My Start-up Failed In 22 Months - Here's What I Learnt

Summary

In this candid reflection, the speaker shares their journey of entrepreneurship, marked by significant challenges and failures. They recount a particularly difficult day when they had to step in as a delivery driver due to staff issues and faced mounting frustrations from customers. Despite experiencing a near-death moment for their business and the pain of informing employees about its closure, they emphasize the importance of sharing failures. The speaker finds solace in the support of fellow entrepreneurs who commend their bravery and resilience, highlighting that failure is a valuable part of the entrepreneurial journey.

Takeaways

• 😢 Experiencing failure is a part of the entrepreneurial journey, and it's essential to acknowledge it.
• 💔 Quitting a job can be a brave decision, and sharing such experiences can inspire others.
• 😓 Facing operational challenges, like drivers not showing up, can significantly impact a business.
• 📉 Financial struggles, such as losing a significant amount of money, are common in entrepreneurship.
• ⏳ Time constraints, especially during peak hours, can lead to customer frustration due to order mishaps.
• 📞 Rejection from investors can feel like a personal failure but is often a common experience.
• 🤝 Sharing experiences of failure can help build a supportive community among entrepreneurs.
• 🌟 Learning from setbacks can ultimately lead to personal and professional growth.
• 🔍 Seeking out new opportunities and adapting to challenges is crucial for survival in business.
• 🌈 Embracing failure as a learning experience can pave the way for future successes.

Q & A

What prompted the speaker to quit their job?

The speaker felt compelled to quit their job, despite facing significant challenges and a loss of around two hundred thousand dollars.

What was one of the worst days for the speaker during their business journey?

One of the worst days was when their drivers did not show up for work, forcing the speaker to personally deliver food and manage various issues.

What issues did customers experience that affected their satisfaction?

Customers faced frustrations with wrong orders and delays, particularly when hawkers were overwhelmed, leading to significant wait times.

What was the deadline set by the speaker’s vision for their business?

The vision required them to reach specific milestones within six months, which became difficult due to financial constraints and operational challenges.

What did the speaker feel when they realized the business was coming to an end?

The speaker felt a painful sense of reality when they had to inform their employees that the company would cease operations.

How did the speaker’s perspective on failure evolve throughout their journey?

Initially, failure was embarrassing and difficult to discuss, but the speaker later recognized its value and shared their experiences to help others feel less alone.

What did the speaker learn from other successful entrepreneurs about failure?

The speaker learned that other successful technology founders had faced similar journeys and admired their courage to share these experiences.

What was the speaker's original vision for their company?

The original vision was to change the way people in the community experienced everyday services, aiming to become one of the largest caterers in Asia.

What qualities does the speaker believe are essential for innovation?

The speaker emphasized the importance of being dynamic and having a fast go-to-market strategy as critical characteristics for innovation.

How does the speaker view the journey of entrepreneurship after experiencing failure?

The speaker sees the entrepreneurial journey, including its failures, as a valuable life experience that can foster growth and resilience.