23 May 2017
Building a startup has never been an easy job. Building product, gaining traction and looking for investors was a daily intake. Plenty of things must be taken care of.
Failure was actually one of the daily brews for founders and startup. During the development, every startup for sure will face failure, from the smallest thing as a bug within the product, up until the inability to achieve a certain target. Regardless of what might happen, the key is how we pick ourself up; and proof our vision to the world. There will be a lot of time when certain milestone startup will not be able to achieve. How we iterate and figure out how to improve it are the things that matter. There are plenty of ways to figure out, such as when we did not get certain traction, and yet we must ask ourself, is it the right way to penetrate this market? How easy is our product to be used by our user? There are a lot of things that we can formulate to achieve it. Trial and error are part of the process in order to make the best product that in our customer want.
The thing is the problem does not stop there. Sometimes, even because we are running low in cash, as a founder, you have to make a decision to lay off some employees to prolong your company's life span. From there, you have to maximize with everything that is left on the table. To make your company sustainable, you can either improve the business model or change the methodology of penetration to be more effective.
And even sometimes, after all the struggle, sweat, and tears, due to market situation and/or lack of fund, some startups just have to shut it down. But what's next? Everythings comes with both good and bad sides. As founders, you have to quickly recover from the pain, identify what should not be repeated, listen and understand the market better and put raise funding aside for a while.
Current paradigm, most of the early entrepreneurs (also reflecting myself in the past), are building startup arrogantly while seeking for investment. The thing is, the company has to be sustainable. Any other factors such as competitors, current market situation, the regional economic situation must be observed carefully.
So let's take some lessons, from all that has happened and might happen, startups may fail but we as a person will grow our character and shape our thoughts. We will gain priceless experience that money cannot buy and the journey of learning. Never give up. Look and observe your surrounding, there are plenty of green areas. Let's make a come back soon!
- EV Hive