Quotes:

• 
• A true entrepreneur is a doer not a dreamer by Nalan Bushnell.
• I have just found 10,000 ways that won’t work by Thomas Edison.
• If you don’t build your dream, someone will hire you to help build theirs by Tony Gaskins.
• The biggest risk in life not to take the risk.
• Impossible mean you haven’t found the solution.
• Failure to failure with no loss of enthusiasm.

Great inspiring quotes, you will be recharged and have great energy after reading this kind of quotations, but remember every quote is someone else’s experience, it is a just theory for you. If you wanted to be an inspiration for someone else, just do it. To my knowledge there is no failure (no failed startups) it is just learning. For instance, How long it takes to complete your graduation? Later post graduation? I believe it is around 18 years. To know about business, it should take at least 20% of the academic time as it is practicality; otherwise, it will take more than 18 years. Do you agree with me?

I would like to give an example:

John was requested by his manager to do a quick analysis of a product; he did it within just 6 hours as he has good knowledge and experience. Subsequently, he put it on a spreadsheet and sent it across. Next day John asked the feedback, his manager said it was good. However, it is just a spreadsheet work, right? John thought yes, it was just a spreadsheet work.

Here is a big catch, a spreadsheet is just a tool which was used to put his excellent analysis, knowledge, experience and time. John should have highlighted that, but why did he keep quiet. As he didn’t realize the strength of his learning and expertise.

The majority of the entrepreneurs says my venture has failed, spent a lot of money from my pocket, I got nothing out of it. I would say it is wrong, come on…realize, you got many things out of it. I have attempted to bring out seven things to continue the battle, failed startups into success.

You  have a registered Company:

I believe you could have registered a company, prepared documentation, started filing returns, set up a company account, learned process and compliance, faced audit. The only thing is just to change the nature of business. Why can’t you do that?

Customer & Relationship:

Think about it carefully you could have

1. Met many people in the journey of the first milestone
2. Formed a good network
3. Built a set of customers
4. Had excellent relationships with nice people in the journey
5. Met like minded people
6. Established business partnership
7. Met many business people.

Why can’t you pick a co-founder from your network? Why can’t you think about a venture which a customer need? Why can’t you utilize the beautiful network formed? Think about it; anything is possible :).

Market analysis and demand:

The first journey always looks tedious. For instance, you feel tedious when you travel from A to B however, while returning from B to A, you may feel easy, as simple as that.You could have

Done enough market research,

1. Done for sales.
2. Since the pulse of people.
3. Learned limitations of your product.
4. Understood the advantages of your customer.
5. Understand how to target right customers for sales.

Why can’t you plan a right product which reaches to the customers? Why can’t you target right set of customers?

Where not to spend-failed startups:

You could have burnt a lot of money in various departments, some could have spent at the wrong place and some at the right place, some at right time and some at the wrong time. Why can’t you utilize your classic financial burning experience to start fresh and do right? Financial planning makes a lot of difference in personal and professional life as well.

Retain the team:

You could have formed a team and experienced few are good, few are bad, few have bad intention, few are not honest, few are great. Why can’t  you retain the great people and restart the game? I know how difficult is to form a core team.

Don’t work  for only money:

Ha..ha..ha…I am not telling you to do charity. Eventually, no one would do business for the loss either. How much do I get from day one? However, it is correct from one end as soon as you have practical thinking, but it should not be daydreaming as it leads to another failure.

Success formula:

Gentlemen, as everyone knows success doesn’t have any formula if there is a formula no one would join as an employee. Everyone plans to earn millions and billions. “Experiment, learn, apply good and leave bad”, just follow this cycle, this is my suggestion.

Finally, if you follow all the above, money doesn’t matter to get for your next startup???? Do you agree??

You could have got a practical masters degree in business administration from failed startups.

Also Read: 5 Reasons why employees want to turn as entrepreneurs at 40 age

Narasimha Mohan

He is the Author, Product Specialist, Business Consultant, Entrepreneur, Public Speaker, Thought provoking writer, and Joke writer. Follow him on Twitter