9 Reasons Why I Failed On My Startup
My Startup was miserably failed. No doubt it was executed with burning enthusiasm but it was finished on the note of tragedy.
Monarch Placement was my Startup, It used to help companies with Manpower hunting for the Job position available with them.
It does not exist anymore and so the website www.monarchplacement.com no longer available with us.
There are some mistakes I have made and I believe many Startup stories may find it related with their stories as well. I did learnt some lessons but I see them on positive side.
And if you are launching your startup or if you are on Level1, I hope this is going to make your day.
9 Reasons Why I Failed On My Startup?
1.Burn Your Ego Straightaway
If you are a Founder or CEO never guarantee yourself as the smartest person in the room. Admit if you went wrong.
Listen others and collectively hold everyone together and raise as a company. Still being a leader, sometimes be a student who is always keen to learn things.
2.Start with Level 0
Always raise vertically with every step as a milestone. Think, consider, innovate and execute.
You should be having few startup ideas so start with Level0 and never go horizontally, you should need to be in a position to see your Level1 and take vertical step towards it.
Build a strong foundation of your startup before reaching out to clients for work.
3.Come Out From the Box of Original Idea
Big innovations may start with a small idea sometimes, but make sure in long run it is providing you a room for existence in competitive world.
We started our Startup based on the idea to provide recruitment services to companies. We never found our self out from this box even when graphs were going down.
The face might have been different if original idea could have been renovated, like providing services to another recruitment firm rather than to direct companies, or providing human resource services in multiple areas.
4.Correct Approach to Your Business Goals
Our approach to our business goals was to reach out more and more clients via emails and calls.
The other approach was to get in touch with all known contacts in our circle and expand by using word of mouth marketing.
It is very obvious there was no enough justice done with the correct approach. We survived for some time but there was a change needed in our approach towards our business goals.
5. Storm of Innovative Ideas
This should be your beginning, you have an idea, and in fact I would say you should be having pool of ideas.
Evaluate each of your ideas, discuss with your team and listen to all feedback. You should be able to evaluate your ideas on the basis of notes like positive, negative and how it will affect your Startup in future course.
Perform a systematic execution of your ideas. Nothing bad in taking a calculated risk.
6.Right Team on the Board
Choosing a right team is very important. Make sure they are as motivated as you are. They believe in your startup goals and contribute as a backbone.
Your some of first few hiring are really important since they will be face of your startup company, so be careful.
And remember getting right people on you team is perhaps very difficult job.
7.Communication with Clients
This is one of the most important startup jobs, not only in your business but in day to day personal life as well.
If you have a consignment and you are somehow not meeting the deadlines, at least communicate, tell your client about the possible hurdle and your efforts to overcome this.
That is not going to be as bad as when you do not communicate properly, as a result you will bite the dust.
We grabbed a small project indirectly from another recruitment firm, we worked on it, and we were not very successful on our first project.
We possibly had a chance to get another project but seamless communication was not propelled with the client. And as a result we lost a good opportunity.
Best you could do is to grab it when you see it. Do not let even a small opportunity fly away from you.
You need to start exploring opportunity with your startup business, it might not the way it will come to you from your straight doors as you think, so keep your eyes and ear open.
Not every time you have to wait for one, instead create one. Try best marketing promotions which fit to your business. Not only emails and calls but go and meet clients personally.
It is just like not you can sell your product and earn money but you can sell other’s product as well and earn from it.
9.Make Yourself Ready to Face Failures
Perhaps there is no exact data that I can tell you how many startups use to fail, probably 90%? And you should have heard or read few of startup stories already.
It is really difficult to predict if your startup is running all well from the beginning. You might see many hurdles and many failures, but you have to make sure you are ready for it.
At some point you may think to leave the ground and shut everything down. But instead think about the lesson you learnt from your failures.
Make yourself ready to raise again. This time pitch yourself with more power and raise high. Create a Buzz with your new projects, just like my most talked one.
It is Your Time Now !
We all have failed in our startup somewhere and at some time. Rising from failure is important.
What is your startup story? Have you failed in your startup? How have you overcome from your failure and made it success, let me know.
Disclaimer: The Article was published originally on Wisemoney.in and a version was published on yourstory.com
Abhishek Anand is a finance blogger and entrepreneur. He loves to talk about personal finance and loves to share his knowledge and personal experience on Finance. He has some amazing articles about Money savings and money growing on his startup Wisemoney.in .Write to him on firstname.lastname@example.org