Why my first start-up failed
That actually does not take long to form a company in the UK or register yourself as self-employed, get the web-site done, invest a little bit into the office space rentals and start trading or provide services. What actually takes long — is a preparation of yourself as an entrepreneur or a director/manager of the company to lead it in the right way.
Initially, I have started 2 projects: fashion retail (because in my opinion I could generate cash on margins really fast and easy) and business solutions (because every company needs some sort of support, right?). Fashion retail was hugely supported by the charity idea behind to make it even more ethical, reach more people and attract buyers.
So why they both failed?
- No companion/mentor reason
When one starts a business, one needs someone to critically look at the outcomes and the results of the actions. Also, sharing ideas and creating products or campaigns together is very important. Entrepreneurs are usually people who are extremely creative, but have no ideas how to turn that flow of creativity into the right channel. Sometimes that worth to even have a mentor who can help one to sort out these dilemmas.
2. Marketing fail
Marketing and customers attraction is extremely important for new start-ups. The company has to widely say it exists, so investing couple of pounds is totally worth it. There are plenty of resources to have your company presence established (social networks, search boards — Google, Yandex, etc.)
3. No connections
It is also important to constantly network and get acquaintances in the industry you decided to work in. You have to connect with suppliers, understand your customer and their needs really well (there are numerous ways to do that — talk to them, ask questions, do the marketing research), realise what sort of competition on the market you facing. But also remember: nothing compares with the experience. Do not try to invent the wheel there when you can just ask someone who knows the road to success better. You can always use the existent idea as your guidance and make it better by adding something new and fresh.
4. No concentration on one project at a time
In the very beginning of establishing yourself as a business person, you have to get the taste of being an owner of the business and that is why you have to concentrate and solely work on one project only. When you get the necessary experience and grips of how to actually do the business and reinvest money, then you ready to start another one. But before then prepare yourself for the big journey and train your skills. I sorted that and now fully driving only one project forward. And you know what? It is a success!
Good luck with your ventures!
