Business consultant · Business skills

I have failed in my recent two startups and lost too much money on them tell me how can I cover that loss and please give me an good working startup idea?

Varun roy Passionate about entrepreneurship

April 17th, 2019

In recent two years I failed in two startups naming intasmart And shyfives

intasmart is basically an e commerce website but I don't have enough funding to compete with amazon and flipkart so i have to shut down that.

and second is about an e learning academy for improving skills like dancing singing etc etc.

But i don't gain any costumer for that because everyone is prefer e learning only for studies not for their skill and hobby development

I am very depressed please help me by giving me loss covering and a good startup idea.


Paul Garcia marketing exec & business advisor

April 17th, 2019

I'm sorry that you lost money. It's not fun for anyone. No one is going to give it back to you or give you their own idea for a business that will make you money. That's not how any of this works.


The problem with instasmart was not a lack of funding. It was in failing to research your market before launching your product.


The problem with shyfives you discovered, perhaps too late, is that your product did not fit the market.


My suggestion to prevent future losses is that you seriously follow the normal development steps for any new business. Number one is planning. Do not start with a product. Research is essential. Your research and analysis phase is the step that will save you from spending money needlessly to learn lessons you would have learned by doing market research. It doesn't matter how great YOU think the idea is, if consumers don't think it's great too, don't start a business trying to get them to buy it.


In my last comments about elearning which you posted separately, I highlighted how to evaluate your assumptions to ensure your offering is actually something future customers will open their wallets for.


I'm sorry people haven't loved your initial ideas, but that's part of the process. Your ideas MUST be refined before you attempt to develop them, or you will end up with the unhappy results you experienced thus far.


Good luck.


Vishal Raj Software Engineer

April 18th, 2019

I have two thumb rules that I try to follow

  • As Gary Vaynerchuck says, PRODUCE A LOT OF CONTENT and do SOCIAL MEDIA MARKETING
  • As Guy Kawasaki says, no matter what state the business is in, SALES fixes everything.

Alex McDonnell Academic and artist

April 17th, 2019

I quite like your second idea but things don't work out for whatever reason. I do have a suggestion though, look into decentralised marketplaces running on Ethereum blockchain. There's a huge potential in this to ultimately undo companies like Amazon because of their inherent superiority, in the respect that there is no middle man to take a cut of any transaction. Each transaction would be completely direct between customer and seller. Look into syscoin for more info.

Andy Welch MBA Wholesome Keto products

April 17th, 2019

An open and honest appraisal. So what would you say are your main skills I could work with. Thank you Get Outlook for Android

Amit Gupta Cofounder

April 18th, 2019

Hi Varun, Said to hear your stories. Let's connect sometime.

Godszeal Otu Otu godszeal by name. CEO autoX services

April 17th, 2019

Varon ruy, I feel your pain, I would offer a way out and a good start up idea if only you will put away nationality and allow us to work together. If your on WhatsApp add me with +2347037592405 or you can search me on LinkedIn with https://www.linkedin.com/in/otu-godszeal-a20873156

Abhishek Singh Founder@ Headstrt

Last updated on June 23rd, 2021

Hey Varun,


I am sorry to hear this, but your second Startup seems interesting and I don't agree that no one would want to invest in hobby development. Maybe you went after the wrong set of customers and that is why you might have witnessed a slower uptake.


Regardless, I think a lot of Startups might be able to use your wealth of experience and compensate you well as a founding team hire or an experienced hire. You should not lose heart, hardworking and insightful talent is scarce and that puts you at an advantage wherever you go next.

Robert Gordon Co Founder at OurRecovery "Because No One Can Do it Alone"

April 17th, 2019

Varun,

what is your skill set...

I have a well thought out and researched plan to greatly improve medicine's failed attempt at helping drug addicts and alcoholics get sober and stay sober "in their 1st year".

Addiction is a fatal if not arrested.

According to the fed there are 40 million addicts and alcoholics in the us. 1 in 16 get sober after treatment. Overdose deaths [drugs only not alcohol] in 2015, 2016 and 2017 were 53K, 71K and 100K+. note opioids are a big part they are less than 50% of the drugs causing these deaths... something has to be done... there is no magic pill that some think is the cure for addiction...


about 8.5% get any type of medical treatment. Addiction is the most UNDERFUNDED fatal disease... imagine if I told you, "wow, isn't it great that this year 81/2% of cancer patients were able to get treatment"! cancer isn't growing, addiction is... robert imagineer22@gmail.com

Clay Nichols Helping other startups grow after launching 2 successful startups.

April 18th, 2019

What appeals to you about being an entrepreneur?

niki Getsadze Co-Founder - Audio Guide Georgia

April 17th, 2019

yes, the names are funny :)