than when I started my first business 12 year back. I was in debt, every thing gone.
Money , friends, car, house everything, nothing left except debt.
So nothing is permanent, keep that in mind and live. That’s there in my mind always now.
2. You will see your real friends when you are in deep real trouble
Continuation – I did not have any friends when I had lost everything and I was in debt.
My old friends were avoiding me, thinking that I would ask them to help me or even they might have to payback for what I had done for them when I was in a good position.
So, You see your real friends when you are in deep trouble
3. Never take loans to pay interests of existing loans
As a businessman, I used to take a lot of risk, take loans and make money, everything was working well for me for many years, but things started going wrong for some reasons, which I would take the full responsibility. I took loans to pay interests for my existing loans and my debt was increasing day by day. I was taking loans not from banks but from private money lenders who would give money instantly with a blank cheque. I did not have any realistic plan to get out of this. That was the end of my first innings, lost everything to settle my debts.
4. Don’t take long term liabilities with out back up plans
While I was doing good, I invested on long terms plans like LIC, recurring deposits and even 20 years housing loans.
Even after losing everything, I still had to pay my LIC premiums, recurring deposits and EMI’s. I thought of closing my LIC and recurring deposits and get my money back to settle my debts, but what, you don’t get any interests for the money you kept with them for years, ok fine, but you don’t even get what you paid as premiums.
Big losses – My Mistake, I thought I am going to be rich for every and everything what I had was permanent.
So do NOT get into any kind of long term liabilities, do if if you have a payment plan or any backup savings.
Now what I have done backup plans for all my long term commitments.
5. Long term growth is strong compared to surprising spikes
There are no shortcuts for success
You should be worried if you are getting something which you do not deserve.
I started my second innings from the scratch with a monthly salary of what I used to spend in two days during my PAN card days. I did not want to live a life a very normal salaried person. I was still dreaming of coming back. I wanted to be standing alone and facing the crowd rather than being one of the person in a crowd
I got a new Job in the Maldives
in a private limited small company of 12 employees, as a marketing executive at a very normal salary to hardly pay my monthly bills.
I worked with my full potential, faced lots of stress / pressures at work and personal issues.
Again worked without timings, after 1 year, I got promoted to a manager level
I believed that My company should grow and with that I should grow
Cutting the Story Short – Today I am heading that same company with more 150 employees for the past 17 years. This company is one the top in the country in it’s industry and I am proud of it.
My efforts paid off, I was successful in building a strong team, but it took really a lot of hard work.
More than 1000 people lives are directly or indirectly connected to this company.
What defines success for you in your life ?
Do you feel you have done everything that you could do in your life ?
What did you contribute to this world as a individual ?
How to Stop repeating the same mistakes ?
This is a very important factor, anybody can do a mistake, but it is important that we learn from the mistake and do not repeat it.
Accept your mistake
The first thing that you need to do is to tell yourself that you have done a mistake, if needed you should accept the mistake to the others and apologise as per the kind of mistake you have done.
Analize your mistake
Now you need to find out the reason of the mistake and understand how and where things went wrong.
What could have been the best way to avoid the mistake?
The last step would be to prepare yourself to make sure that you do not repeat the similar kind of mistakes in future, but instead handle it in the best possible way.
Hope you found these lessons interesting. Would love to hear from you guys. Please share your thoughts.