Failing is part of the process
Failing is part of the process
Lately, I have failed often across different spheres of life. I chose this path 3 yrs ago when I left Myntra. Setbacks get me stressed. I binge on snacks & K Dramas, and don't sleep well.
Hola! Welcome to Out of Singapore. I am Shantanu, writing about building businesses from scratch every week. Last week’s writeup saw a good response, I grateful to you guys. Thank you!🙏
I started this newsletter when I bowed out of my startup dream. I developed serious interest in building and running a business in 2021. I had left my cushy job and moved out of India as a challenge to myself. Suddenly, I saw the immense scope in the market, and customers willing to pay.
I am a careful person - I don’t say yes or do something impulsively. I wait and evaluate. I did the same with my entrepreneurship itch. Then I came across Entrepreneur First program in Singapore, and it made my decision a whole lot easier. Fast forward 1.5 years and I am here now - a failed entrepreneur. I don’t mind the tag. I am proud that I gave a good shot. I did face a lot of failures though. It is hard, but it is the best thing that can happen to someone.
Before moving forward, let’s hear from you guys.
Failing is a real part of building a business. One must embrace it. Today we will cover facets of failure through 3 sections
1. My 3 failure stories
2. Why failures are underrated?
3. Why success is overrated?
I have failed thrice recently
I want a Porsche Cayenne. I want a million dollars in the bank (financially stupid, but 🤷♂️). See, I am ambitious and trying to build wealth, not just savings. So I have tried hard. Consequently, I have failed hard. Here are some recent stories that humbled me.
#1 Zaloom, my first startup, didn’t take off.
I was excited to build. I was confident. The VC world was upbeat. Startups were buzzing. Then all came crashing down. Ideas kept changing, tech was never built, orders never got confirmed and investment promises remained promises. My savings took the maximum hit. Suddenly I was broke, loaning money from friends and family to eat.
#2 Three months of low sales at the DTC brand
I was upbeat on the supplements brand, hoping to smash sales numbers in first month itself. Then the hero ingredient was banned by FDA. Now we are trying to build a hero product out of the remaining ones. It is a tough road.
I was hoping to grow 2x-3x every month for first 6 months. We didn’t move an inch in the first 3 months. We were live but so many things were wrong - website creatives, paid ads, content and social media. Things are looking better now, however, not sure how revenue numbers will move up.
#3 Failed to build, lead and manage teams
I have worked with 3 co-founders for varying length of times. Somewhere they lost faith and decided to part ways. Of course, I won’t blame myself for all of it. But it did happen.
In my current role, I started leading and managing a team. I am proud of what we achieved in less than 40 days. However, now I am out of team members, almost entirely operating with freelancers and agency support. It was a rude shock that workplace setups are different from startup environments. I will write about this in more detail after a few months, this needs reflection over time. This is a fresh wound at the moment.
Why failures are underrated?
In the smoke of success and celebration, failures lose out the facetime they deserve. Failures are part of building a successful business. Here is why they are underrated and why I am open to failing.
#1 Failures humbles you
Failures teach you more than success. They lay bare your limitations.
I believed that I could build a few million dollar business in 1-2 years. I was so wrong. Now I know building a business is a multi year journey, extending 7-10 years. Further a business man are bound to remain “poor” for a long time.
I didn’t know lead generation when I started out. I was stuck with worthless prospects that were never going to convert. I never ran a lead gen campaign on Facebook or google during the days of Zaloom. I am so ashamed.
I learnt more in last 2 years than I learnt in the previous 5-6 years combined.
#2 Failure opens up new opportunities
If you have failed, it means you tried. I will go on to say that “trying” is underrated. Trying new initiatives, business or ideas puts you in touch with new people. These people could be experts, coaches, investors or just great friendly people. They will open up your world.
I pitched a family owned spices business to launch an Indian spices brand for Singapore and SEA customers. Last year the person had mentioned that Singapore and Dubai import the worst quality of spices. B2B players don’t care about quality, price is their primary concern. So there is scope to build a B2C brand spices brand offering higher quality of spices.
#3 Failure helps you find the right people
People who stay with you after you have failed are the best. The ones looking for convenience, money and easy life will quickly run away from you. Those who continue working with you will be your “loyal soldiers”. These loyal soldiers will make your life easier later in life.
Why success is overrated?
Success doesn’t come often. It repeats even less frequently.
Success is an after effect of failures and learnings. Thank your failures for the successes you see.
Success pumps your ego and pride. It makes you feel invincible.
Success makes you prone to failure. You put your guard down.
Success smokes up the reality of your world. People start having unfounded faith and trust in you. They stop questioning.
How I handle stress from failures?
I might say great things about failures, but it doesn’t come easy. I am generally stressed and fall prey to stress related disorders such as
Binge on snacks.
Brain on overdrive, aka overthinking.
Don’t sleep well. Waking up at 3 am and 4 am becomes common.
Don’t get along with people. I avoid social setups. I like to feel lonely.
Absolutely avoid alcohol.
The point of sharing these stories is that we should embrace failures and setbacks. They lay the path to success. I will write more about how this worked for me after a few years.
Till then, hallelujah!
Found this apt tweet about employees at early stage companies -
In reply, a gentleman posted a table comparing good vs great employee traits and examples.
Thank you for reading till here. You a valued reader. I would like to show my gratitude with a small gesture.
Before I leave you to enjoy your remaining weekend, how about a Jisoo moment?
She is the best 🙈 You are the best 😍
Okay bbye! Enjoy and have a lovely week ahead.