Overcoming the Failure of My Start-Up: A Journey of Resilience
Greetings to all of Hive,
I wanted to share a life experience I had which really changed my perception for the better. I believe it can make a positive impact in the life of my readers as well.
Original Image Source by Fotorech from Pixabay
One thing that I believe we can all agree on is that starting a business is a dream that many of us share but it's really difficult to do.
It's a journey filled with excitement, hope and the promise of success. We all start out with so much enthusiasm for success. We really believe we can make it. The sad part is how when we're planning, we never factor the unfortunate event of failure.
So when failure comes, most people really don't know how to handle it.
Starting a business is a path fraught with challenges and for me, my first start-up experience was the true tale of failure.
This is my story of how I overcame the setback and came out stronger and more determined than ever before.
The Birth of My Dream
A few years back, I decided to turn my passion into a business. I had a vision of creating a company that would offer unique and innovative products to the market. It was a software company where we develop both websites and apps for clients.
With a solid business plan, strong determination, and a small but really dedicated team which was basically made up of my own colleagues, I embarked on this entrepreneurial journey.
The Initial Success
The early days of my start-up were filled with hope and success. My friends and I launched the start-up business and it gained a bit of traction. I was doing pretty well getting a few clients here and there. The business looked really promising and had a bright future.
Businesses transactions were very steady, and we were even making plans for expansion. To tell you the truth, because of how well we started I saw myself in about half a decade with big tech founders like Mark Zuckerberg and Jeff Bezos.
It felt like the beginning of something really great and I was on top of the world.
The Unexpected Blow
However, the excitement didn't last that long. Unforeseen challenges and competition from larger companies and even competing start-us in nearby areas started to take a huge toll on our business.
Our sales declined as the clients moved to other companies, and the financial strain became unbearable. The reason is that since the business looked really bright, I decided to invest almost every money I had in my savings to boost it. So when it came crashing down, it really broke my bank.
We really struggled to keep the business running, but despite our best efforts, we had to face the harsh reality of failure. I was literally on the verge of bankruptcy.
The Pain of Failure - Worse Part About It
The decision to shut down my start-up was one of the most painful moments of my life.
What made it worse was that I felt like I had let down my team, investors, and most of all, myself. I made promises to my little sister about the things I'll do for her when the business succeeds and becomes huge.
The dream I had worked so hard to achieve had crumbled before my own eyes and I was really heartbroken. It was a humbling experience that left me questioning my abilities and the decisions I had made. I felt like I couldn't overcome this one and it could be the end of my battle for success.
Finding Resilience in Adversity
During the darkest period of my life, I made a choice to rise from the ashes of failure. Yes I had failed, but I knew I didn't want things to remain that way.
I could remember it as if it happened yesterday; I sat down, took a piece of paper and a pen and I started by reflecting on what had gone wrong and where I had made mistakes.
I realized that my failure wasn't the end but an opportunity to learn and grow. It was a chance to become a stronger and wiser business man. I saw it in a different light and that took away the pain of the failure.
The Road to Recovery
With a new determination, drive and passion, I took the lessons from my failed start-up and applied them to my next business venture. I also sought guidance from mentors and experts in the field.
That was literally something I wasn't doing before. I started the business without anyone to look up to for advice and guidance.
It was a really humbling experience to ask for help. If you're a bit egotistical, it would be difficult. However, I took a humble position because I knew, the help I needed from these experts and experienced people was a crucial step in my journey to recovery.
A New Beginning
My second start-up proved to be more successful. You see, it looked almost like my first failed start-up. It started beautifully but the point where I failed in my previous start-up, I avoided it in the second one.
The lessons I had learned from my previous failure were invaluable to me. I finally knew how to navigate the challenges and make more informed decisions thanks to the advice I got from the experts.
I'll admit that it wasn't an easy road, but it was a path I walked with a sense of purpose and strong resilience.
My experience with a failed start-up taught me that adversity, challenges or failure is not a dead-end but an actual detour on the road to success. It's a test of one's resilience and determination and if you pass that test you'll definitely overcome all odds and see success.
I wanted to share my story to inspire others who have faced similar setbacks. Believe me guys, success is possible for everyone. Don't be disheartened by failure but instead, use it as a stepping stone to achieve greater success.
I hope you're inspired by this blog. Thank you so much for taking the time to read. If you have any question about how to suceed with your start-ups, you can definitely ask me in the comments and as much as I could, I'll try and be of help guys.
Have a lovely day and catch you next time on HiveGhana. Bye🇬🇭
10 percent beneficiary to my Mentor and the one I look up to on Hive, @theycallmedan