Confessions of a failed entrepreneur

Aakash ”I failed.. because I tried doing everything on my own’

Saakshi ”it was failed by my team who left me in lurch’

James ‘I focused more on meetings then the product”

Kranti ”Imitating what my competitors were trying to do.. made the patchy product as it was’

Som ”no scalable vision.. too local focused.. lack of enthusiasm to attract other market”

Moses ”friends and relatives bought in company.. lacked professional approach’

Robert ”never paid salaries in time.. ”

George the entrepreneur coach asks all one question

”Did you really wish to be entrepreneurs”

All respond in unison

“No.”

George smiles..

George ”never do things which you do like.. Without PASSION any pursuit is meaningless”

 

 

 

Sense of Responsibility

Employer ‘I give you salary every month, so what is harm in you abiding by the employee agreement”

Employee ‘I do my work zealously and you too earn from my contribution and make money, so what is harm in clean exit.. Why cannot I join your competitor’

Employer ‘No.. you will face consequence’

Employee ‘Anyways have made a decision.. so you can do what you wish’

2 months later Employee gets a notice from ex company..

Employee gets into WHATSAPP with Employer and chats

Employee ‘ It is funny.. I have not joined their competitor too…but still will send a reply’

Employee writes

‘I have become an entrepreneur.. non compete.. am in food business now.. so this notice is no longer applicable’

Employer writes

‘Why could you not inform me earlier, I spent US$5000 on a legal team and even more.. I could have invested in your venture’

Employee writes ‘I need you guidance to make stringent rules on my prospective employees.. you are so good at it’

Employer writes ‘Now you can understand how much challenging it is for me to be an entrepreneur’

Employee writes “Are all entrepreneurs so insecure?”

Employer writes “Even Investors are as they have a sense of responsibilities towards money”

Employee writes “Should I join you back if you pay me 60% rise”

Employer gets emotional

Employer “you are like my family.. join dear…”

Employee holds a party with his team members

Employee ‘I kept asking them for rise.. they never gave.. so finally I got what I wanted”

Employer overhears this

Employer ‘Do you have sense of responsibility?”

Employee ‘Sir..  all of us work for a profit only.. any entrepreneur who says he is not working for profit.. no investor will make you stand near them..   it is a mean world.. what else could I do.. relax Sir..  I am giving you an order of US$10M.. so do not ask me from where I got…”

Employer ”Competitor’s client?’

Employee “Please let us not discuss now.. there is a saying.. everything is fair in love and war and even business”

 

 

Entrepreneurship journey

Entrepreneurship journey is a funny terrain where initially each entrepreneur tends to be happy about individual success and then when begins failing, realizes that the team which contributed could have been retained and more opportunities identified, but alas the team realizes the stagnation and just moves away just to next door competitor

Am in Notice Period

Am in Notice Period, a 3 month long wait..

Just a few days back Mike was happily working in a company and everything was going well. Today he is in 1st day of notice period..

James ‘Have a successful handover from him boys. he was a crucial resource in our startup”

Freida “Why is he leaving? Can we not retain him?”

James ‘He is ridiculous. Asking for a 5% equity”

Freida “As HR, I feel negotiate and offer him something.. he is an excellent resource”

James “No.. all will begin asking for equity”

Freida “Understand James, I am with you since beginning. As company grows, employees wish to be recognized, move ahead further. If we penny count now, we will suffer latter”

5 weeks latter

James rushes to Freida

James ‘Not sure, but we got a competitor now.. They got the project which we were confident of”

Freida “May be Mike. Check on him”

James ‘How can he do it. he is so young”

Freida ‘You were also young when you started this venture”

James “But Mike is not capable of such deals. He is a developer”

2 weeks latter

James “Am surprised 3 more resources resigned”

Freida “You don’t wish Mike, remove him.. you will be finished in another 45 days”

James “But he is crucial”

Freida “Give him equity and retain him”

James “No.. I wont encourage that”

Freida “Should we retain those resources with 20% raise”

James gets annoyed

James “Freida, it appears you also wish a raise”

Freida’s eye moist

4 week’s latter

Mike ‘Sir, am leaving after a week. thanks for everything”

A week latter Freida submits her resignation

James is shocked, surprised that from 10 resources, he is left with only 2 average ones”

A month latter he sees the competitor company name on facebook and finds all the  8 from his own company as co founders”

James decides to sue Mike and team

Lawyer “You could not retain them. Don’t fight loosing battles. You will get negative ratings. Any funded company should know how to retain their key employees”

 

Close up Smile

Two great looking folks came near each other and smiled lovingly.

Both of them had seen each other for the first time.

Monty “I like your smile”

Joseph “I too love your personality”

Monty “Am happy”

Joseph “Am too happy”

Monty “I saw you somewhere”

Joseph “Entrepreneur cover page”

Monty “Oh you are my competitor”

Joseph “Sort of “

Monty “How can we be friends?”

Joseph “Stop thinking of competition when we are friends”

Monty laughs

Joseph “Why should we do competitor analysis”

Monty “To see if we can better “

Joseph “Wrong model- think of what we can do to better innovation and not imitate”

Monty “I agree”

Joseph “I have innovated a product – applied for patent”

Monty “We can market on royalty basis”

Joseph “Now we are true friends”

Monty “Let us click a photo and do a press release”

Joseph “yes –  Monty and Joseph in sea beach swimming together”

Monty “Hope they don’t imagine our happiness to be GAY happiness”

Joseph “We need to stop at times and not over analyze consumer behavior”

Both have a hearty laugh

 

Stop a Competition before it goes out of hand

Did you come across an instance where you felt you would loose your business as a more talented group has excited your client attention?

Life is not rosy always and to safeguard such happenings the following tips

1) Please focus on Market Research

2) Know your product or service strengths and weaknesses

3) Invest in small groups who can minimize your weaknesses either on product or service

4) Have an exclusive contract signed with client and if that is not possible, keep a regular pain point meeting with the customer and simultaneously build solution systems for those pain points.

5) Build trust

Hope these 5 rules help minimize competitor risks

Reducing Price should be the last option