Entrepreneurs don’t fail. They learn

Yeah, failure is a part of the game, but giving up is not. I know that fact, but sometimes quitting is the only solution you have.


Benjamin Tan

20 Oct, 2017

Entrepreneurs don’t fail. They learn | BEAMSTART News

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Yeah, failure is a part of the game, but giving up is not. I know that fact, but sometimes quitting is the only solution you have.

I always had a dream to start my own creative agency with people of the same mindset to solve real problems of users with an immense amount of empathy! After 3 years of a creative professional journey I had a chance to work with awesome people in a variety of roles and it really helped to give my 100% to startup. Those overnight works and creative strategies really gave me a lot more good response from my circle. But still, startup failed? Yeah..But it’s not because of the work which my team delivered. There are few specific reasons for that. All those reasons dominated that situation and by then I had realized that there is no point of continuing, As I said some journey not worth to continue for.

But I learnt some of the great lessons of my life:

Here are the main lessons which I learned during my first startup journey.

You cannot do great things with the false core team.

I know that most of the successful people have their failures but then they usually won’t share their story to the public, because they know that lessons learned from failure are the foundations to their success.

Everyone starts their venture to change the world with innovative ideas or super services.

Partnership! Not a good idea?

Together we can achieve more

The single journey will certainly give you full freedom towards your vision and full control of your business, but a partner may allow you to expand into a more broad approach only if he/her mindset and thoughts match perfectly with yours.

“Partnerships can quickly go wrong if you don’t give it correct strategy and planning.”
  • Complementary skillsets and wide network of contacts of each partner can lead to the achievement of greater financial results together without compromising quality. founders with different skill sets will also help to spread out the workload.
  • It always best to have written plan or a kind of detailed legal agreement. Pretty sure that it will avoid many of the internal problems by making sure that the rules/duties and responsibilities of each partner are written well. Never give this task to any partner, instead of that Include a lawyer and an accountant to get help for your partnership goals and to draw up legal agreements.
  • Never make friends as your partners based on only money, some odd interest. These factors are meaningless in startup journey unless if they don’t have passion towards a common goal with professionalism. Yeah, this journey is gonna be tough and need lot more sweat and overnight works. So think twice before choosing partners.
  • Getting investors may be easy if you have well structured team and awesome portfolio . But always double think before choosing investors. Right investors can contribute,advice for company growth and they will be with team in hard time too.
Never underestimate the power of 3 things empathy, stating small and patience.
  • If you don’t have an awesome idea, fine it’s okay. If you have a team with same vision and passion then start without any delay.
  • Roles don’t have any role in teamwork. It must be shared objectives towards one common goal.
  • Never compromise on quality and deliverability. Both can lead to disaster.
  • Trust and shared responsibilities between co-founders are important than anything.
  • All co-founders should work like a dream team and they should be an inspiration to employees.
  • There should be a perfect sync between co-founders, If it’s not there then there is no point of starting at all.
  • Written Roles and responsibilities of the co-founders have to be there with 100% clarity. Even small ambiguity will affect overall process badly.
Never impose your personal beliefs on the team . Religion, politics, and your personal taste doesn’t have anything to do with startup journey. So no room for extreme believers and beliefs.
  • There should be a written vision and plan for the overall company.
  • No matter how well you know your partner, your venture will end at some point. so the best is to plan your business partnership before you Start.
  • Never spend more money or time on office infrastructure, instead of that spend on overall Process. If you focus on money and infrastructure, then you will become short-sighted. always keep spend for good and save for better tomorrow strategy.
  • Quality is the best business strategy. It can take your startup to different level within a limited time.

The team is everything!

Yeah, team is everything.. everything.

Recognition and some level of freedom to the team will lead to kickass work from them. Always give respect and take respect.

Startup is not a one-man show, everyone plays an important role in that. Avoiding or degrading anyone’s performance or efforts will results negativity inside the team. Finally, it will affect the trust between two parties.

Always share big picture of the company and vision to the team. Motivate them whenever needed.

Always Celebrate success with your team. Yeah, there is no success without them.

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