Share a business idea you had that didn't work out and why
Sandra Djajic
7 replies
A bit against the grain with this question! I know that I learn a lot from reading stories of success but also some failures, which are kept hidden by many because of embarrassment. Let's help break down some beliefs about fails in business and show how much we can grow!
What's an idea you had that didn't work out like you expected? What happened? Did you learn something from the experience?
Replies
Alex Hughes@alexhughes9
A good friend and I started creating a way for people (tourists especially) to find the best places to watch their favourite sports. (i.e. This bar in Barcelona is the best place showing England vs Ireland at 2 pm).
We were able to sign up a bunch of bars to be early adopters, but eventually, other commitments took over, and we decided to abandon the idea.
I guess the lesson would be that it's perfectly fine to walk away if it's not the right thing at the right time for you.
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I used to be involved in a design and trade company for climbing equipment. As a business idea it actually worked somewhat, the company still exists.
As a partnership, not so much.
The main reasons for the project not to work for me and that it will never reach its potential in scale:
- Failure in terms of communication between the partners
- Lack of focus - at the time neither was involved full time in the company
- Authoritarian approach to decision making
The team I am currently part of is launching an online platform in a couple of weeks. It is a completely different culture of work and at least from an emotional point of view it is a lot better environment to work in. Let's hope it works out this time :)
If I am in the position to give any advice on the mater it would be: Be focused on what you are doing and associate yourself with people you can have a productive conversation with. The rest will happen in time :)
Interesting topic @maxine_buchert
Not a product, but I was going to start a Pizzeria. I had planned to start it in another city and along with my full time work I didn't feel I would do justice to either work or the restaurant and hence I backed out.
The plan got scraped but it was good as Covid hit many restaurant businesses. But after a year in 2021 my other partners went ahead and started and it is doing good.
I have no regrets, I am sure I will have a small restaurant in a few years :)
My fist company was a motivational website encouraging people to post experiences of kindness. It was called I Am Awesome and generated money form T-shirt and other swag sales. The idea come to me ofter a stretch of traveling where I was amazed with the kindness I received from strangers. In the end it was not a financial success, but it did lay the groundwork for my future projects to be successful.
My biggest take away from the business was that even when our projects are financial failures they can still provide us with benefits.
like bill gates i would like to do poultry business
I was planning on developing a platform for digital festival coins (in the Netherlands, this is a very big industry) with the focus on giving visitors a seamless experience with fewer standing lines, personalized offers and the possibility to keep coins they haven't spent yet. The benefits for the festival organizers would be the data they can get out of it: improved stock management, better insights in target audience, more specific targeting in marketing etc.
I didn't continue with it because of COVID-19 interrupting the festival industry (obviously), and the lack of focus/incentive to continue finding the right developer.
Funny thing: Half a year later, I saw a company at Sharktank presenting almost the same idea, being valued in multiple millions. Seeing that makes you think: Well.... :)