I am an Iraqi businessman. As probably most readers know that my country was subjected to more than a decade of strict international embargo by the U.N for invading the state of Kuwait. Also was subjected to two Ruinous wars for the same reason which left the country in shortage of everything. So obviously when the embargo was lifted after the Allied invasion of the country in 2003 and the subsequent lifting of the embargo by the U.N. many people and specially expatriate businessmen like me thought that there will be a great rush to reconstruct the country especially knowing that the country floats on oil and has one of the biggest oil reserves in the World.
So I among other businessmen and companies, big and small rushed to set up an office there. My main business focus was on construction and training. However after two years of struggle had to close down the business there and leave the country once more..
Looking back now and evaluating the causes for failure I find out that here were many reasons for it but basically the main reason was lack of security and policing which discouraged any substantial commitment of cash to the venture besides other secondary hindrances such as lack of electrical power and fuel on the national scale and the lack of proper commercial and Monetary and legal institutions.
However making an evaluation of my loss and profit I find the biggest loss was in time. I lost two years of time which could have been utilized much more profitably.
I should have considered the available options in those two years much more closely.
I only want to emphasize to the reader the importance of the time element in any business venture.