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Closing my company – Post-mortem analysis so you can learn from my mistakes

A detailed account of a Fastlane process...

windchaser

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
May 24, 2017
143
324
Spain
This work well in normal economic conditions.

It does not work in recession, inflation, etc., because people do not have enough money to buy what they want and spend first on what they need.

I agree, although, it is also important to focus on willingness to buy. There are many things people need but they still do not want to pay for them, (we humans are irrational creatures), or sometimes they don't even realize they actually need them.
 
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windchaser

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
May 24, 2017
143
324
Spain
The problem is that 95% of people (including 60% of medical doctors) interpret results of medical tests incorrectly.
This leads in some cases to incorrect diagnoses and in some cases to fatal results.

If you want to learn more about this and related problems in medicine, here are some books to read:

[1] Top Screwups Doctors Make and How to Avoid Them, Joe Graedon, MS, and Teresa Graedon, PhD, Graedon Enterprises, Inc., 2011.

[2] Misdiagnosed: One Woman’s Tour of and Escape from Healthcareland, Jody Berger, Published by Sourcebook, Inc., 2014

[3] When We Do Harm: A Doctor Confronts Medical Error, Danielle Orfi, MD, Beacon Press, 2020.

[4] Epidemic of Medical Errors and Hospital-Acquired Infections: Systemic and Social Causes, Ed. By William Charney, CRC Press, Taylor & Francis Group, 2013.

[5] Catastrophic Care: Why Everything We Think We Know About Health Care is Wrong, David Goldhill, Vintage Books (a division of Random House LLC), 2013.

It looks line an interesting topic, but it looks like some expertise is required to execute well on this.
In my case, I prefer to look for opprotunnities in areas in which I have expertise.
But thanks for the input anyway!
 

Practic

Bronze Contributor
Speedway Pass
Nov 29, 2022
286
141
I agree, although, it is also important to focus on willingness to buy. There are many things people need but they still do not want to pay for them, (we humans are irrational creatures), or sometimes they don't even realize they actually need them.
This is a good point, we sometimes do irrational things, but in extreme conditions we are forced to survive and make rational decisions.
 
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Practic

Bronze Contributor
Speedway Pass
Nov 29, 2022
286
141
It looks line an interesting topic, but it looks like some expertise is required to execute well on this.
In my case, I prefer to look for opprotunnities in areas in which I have expertise.
But thanks for the input anyway!
You are right. It is best to focus on what you are best of.

"But thanks for the input anyway!"

You are welcome!
 

windchaser

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
May 24, 2017
143
324
Spain
This is a good point, we sometimes do irrational things, but in extreme conditions we are forced to survive and make rational decisions.
Even so! Also, another crucial part is choosing your target customers. Not everybody is your customer and have the same situation.
 

Scithe

New Contributor
Oct 31, 2018
3
2
It was a good experience for you and for some of us which are reading it now.
Good luck with your next business and thanks for sharing. I am going to click here for more stories like yours and also for the ones with the "happy ending". Life is not simple but it makes it even more fun, right?
That link looks like a profile page for a website instead of a link to stories like this. Were you just trying to link build or am I missing something on that sales page?
 

KAA

Contributor
Read Fastlane!
Aug 6, 2018
18
40
Virginia, USA
Thank you for sharing your story! I am very impressed with you that you are viewing this as a learning experience and moving on quickly to your next effort. Last year I had to shut down operations for my traditional business. I am still devastated and have only begun the process of looking at what to try next. You have reminded me to do my best not to take the setback personally.
 

windchaser

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
May 24, 2017
143
324
Spain
Thank you for sharing your story! I am very impressed with you that you are viewing this as a learning experience and moving on quickly to your next effort. Last year I had to shut down operations for my traditional business. I am still devastated and have only begun the process of looking at what to try next. You have reminded me to do my best not to take the setback personally.
Glad to hear it helped you!
In life, the only think you can control is your attitude towards things.
Even when the worst comes at you, attitude is a very powerful weapon.
Focus on the good and the learnings from your failed business and keep persevering!
 
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