“I have learned fifty thousand ways it cannot be done and therefore I am fifty thousand times nearer the final successful experiment.”
Mistakes are made to be learnt from. Learning from the mistakes the previous generations made prevents us to recreate those mistakes. This statement clearly symbolises the book of “History”.
History is that subject which includes various events of victories, failures, thoughts and mindsets which people used to keep, learning those events prevent us from leaning on mistakes and to better work on the triumph.
Keeping the gist, history can help in predicting the outcome of the steps we take, whether it is for ruling a dynasty or running a startup. We all have been through that book of dynasties but now lets keep our book of Startups.
Think before you act
Proper anticipation of the needs and future faces counts too necessary for the company to stand. Improper goals and expectations from market at times leads to pits and holes of failure. Lets name the event history enclosed,
Company : SPRIG
Agenda : To own a meal production house and to serve meals to others on requests.
Difficulty: The poor prediction of the demand of meals by people. According to the reports, Sprig managed to burn out 8,50,000 USD a month in meal production but wasn’t able to find buyers.
Reviews: Partner of sprig kept “It has become obvious that you can’t make money on individual deliveries; the cost of a single meal is too low to hide your associated fees. Who wants to subsidize a company with no path to profitability?”
Lesson: Proper understanding of input and output is necessary.
Face the competition
Competition is the most important pit to fight. Competitors grow out of no where to oppose your proper functioning and decorum, which makes defeating them far too necessary. The event symbolised is of,
Agenda: Smoothing food delivery services.
Difficulty: Double whammy of competition from new players and fund raising. Several other competitors with strategies lead on web bullying and deterioration.
Reviews: The co-founder Mr. Khoo Kar Kiat said ‘Maybe I should be happy that I lasted for about two years … After all, statistics out there say about 90% of start-ups fail in a year.’
Lesson: Keep an eye on the competition and always plan to reach ace.
Look for market needs
Keeping the idea for minorities of people never streams too far. An idea for greater good will always keep you attached to the market and the people attached to you. Example from history,
Company: Build in a day podcast
Agenda: Online discussion platforms
Difficulty: An less attractive concept. The vision wasn’t able to attract attention of several people making the platform of less interest.
Review: The co-founder Joe Mellin brought this the platform such public discussion can be brought to a larger area of public with consent.
Lesson: Keep the idea for greater good.
Keep the management proper
A company is built on trust, and relationships with the employee and other department officials. This trust will not only keep good relation but will also create bond of understanding to take the company to heights. Lets keep up the event,
Agenda: Influence the business of car marketing.
Difficulty: Mismanagement with the employee and their salaries leads to major distortion of smooth functioning. Employee were very well paid, which disturb the financial balance of the company.
Review: “ Improper financial management and poor anticipation of results can never bring any good” said several business authorities.
Lesson: Keep the management your first propaganda in the business.
Trust is the basic parameter which holds the folks together. The bonding destroys after people loose hope from the company and their beliefs begin to destroy.
Agenda: Implement the idea to distribute medicines whenever required.
Difficulty: The company misled customers about the safety of medicine and sold by saying that the drugs are manufactured under ‘ FDA approved’ facilities, but the company was having no idea about the manufacturing location of the medicine.
Reviews: The fake assurance for the manufacturing of the drugs snatched the opportunity to serve as a well standing company.
Lesson: Never fake the assurance, might cost a lot.