Revamping a failed startup
How would you feel when all your dreams, hopes and efforts vanish suddenly in a day? Being an entrepreneur is not easy decision and the execution is even difficult. You have invested all your savings, raised funds from all sources, put all your heart and soul in executing the business, sacrificed personal and social life and dreamt of being successful. Then things do not go well as planned, you start seeing loss, you are unable to withstand the pressures from investors, your family starts blaming you. What do you do ?
A very interesting story of a startup that almost went bankrupt and now revamped is Rovio. Before Angry Birds came along (it still took them 3 years to develop and the launch itself wasn’t successful) the company was laying off people, had already developed 50 games without much success and was at the end.
Rovio Failed because it was an aeon of non smartphones when it came up with those 50 games and Snake was the peak of the gaming industry at that time. The evolution of the smartphone and the incredible success of Angry Birds has created a global phenomenon, with Rovio no longer seen as a mobile gaming company, but a true media entertainment company.
Here are some tips on how to revamp from a failure,
1.Always anticipate failures
You should be always ready to ignore the pain of a failure.Fear for failure is the way to success but when unexpected failure occurs you should be highly resistant.
2.See Failure as a time to Reflect
Failure should be considered as the time to get in track. when you fail in your function, you shouldn’t be depressed.Instead take that as a time to Reflect with a big success.
3.Obtain feedback from your customers
In order to revamp or to prevent failure Customer feedback plays a vital role. Obtaining feedback from your customers lets you understand your strength and failure.
4.Plan well before venturing into a new business
Always have plan B if plan A fails (i.e)You should always have an alternate plan to get your work done at any cost .Hence you should be familiar with various other ways to achieve success.
Profits cannot be attained immediately. Every entrepreneur should have high level of Patience to achieve success and to be profitable. It is hard to achieve profits in a short span and urge to achieve may lead to extreme failures.
6.Take a break and use the time to clear your mind
If you feel bewildered, take a break to calm yourself, As decision making is a essential element of success, you should have clear and free mind drive your startup to success.