Introduction
In 2018, my cousin and I enthusiastically delved into the frozen food industry, fueled by our ambitions as entrepreneurial students. Through a combined effort, we gathered a significant sum of money from friends and family to breathe life into our shared vision. Unfortunately, despite our initial optimism, we encountered unforeseen challenges that led to the unfortunate decision to cease operations within just one year.
Reflecting on our experience, there are several key strategies we should have employed from the start:
1) Thorough Market Research
Prior to launching our business, we should have conducted extensive market research to understand our target audience and identify our competitors. Insight into the buyer’s pain points and demands would have been crucial for success.
2) Minimum Viable Product Development
Rather than diving in headfirst, it would have been wiser to create a minimum viable product to test market demand before significantly investing. This approach would have allowed us to gauge customer interest before scaling up.
3) Comprehensive Business Planning
We recognize that our business journey lacked a clear roadmap. A robust business plan detailing our business idea, marketing strategy, operational plan, human resource management, and financial projections would have provided us with the guidance we sorely lacked.
Conclusion
However, encountering failure does not signify the culmination of our journey; rather, it indicates a temporary diversion. Despite facing obstacles, we are unwavering in our commitment. If we were able to reverse time, we would tackle situations differently, drawing from the knowledge we have acquired. Now, equipped with a deeper understanding, we are more determined than ever to pursue our entrepreneurial goals.
Ultimately, failure should not elicit embarrassment; rather, it serves as a valuable lesson. While our initial venture may have faltered, it has instilled in us traits such as resilience, perseverance, and the significance of thorough preparation.