Its always good to FAIL FAST – Extract from Comeetup#2

Comeetup is a part of COSTARTUP where entrepreneurs can come together and discuss the real problems that each of them faced or is facing while setting up a new business venture.

On 11^th October, 2014 was held the second comeetup of COSTARTUP and the topic of discussion was Good Failure. It was a group of 13 entrepreneurs from various fields like E Commerce, Business Management, Website and Application Design, Finance, Law, Import Export, Engineering, I.T.

Experience Sharing:

Out of very young batch, we also had very experienced Mr Roberto Baur, Director, Petro India. He shared his experience about being a part  Multinational Company vs being an entrepreneur. He emphasized on doing good planning before taking any initiative. And planning here means we should know all ifs & buts about our idea.

Failures:

Abhinav: In his dealing with the customers Abhinav learnt that it is better to provide a price quota beforehand so that there are no problems later on. The customer might not pay as much as you deserve, so it is better to talk the prices from the start. This is a problem every entrepreneur faces, the only solution is to be clear about everything with the customer from the very start, don’t leave any grey areas.

Ankit Gupta: He shared his failure story. He started working on an online platform to create complete website designs. He found investors for this venture as well but then one of the partners withdrew. After that he couldn’t continue with that idea and the whole thing availed to nothing.

Extract from the CoMeetup – Things every Entrepreneur need to keep in mind:

• The most important achievement of a businessman is Customer Satisfaction. There are other things every entrepreneur strives to achieve like his own personal satisfaction, business growth, increased income, but these are rendered meaningless if the customer is unsatisfied. Besides customer satisfaction is pivotal in building a good will, so remember the mantra: Happy Customer, Happy You.
•  It is essential to keep a clear distinction between the company and personal cash. They are not to be considered as one and the company cash should not be used for any personal purpose.
• Starting a new business venture is risky and to keep a business afloat the one and only thing required is Capital. So before one sets out undertake a new business venture he should make sure that he has enough cash for the first two years. A new business may take time to establish so he need to be sure that he has enough money to cover up expenses in case things don’t turn around.
• A businessman also plays the role of a salesman. He not only has to run things around but he has to sell his ideas to the customers. The better salesman you are, the more it would benefit your firm.
• Don’t get disheartened if things don’t turn up the way you expected them to or if things go wrong, pick yourself up and continue giving your best. At times some things are beyond our control, don’t beat yourself up. The only thing in your hands is the ability to give the best of you and then hope for the best.
• It is important to have a diversified team in a business undertaking. Different people on the team should be capable of handling different jobs so that they can work better as a unit and provide various services to the customers.
• Delegation of work is also a very important aspect of leadership. You cannot do everything by yourself so be smart while work delegating. Make sure that only the person best suited for the job gets it.
• A thing that most people ignore is reading the e-mail. However long or boring you find it, read the whole mail in order to avoid any future problems or misunderstandings.
• Ethics are important in everything. They are implied to entrepreneurship too. It is better to play by the book and keep your honor intact because once you lose it, you cannot do anything to earn it back.
• Be flexible in your operations and be patient enough to reap the fruits of your labor.
• Be aware of the market conditions and market prices. Awareness is very important for product development and pricing.
• It is important to have an exit plan too. One should be ready with a way to get out if things don’t work out.