A leader by nature, being locked in the office from 9am till 5pm was a real torture for me. I strived to be my own boss and I was happy when my first startup began to thrive. My little coffee shop was doing great and I was sure that it’s going to be that way for years, but after 3 months my coffee shop started to become empty and my sales had significantly declined.
That tiny coffee shop doesn’t work today. I couldn’t keep up with a pile of the bills I needed to pay, and it led to enormous debts. With a chaotic mind and heavy heart, I had to say goodbye to my startup and close it down. I have experienced many life failures before so this startup failure doesn’t make me depressed, yet I allowed myself to grieve for a short while.
Despite the failure, I was ready to start all over again. After analyzing my failed startup, I figured out what I did wrong and here are the lessons I learned from it:
1. Passion is everything
There are two things that I’m obsessed with in life – coffee and writing. Since blogging and freelancing don’t bring my family enough money to pay off our debts, the idea of launching a business never leaves my mind. As I launched my coffee shop, all I thought about was money. I wasn’t passionate about the décor or cups or new tastes of coffee and I didn’t inspire my employees to be passionate about their jobs. Passion is everything and it helps the poorest man become the richest in the world. When you share your passion with your team, your business thrives.
2. Setting a priority is a must
When running my own business, I had a second job that required a lot of time and effort, so once my coffee shop started to gain success, I stopped to pay attention to it. I was desperately trying to earn more money to expand my tiny coffee shop so I even found the third job. The point is, my startup wasn’t my priority; no wonder it failed.
3. Taking risks is okay but only if they’re calculated
I took a risk that was absolutely reckless and not calculated. It happens when your mind is overbrimming with the long to-do lists. Plus, I have a habit of doing the first thing that comes to my mind. My failed startup teaches me that it’s important to think twice before taking a final decision.
Each failure comes with a lesson. As soon as I have some money to fund my next startup, I’m sure it will gain awesome success. I learned my lesson. I acknowledged my mistakes. Most importantly, I’m grateful for this failure because if I didn’t launch the business, I wouldn’t have gained experience that hopefully will help me make my new business successful.