About a year ago a buddy of mine 'took me under his wing' as he started his business. He and his partner had spent the preceding six months toiling away at a business plan for their 'great idea' when I came into the picture.
However, learned and armed with the principles of TMF , I immediately saw right through their plan once the elaboration of what the business is and aims to achieve, began rolling.
There was a mountain of things that were going to kill their execution from the very beginning, starting with their premise. Positioned in a highly commoditised industry, avoided by people at all cost (this targeted market doesn't purchase based on desire or need for the product) with the biggest issue being the elephants that waded the industry, success in that landscape was a mirage.
I advised them otherwise seeing how this was going to end; but did they listen...?
Armed with their thick business plan, they approached an investor who didn't even think twice before turning them down; all that time, effort and money gone to waste. In an attempt to salvage something, they backflipped into an affiliate partnership that had them selling a product on behalf of another company under the illusion that this will give them a chance to rekindle their original intentions.
Drunk with the lust of being their own bosses, they opened up shop, and hired employees. It was like a fairy tale... until the market started showing its true colours. The new employees had a rough time selling something nobody wants or needs, milestones were missed, and with revenue waning the employees did the inevitable.
Six months after the venture started, BOOM! They were out of business. The most painful bit to watch was how everyone lost their jobs, these people could've been bread winners.
This is a picture of a thousand words, maybe more. I find there is no key take away here; just a substantial amount of lessons to be learned and leveraged on your journey, depending on your perspective, experience and expertise. The idea being that it will illuminate the realities of starting up a business and how the mindset and decisions you take can affect people and shape your progress through entrepreneurship.
Feel free to add anything, be it an opinion, advice, tips or your even own narrative... It'll of value to someone.
However, learned and armed with the principles of TMF , I immediately saw right through their plan once the elaboration of what the business is and aims to achieve, began rolling.
There was a mountain of things that were going to kill their execution from the very beginning, starting with their premise. Positioned in a highly commoditised industry, avoided by people at all cost (this targeted market doesn't purchase based on desire or need for the product) with the biggest issue being the elephants that waded the industry, success in that landscape was a mirage.
I advised them otherwise seeing how this was going to end; but did they listen...?
Armed with their thick business plan, they approached an investor who didn't even think twice before turning them down; all that time, effort and money gone to waste. In an attempt to salvage something, they backflipped into an affiliate partnership that had them selling a product on behalf of another company under the illusion that this will give them a chance to rekindle their original intentions.
Drunk with the lust of being their own bosses, they opened up shop, and hired employees. It was like a fairy tale... until the market started showing its true colours. The new employees had a rough time selling something nobody wants or needs, milestones were missed, and with revenue waning the employees did the inevitable.
Six months after the venture started, BOOM! They were out of business. The most painful bit to watch was how everyone lost their jobs, these people could've been bread winners.
This is a picture of a thousand words, maybe more. I find there is no key take away here; just a substantial amount of lessons to be learned and leveraged on your journey, depending on your perspective, experience and expertise. The idea being that it will illuminate the realities of starting up a business and how the mindset and decisions you take can affect people and shape your progress through entrepreneurship.
Feel free to add anything, be it an opinion, advice, tips or your even own narrative... It'll of value to someone.
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