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Chandu

Chandu Nair  |55 Answers  |Ask -

VC, Angel Investing, Entrepreneurship Expert - Answered on Nov 27, 2023

Chandu Nair advises entrepreneurs and enterprises about creating and building their business.
He has direct experience in angel, venture capital and strategic investor funding. Over the last three decades, he has made a name for himself in industry, consultancy, media and information services.
Nair is on the advisory boards of the Chennai-based private equity firm Fulcrum and the social impact fund, Menterra. He's an independent director on the board of India's first retail building products company, Shankara Building Products Limited.
He was the co-founder of Scope e-Knowledge Center, a pioneering knowledge process outsourcing company, as well as the co-founder of a business-to-business e-commerce venture, both of which he successfully exited.... more
Asked by Anonymous - Nov 23, 2023Translate
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Career

Dear Mr. Chandu I started a small cafe before I was working in hotel industry. But cafe is not making money we complete one year and only lost. Should I continue or close it. Area is new and in growing stage. Please suggest.

Ans: This is always a tough one to answer as I am operating blind on almost every aspect - of the business, the location, competition, your background, financial capability and mindset. If you are burning much more money than you are generating and you are unable to put in more, plus it is putting stress on you personally too including the family, it may be time to consider closing it down. Pl also consider the opportunity cost too. If you were working, what kind of salary would you be making and how much time would it take for the current business to come close to it?
This would help you arrive at a decision
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Dear Sir, I am a self employed man. I started my business at the age of 57. my business involves travelling to far flung areas to assess the performance of my clients who are charitable trusts. Though I did booming business during COVID, today it is floundering which I am unable to understand. I also feel that I am slowly slipping into partial depression. I am unable to handle both though I am a bachelor.
Ans: I'm sorry to hear that you're experiencing a downturn in your business and struggling with your mental well-being. It can be challenging to navigate such situations, but there are steps you can take to address both issues:

Seek professional help: Consider reaching out to a mental health professional, such as a therapist or counselor, who can provide guidance and support for your feelings of depression. They can help you develop coping strategies and explore any underlying factors contributing to your current state of mind.

Evaluate your business: Take some time to analyze the factors that might be impacting your business negatively. Consider the current market conditions, changes in client needs, and any potential competition. It might be beneficial to consult with a business advisor or mentor who can provide an objective perspective and offer insights on how to adapt and improve your business strategies.

Identify areas for improvement: Assess your business operations and identify areas where you can make improvements. This could involve refining your marketing strategies, expanding your client base, diversifying your services, or exploring new market opportunities. Consider seeking feedback from your clients to gain insights into their needs and how you can better serve them.

Seek support from your network: Reach out to your professional network or industry associations for support and advice. Engaging with others in your field can provide valuable insights and potentially lead to new opportunities or collaborations.

Take care of your mental well-being: Alongside seeking professional help, prioritize self-care activities that can help improve your mental health. This may include regular exercise, practicing mindfulness or meditation, maintaining a balanced diet, getting sufficient sleep, and engaging in activities you enjoy. Prioritizing self-care will help you manage stress and maintain a more positive mindset.

Explore new opportunities: If your current business is struggling significantly, you might consider exploring alternative avenues or adapting your services to meet changing market demands. Look for potential partnerships, collaborations, or even new business ideas that align with your skills and interests.

Remember, it's important to be patient with yourself during challenging times. Building a successful business takes time, and setbacks are a part of the entrepreneurial journey. Prioritizing your mental well-being will help you navigate these challenges more effectively. If you continue to feel overwhelmed, don't hesitate to reach out for professional help and support.
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