Lost it all starting a physical commodity trading
Ойын-сауық
I lost everything with this commodity trading firm. This is the story of how I started, executed, and lost everything launching a vegetable oil business in West Africa. First time ever that I have spoken about it openly.
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Timestamps :
00:00 The Intro
01:03 Chapter I - The Stolen Idea
06:47 Chapter II - The Execution
10:33 Chapter III - The Fall
12:57 Chapter IV - The Aftermath
Пікірлер: 41
I am interested in getting into merchant exporting. Your content is exceptional learning material. I will not do the mistakes learning from you. Thank you, Damien. Amjad
Money comes and goes and comes back. The lesson is learnt from the mistakes that we go through.
Subscribed this is where the real lessons are learned 🙇♂️
Damien : Thanks for sharing it was a learning experience for a lot of people who are watching this more power to you ❤
I find it very brave to talk about such experiences. And I assume you have learned a lot through this
I know few cases of european companies opening in WAF and being eventually robbed by the local staff there. It is sad. Glad to see you recovered. I think these kind of videos are worth a lot Damien and they speak about you very well actually. Did things ended up well with the palm oil supplier? May I ask Who where they?
@damienwursten
13 күн бұрын
Tbh, it’s quote commun to get skimmed by the local team. 🤷♂️ I was too young & naive. Expensive learning 😅. I’m not giving up names without the authorization. ⛔️❌
Thanks for sharing. People wear knowledge like a jewel, but experience as scars. It’s a good reminder that we have blind spots that could be exploited by unethical people. I appreciate your openness and sincerity.
I am Lebanese, but as soon as you mentioned a Lebanese guy I knew something dodgy was about to ensue. 😂
@damienwursten
Жыл бұрын
Hahaha i didnt say that… you did 😂
Respect man keep moving forward your a great KZread's keep it up loyal watcher
I like these type of contents as it shows the reality
Good teaching video for our young, too eager, junior sales guys
Damian: Nice story…I know a few from my trading days😂😂 over 40 years of trading teaches you some lessons.
We all learn from mistakes especially if you have less experience. This make us aware of of the surroundings of this business, and to get prepared mentally. C'est bon Damien, balance souvent ce genre de videos, nous fortifie mentallement 👍👍👍
@damienwursten
Жыл бұрын
Thk for the kind words
Thank you for sharing. Great learning experience. Following your videos I can see you have now partnered with closer and better people... Good luck for your future endeavours
@TheNeissuh
Жыл бұрын
Ha, one more... how much of this was not karma for having stolen the idea from Samer?
@damienwursten
Жыл бұрын
Hahah i dont think much, as he has never done it.
Respekt for sharing this story.
Good content, keep it up
merci pour ce genre de video Damien
@damienwursten
Жыл бұрын
😅
Being honest is a good thing. You live and you learn and you are better and wiser for it. This is why Greeks and Sicilians and Albanians only go into business with family members as trusted agents and legatees. Business is very endogamous for them to avoid the Thierry's of the world. Obviously not all of us have large amounts of competent family members to act as agents but family is an asset not to be trifled with. At the end of the day the highest standards for ethics should be to ourselves. Once we have that and know what that looks like its just a matter of attracting people who share the same standards as you. I admire your desire to create something. My dad and I have that. My dad did not have luck with his business partner who cheated him and I feel his standards were too low and conversely I feel as if my standards are too high for most people, so I work alone for now...
@damienwursten
Жыл бұрын
Yeah - sure - always difficult to find the right partner
Sending full support
Showing fuck-ups make you look like a human, I'm always very suspicious of "perfect" track records... Radical transparency is usually the best policy. Thanky for sharing your experience.
Salut Damien ton histoire est navrante, comment aurais tu pu te prémunir du vol de l'argent ? trop de confiance ? mal sécurisé ? si tu devais refaire le même business comment t'y prendrais tu ? que referais tu ou ne referais pas ?
@damienwursten
Жыл бұрын
I could have put in place better processes, but the main issue was a wrong choice of partner.
Very tough experience
What a story! thanks for this video it was very insightful and I hope you recover/ have recovered. Is it possible for someone to start a commodity trading business without a prior career in a trading firm? and do you know anyone who has done it?
@damienwursten
Жыл бұрын
thk for the comment - i would say 50% of the companies are started by entrepreneur that learn the job by doing it.
I guess you should start a business where you have legal stuffs are stronger. If you are interested in countries like USA,SINGAPORE,INDIA, let me know.
Possible de faire des vidéos en Français ?
@damienwursten
Жыл бұрын
Non
Shit..mf. i imagine what u would do to him if u caught him somewhere in europw
Maybe update the title to "The time I got robbed trading vegetable oil in Senegal" - Do you reply to comments? don't make a rookie mistake and not interact with your audience :). I say it's fine to tell your mistakes, if they don't self-incriminate lol.
At the beginning you steal someone idea if you could have partned with him, things could have gone in better ways. But shit happen
Jump on the horse again! 💪💪💪 we all have those experiences in business. Next project will be easier 🫡
@damienwursten
Жыл бұрын
Thk