I was privileged to invest in a friends business (against my wife's advise).
I did it because it was a brilliant idea and I saw a need to help this friend of mine who was so totally distressed. To share the risk, I invited another friend to be a part investor.
It was a bad move. After 4 months of continuous follow-up and strategy sessions, the project is still yet to kick off. I pulled out of the entire project afterwards. But before I did this, I met with the co-investor about my concerns.
I told him the project was bound to fail. Not because it was a bad concept but because of the individual handling the project.
You see, I had worked closely with this project manager and one thing was constant. He was unstable. Talented, yes! But unstable as a turbulent water. He lacked focus, he couldn't see a project to its logical conclusion. Painfully, over the one year period I had known him, each presumed project that was termed as concluded never really was. Why? Because he was unstable.
I told my co-investor that I believed that if someone else took over this project, it would succeed.
My wife referred to the Project Manager's personality as "having great talent but lacking in wisdom".
A good entrepreneur must be calm. It is not okay to deep your hand in every pie. Never bite more than you can chew. Follow through on a task to its logical conclusion. Know your limits. It is important to know your strength & weaknesses so you can know which area to pay more attention to.
I looked up on the project in question earlier today and it was no different from the way it was in the beginning.
N/B for an investor, its okay to invest in great ideas but you must never get greedy. Study the investment, the mechanics and the people driving the investment.
As for me, the lesson learnt is listen to your wife.
Till we meet again, keep winning.
Mr David Chiaka
Twitter: @MrChiaka
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