Friday, March 11, 2011

What if I fail?

The concept of starting off excites people. An ideator gets excited with a thought and meets one of his friends, or a professional contact or a family member and shares the idea. In some cases both realize they can get something off the ground and move ahead quickly. It is the idea that occupies the mind of the founders, they don’t think too much ahead, they feel the idea is the most important thing in their life and get into action mode.

They begin working on the idea; get into the design stage and then the development stage - the concept to their offering. They then begin looking out for people to buy this offering. They realize that there is something not right, the people are not paying for the offering.

Very soon they realize that cash is not flowing in - one of the founders feels (s)he has wasted time with this venture and could have gotten a much higher deal with the work in the company (s)he had quit. There is a difference of opinion amongst the founders - they begin to have altercations. One of them quits and gets back to the normal life and the other tries continuing this idea further but soon looses steam and give up!

Where did the idea go wrong?

Was it the team, was it the cash flow, was it the expectation, was it not listening to the market, was it the opportunity cost, was it the greediness? - I shall deal with many such issues as we progress.

Well at least some of these if not all are an answer to the reason why such a venture would have flopped! Well don’t worry, it but natural - remember not every seed sown grows into a plant or a tree. Some do some don’t. You at least have attempted to get the seed (the idea) into a plant (to an offering). It is important to have attempted and failed than to have not attempted at all. Keep the fires of entrepreneurship glowing. You need to try a bit before you are equipped for success.

Go ahead - there is nothing perfect in this world, still attempt it.

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