Thursday, April 9, 2020
Celebrating Failure
About last year, I started selling shoes on facebook and Instagram with my friends in Thailand, which we designed by ourselves, choose the leather/materials, and find factory to produce them. In terms of revenue, it was pretty succeeded because we can sold all that we ordered from the factory. We launched three collections, starting from 200 pairs per collection. Because it was made to order and we had limited leather that we bought, once the collection was sold out, we won't produce that again. After we nearly sold out our third collection, my friends and i decided to stop the business. The reason is that we some of us felt that we don't distribute work equally. Some felt that they are doing more than other. The synergy didn't work that well, but we still want to be good friends. Therefore, we choose to end the business. This taught me that internal business management is very important. Although products can capture the market, if the management team are not compatible or going well, the business can end. I think the biggest challenge of failure is that how can we not being discouraged. We could feel demotivated and stopped doing out goals. The key point is to learn from failure but not give up.
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Hi Bay,
ReplyDeleteI think it is awesome that you are writing about an actual business venture in this post. I think you had an interesting reason to stop the venture. It is important that you enter business ventures with people who will pull their weight and are trustworthy. I think you took away a great lesson from this situation.