Founder Of OneCart Ariel Navarro Shares His Biggest Lesson Since He Started His Company
Founder Of OneCart Ariel Navarro Shares His Biggest Lesson Since He Started His Company. In an interview with Startup Grind Local founder of OneCart, Ariel Navarro shared what his biggest lesson was since he started his business. The entrepreneur explained how not having secure contracts cost him and his business a lot of money.
He said, “We were kind of asked to manufacture a few hundred thousand Rand worth of product and we had to deliver it within a few weeks, we took it on and we took an short term loan, I was 22 at the time, we took a loan of R200 000 and then in the process of manufacturing they were testing the product in a few stores. The testing didn’t go well and we had delivered the final products a few days late and they canceled the order and when they canceled the order it left us in R100 000 debt, literally overnight, that was kind of a rock bottom moment and that comes down to not having your contract tight enough, that’s one lesson learnt.”
Navarro continued to say, “… One of the lessons learnt is that you can’t use a stock standard contract, in some situations you can but I think it’s important to have your contracts validated or at least checked by someone who can help you structure a contract properly.” Navarro shares that he made a mistake by not checking the company’s contracts properly and he therefore lost deal and was in debt. This should show entrepreneurs the importance of having a contract that is sound, valid and that has been properly checked by professional as this outlines obligations that need to be attended to and who is responsible for them.
This way entrepreneurs can avoid having disputues as to what was agreed upon, they can simply check the contract and see which party did not deliver on their obligations. This is a lesson that many entrepreneurs can learn from as not everyone is able to read and check contracts so they should always consult a professional before signing.
