4 years ago a seed was planted
This seed grew and took root into the mind of flesh. A little at a time. While that plant grew, it was unproductive. It was taking up more and more room in the environment.
That plant really didn’t exist anywhere but in my mind.
Then, one day, an amazing flower flourished from that plant.
The flower that bloomed that day was my first major idea to get me out of my 9-5 and into the life of being an entrepreneur.
The idea of being an entrepreneur grew and so did the flower. After several months, I had a product, website, and an idea. Then I quit that 9-5 to grow and nurture my prized flower.
Within 12 months, my business was not just a failure, but I made so many mistakes that I wasn’t able to salvage my flower.
This article isn’t about the business itself. It is about the reason’s why my business failed. With the intention that you learn what caused it to fail.
Here is what I learned:
- No homework. To me, my idea was great. Therefore, I ended my job too quickly without doing the proper business analysis including: customer surveys, market analysis, and beta testing to determine if my time and investment were worth it. I knew that the product market was diluted but in my mind, I was going to flourish. My failure could have been avoided or at least better determined if I took the time and resources to do this step first prior to actually making the business.
- From day 1, I didn’t know the direction I needed to take. I was so overwhelmed with the amount of information available that I didn’t know where my focus should be. I failed to hire a mentor, someone with experience that knew the road I needed to take.
- I focused too much on new products, differentiating products, and researching ingredients in products. That may not sound bad, but this was time consuming and took me away from what was really fundamental for my business to exist…
- Sales and Marketing. Again my time was used for something other than driving leads and making profits. Didn’t take long for me to lose the money I invested in it.
- And when I did spend money on marketing, it did not lead to actual sales. I was not knowledgeable on how to market or lead sales of my product.
In Conclusion: Yes my business failed and I take full ownership of that. However, failure does not mean defeat. That flower died but placed a new seed in my mind. This seed is not as fragile. I have been using what I have learned the first time into my new business to make it grow. And not just to make my business grow but to prevent the failures I learned to others.
Take knowledge in these 5 mistakes and prevent yourself from making them as well.
“You are going to fall down , but the world doesn’t care how many times you fall down, as long as it’s one fewer than the number of times you get back up”