How I lost 7 Million Naira in My Start-up Days
I know you've been in business for a while but is there anything you'll regret when you were starting up? To me, there is nothing regrettable, it's all valuable experiences and this I'd like to share with you now. I'm a staunch tourist; I visited over 40 countries most around Asia. I love Chinese and their Business Ideas so I spent over 8 years in their country doing what?
The morales behind the story you're about reading is Trust. "DO NOT TRUST TOO MUCH" in Business. Over familiarity is like the sea that kills the fisherman and not matter how loud you want to shout KYC; Know Your Customer, Money in the hand of an Angel can turn him into a devil.
To every Chinese, Money signifies "True god"
In fact, there is a popular saying in China, "Cheat a foreign but don't kill him".
I've been dealing with Guomou Shenzhen Electronics without complaint for many years. In fact, the owner became interested in my welfare as a foreigner in China. We floated from casual dining to serious spas. I knew almost everything about his company from sourcing of parts to assembling to QC up to marketing and sales. You wouldn't believe how you'll be treated if a Chinese considers you as a friend or a brother. Whenever I visit, I would be shown true hospitality and love, for this, I let down my guard.