“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” –Jeff Bezos, Amazon Founder and CEO
Becoming a business person and having an established organisation is a dream which is really pacing up these days with a very lucrative name called “Start up”. Each one of us is either indulged in it or have an acquaintance moving towards it… Start ups are results of dreams or circumstances
We have seen dreamers turning Entrepreneur and they are sometimes switching from different roles to entrepreneur
A fresher turning Entrepreneur
A successful corporate employee turning Entrepreneur
An unhappy employee turning entrepreneur
Company expelled employee turns entrepreneur
“Ideas are easy. Implementation is hard.”
You begins with a blue print and handful of people who trust yoy. Some say yes to your ideas, leaving an impression to motivate and others do not deny also, this gives you courage to keep heading towards your idea. In a startup Savings, Effort and Time is invested with Dedication. With Each day and night of struggle this dream becomes more firm and you starts valuing inputs, clients and ideas more than investments! Gradually money starts flowing. An entrepreneur is both ,a founder and a labor. Many times an investor. With each going day challenges change and the distance between you are your dreams keeps increasing with new milestones and difficulties on your way. Physically you are involved in gathering resources, clients and mentally you are scared of sinking to the failure. At hard times too, you try to keep strength and driving forward to save your business from nosedive. Then, what are the reasons which over ruled this effort and led to the fall?
What are major reasons for the failure of Startup?
Lack of skills: Mostly entrepreneurs find their co-founders from relatives or college friends, such co-founders are hired for their willingness to help startup, which overrules the basic imperative factor i.e skill set. Infact college friends would also have similar skill set and maturity as you, which leads to lack of variety in terms of skills and vision.
Team incompatibility: It has been vastly observed that in most of the budding companies complete team has only technical people who are managing sales and other domains. Moreover, Founders avoid to hire person who is more smarter and has better skill set than themselves. These insecurities land up a team with inefficient similar thinkers. Lack of trust, different dedication levels and integrity issues are major reasons for a start-up to end up at conflict and eventually fails.
Poor Market study: Not finding product-market fit, Inability to understand product’s requirement in the market and weak approach to access market efficiently. Most of the failures occur after product launch as they lag at selling product or finding right buyers.
Poor Business Interrution plans: Youth possess the enthusiasm but lack at handling business interruptions and crisis situations beacuse they do not have plan, backup and multiple connections for to handle issues like lack of material, transportation, climatic hazards, legal knowledge of their rights to tackle the crisis and emergency.
Lose Focus:The leadership is unable to set a clear strategy for the company and stick with it long enough to succeed, resulting in a lot of wasted money and energy from constant changes in direction.” Not analyzing fine line between stubbornness and persistence which often leads to wastage of money.
Eventually only 10%-20% start ups are successful and other just end-up in a year or two. What happens to the rest 80%
How does the failure looks:?
Insecurity and Stress
Investors asking for their money
Insufficient budget for family & living
Struggle to get back on job or finding other sources of money
Its more important to focus on next step rather than failure
“Everything you want is on the other side of fear.” – Jack Canfield
“Failure happens all the time. It happens every day in practice. What makes you better is how you react to it.” Mia Hamm
What can an entrepreneur do after failure of a business!
There are many options
- Getting Corporate job back again
- Working as a freelancer to get back your skills and confidence for sometime wherein you will be benefited with some salary as well and then switching to proper corporate job at renowned firm:Some people say, they have forgotten their skills since they have not brushed up their skills from almost a year or two as it was not required at their start up and now getting short listed at a company is tougher, They are not sure if they are still good at coding or operations or their work which were their skills during job, since they have not touched it from years . In this scenario start freelancing and working for some small startup which has same or similar software to work upon. This will help you in gaining some experience you some experience, brushing up your concepts and build your confidence to clear an interview in bigger firms.
- If you still have Funds, you can gain the required skills by learning , training and working in the same field for few years to improvise yourself. Later, you can start your own business once you are all equipped with knowledge, better planning, understanding on handle loopholes and all major aspects to make it a success
Can a failed entrepreneur get job in a company?
Yes. of-course! A failed entrepreneur is not only a failed personality but a hard worker who has potential to work 24 hours a day and 365 days a year, a risk taker and a planner. His dedication levels are extremely higher than a normal employee . He would have better experience or handling people, utilizing resources and ability to fight challenges which can never be learnt in a stable job. So in many ways your are refined and polished than a normal employee…
Finding a job:
- Edit your resume and give meaningful title and keywords related to your skills, designation(
founder/co founder Hr Head, project manager, analyst, SAS, SQL , MDS, C++ expert etc”)
- Highlight your skills at search engines , appropriate companies seeking these skills will definitely get in touch with you.
- You would have better chances of getting hired in a company which works in similar domain as that of your start up. Look for the companies which has similar product as that of your start up or similar raw material , you can approach them with more confidence and showcase everything you have learnt in your start up this will get you great chances of getting hired there and more experience in your passionate field . It will be easy to crack and get in the similar industry. They would prefer you because you would have thorough knowledge about their products, raw materials, client market and challenges. Such jobs will get you better satisfaction and experience for life. You would also learn about the mistakes you made at your start up.
Few companies will definitely hit you with the questions like
why should the company trust you? What assures that you wont repeat it and go back to some start-up again?
Well for this there are various ways to handle this question
- Showcase your experience as you will show when you have worked in another company, like
xyz company(founder, .net expert and Project manager) Experience 2 yrs
this will highlight your skills.
- Explain them upfront that having a start up has enhanced all your skills and you have ability to work with more integrity since you have already faced hardships of startup and would not like to do it now
As it is said, the success might have just postponed for that moment.You would definitely get success in life. You have tried something than usual and at least you would be satisfied with the effort you have put in with heads held high.
There are many books written on people who succeeded after massive failures. There are people who failed at their start upsand then succeeded at their jobs. In biographies you will find many such people who tasted failure again and again and eben worked at worked in corporate and smaller firms. They learnt , prepared , gathered the courage to start second business at their late 40s which were a massive success later. Keep preparing for your dreams and live that dream at the right time. Failure doesn’t mean you should leave your dream rather prepare your self better for the next time. You will definitely succeed it just needs right effort and knowledge. Learnt it today and prove it tomorrow.
“The failures and struggles of today will be the juiciest parts of your success story.”