The fact and harsh reality of the startup market is that for every successful business, there are eight failures. Even firms that operate well have to deal with problems and losses that are quite difficult. Here, two successful businesspeople tell you about company ideas that didn’t work out and what you can learn from them, without using any flowery language. Failure is part of success, and you can always learn from it to grow stronger. Startup Failures You Can Learn From Today show how multiple small issues can combine to bring down a company.
Stephan Peters, the CEO of Sport Pioneers, and Andy Gugenheimer, the SVP of Business Development and Strategic Partnerships at Humanoo, as well as the CEO of Sportyjob and AG Sports Consulting, have their own honesty after trying to remember their mistakes and what they learnt from them: Andy Gugenheimer has started or invested in 15 enterprises, which is a lot of failures. Promo-Stock might have been his biggest failure and one of the best things he learnt considering it was his second start-up. In 1998, he even considered of starting an online B2B trade site that would sell end-of-life sports goods to all merchants in France, like deal sites like Private Sport Shop and Veepee.
Andy learnt the following lessons from this failure
The plan was to put its goods in a video on Promo-Stock. What’s the problem? But it wasn’t possible to stream all the time because there wasn’t enough bandwidth at the time. Also, the makers weren’t ready to ship the items, which they might have done right from their warehouse. In conclusion, the product couldn’t work that way. Also, Andy and his partner were completely new to this kind of business and had no idea how to start one without making any blunders. They had to sound the alert two years later.
There were a number of reasons why we were ahead. We still felt like we didn’t know what we were doing. This is because the technology wasn’t advanced enough. It was because businesses weren’t ready logistically to use our idea. One that is boring. Andy Gugenheimer When should they come up with new ideas? In theory, any moment. It’s not too hard to come up with a product idea, but you should look at the market and the competitors, as well as how you plan to implement it. Failure is a part of the path to success, and it is always a chance to learn something new and get stronger. Usually, a start-up doesn’t fail because of just one thing. But not as many as a string of failures that slowly bring down the business.
Andy Gugenheimer is a professional in sports consulting
Stephan Peters, the CEO of Sport Pioneers, and Andy Gugenheimer, the SVP of Business Development and Strategic Partnerships at Humanoo, as well as the CEO of Sportyjob and AG Sport Consulting, are honest about their mistakes: From its start to the ISPO Brandnew winner, it has grown into an industry leader. That’s how these brands were able to do well.
Promotional store of the fuck-up: good idea, the wrong timing by Andy Gugenheimer. Andy Gugenheimer has started 15 firms or been an investor and co-founder in them, therefore there have been a lot of failures.
Promo-Stock, the second start-up, could have been his biggest failure and one of his best lessons at the same time. He came up with the idea in 1998 to offer end-of-life sports gear to French retailers using an online B2B platform where small retail establishments could buy them. The notion led to the emergence of deal sites like Veepee and Private Sport Shop in the future. At Promo-Stock, a video would show the merchandise. What’s the problem? Sadly, it didn’t have the bandwidth at that time to stop the streaming.
Choose the time and the way to do it
Also, the makers weren’t ready to send the products in their warehouse to the consumer. Answer: The product couldn’t be like that. Andy and his partner also didn’t have any experience and didn’t know how to establish a business like this one successfully. They had to stop two years later because they had to raise the alert. Promo-Stock had to give something up. We were ahead for a lot of reasons. This is because we were still very new to this. This is because the technology wasn’t fully developed yet. Because corporations weren’t ready to use our approach in terms of logistics. Something that happens all the time now. Andy Gugenheimer. When should you come up with new ideas? In theory, any moment. But to come up with an idea, you need to do a market study, learn how your competitors act, and figure out how to do it right. It made me feel horrible that the other competitors were getting better. We didn’t show that we wanted to say, “We are ready to do it in the B2C sector.” “We are renting a warehouse.” Andy Gugenheimer. Just because the first concept didn’t work doesn’t mean you have to throw it away. It can often be built in a very smart way and can be changed to fit new technologies, logistics, changes in society, the target audience, and the growth of demands.
Conclusion
It would have been great if we had brought in two or three more people. It was just me and my girlfriend. We used to work every day of the week, but it doesn’t seem like we’re getting closer to our goal. Andy Gugenheimer./ In general, it’s just better: start-ups with a wider range of abilities are also more confident when facing problems. A well formed team will also help you make the decision quickly and do the appropriate things to be successful. Founders who are good have a clear idea of what success looks like.
They think about the business side of things and keep as much money in the company as they can, even not paying themselves salaries. However, inducement is a fantastic way to get people to do things, and this must also help them stay alive financially. Promo-Stock, the second start-up, could have been his biggest failure and one of his best lessons at the same time. He came up with the idea in 1998 to offer end-of-life sports gear to French retailers using an online B2B platform where small retail establishments could buy them.
