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@naval lost 2 small fortunes before making it. Everyone has skeletons in their closet. We all make stupid mistakes while figuring out business and life. Here's one I made ...On twitter.com
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Mood -7 🙁
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It was a bad decision 3 years ago. Now I need to redo 3 years of annual reports and tax returns ... for a business I should never have been part of.Permalink On twitter.com
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Two friends and I founded a startup for a crowd translation platform. The idea wasn't bad. But I had doubts about the people. My stomach said no. I joined anyway. Listen to your stomach people! You'll regret if you don't.Permalink On twitter.com
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After a short time my two partners got into a conflict, one pushed the other out. Our funding fell through, we were terrible with defining and keeping deadlines. My remaining partner left the country and took the idea with him. I wanted nothing more to do with it.Permalink On twitter.com
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But the original company was never dissolved. I'm the minority stakeholder but the only one left in the country, tax authorities now breathe down my neck. I got a six week deadline to finish the annual reports for the last 3 years. I'm running around collecting missing invoices.Permalink On twitter.com
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It's a mess. It makes me sick in my stomach. I should have never agreed to this. Fortunately my tax advisor agreed to help! But I didn't know better. I'm from a working class family and never learned a thing about business. Are you learning it the hard way? You are not alone!Permalink On twitter.com
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TL;DR - I went into business with people against my doubts - Now, 3 years later, I have to pay for the mistake - Listen to your stomach! - Have a tax advisor on standby!Permalink On twitter.com