adminused to be.
It was just three months ago today when you had a major product launch for your innovative “glow-in-the-dark” lollipops that you thought would be an absolute killer in the novelty sweets market.
The growth targets – based on a few tests by your small brood of children – would have made any bank manager happy.
However, in reality, you were far from feeling “happy.” In fact, you have had to temporarily add your bank manager’s number to your “blocked” list on your cell phone.
The landline in your office is not working yet again, but no need to worry, the only reason you haven’t reported the fault is because your account is overdue anyway.
Boxes of unsold lollipops are stacked behind you, you’re using one as a chair, a few others as a temporary workspace as the desk followed the picture out the door before lunch yesterday.
Your bank account is empty, the board is breathing down your neck, and you have no idea how to persuade millions of movie-going children that the sight of a glowing lollipop in the row in front of theirs does NOT ruin the movie experience in any way, shape or form.
Slouching on your makeshift seat, with your hands on your head, looking up at the useless wall, you have a sinking feeling in your gut that you are a failure.
You are in debt and your business is a wreck. Damn that feeling sucks! This is a familiar occurrence in the business world especially in start-up businesses.
Reasons for failure can vary . . . Consider the “Segway,” (a two-wheel scooter launched in 2002). Energy efficient, it picked the right time to ride the wave in the “go-green” movement.
The company spent about US$100 million developing the product. The price-point was set at over US$3 000, but that was simply too high for the average consumer.
The other major unforeseen problem was that the Segway was classified as a road vehicle in some countries – deeming it illegal to use without a licence. It would have failed in Zimbabwe due to the potholes in the roads. By the end of 2007, the company had only sold 30 000 units of its two-wheeled scooter and Time Magazine called it one of the top-10 technological disasters of the decade.
Other reasons for failure can include being leapfrogged by technology. MP3 players obliterated the mini-disc (the potential replacement for the CD player).
Then there’s the case of massive competition when you simultaneously launch a rival product.
This was the case with the Blu-ray disc and the (what was it called again?), oh yes, the HD-DVD, which failed to capture key market share before Toshiba (its creators) finally admitted defeat.
On the local front, has anyone counted the number of emergency rooms appearing in Harare during the last two years?
My bet is when the market analysis was completed the thought of someone else having the same idea was not in some of their minds (that being said, most of them do give great service, so it will be interesting to see if the market can sustain them all).
Regardless of what the reason is for failing, it has to be one of the most soul destroying experiences man can undergo.
The realisation that you have ultimately passed the point of no return, and all the time and effort you have poured into a dream has been fruitless, crushes one’s spirit like nothing else apart from the premature death of a loved one.
It has been estimated that an average of one in ten start-ups fail. Those are really bad odds.
The flip side is that the return from a single success often exceeds the costs of failure from the other nine (unless maybe you are developing a US$100 million replacement for the scooter). However, despite these depressing instances above it is the response to failure that matters.
I have heard people refer to failure as “growth points” or “stepping stones” from which we can learn.
Call it what you will, it still feels the same. However, looking at it as something to learn from alters the path you take towards recovery.
Instead of the fear of starting again, you can approach the next project with, hopefully, better wisdom and advice. Experience is a harsh teacher, but often it’s the best one.
Online Reporter