What I learned from the failure of four companies in 2020 | by Amid Sedghi
2020 has been a tough year for everyone and I know you’re tired of hearing everyone’s issues this year, so I’m not here to speak out about how bad 2020 has been for me.
Instead, I want to take this opportunity to tell you what I’ve learned and why it’s important to know what I’ve learned this year. I’m going to keep it short and sweet because apparently attention span is at an all-time low these days. So here are the children:
- There is no gain when you start your own business. You are constantly losing and it is frustrating and demoralizing and it sounds like a total waste of time. And over time the more weird issues and glitches get and you realize at some point that everything is a little glitch that needs to be fixed. The beautiful thing about this constant struggle with problem solving is that it makes you a top notch problem-solving tool. That’s why I like the entrepreneurial spirit. You can choose what kind of shit you deal with and you really handle that shit.
- People don’t want to spend their money. You cannot nicely ask people to give you their money. Now, I’m not saying you should hold a knife around people’s necks and sell them your Etsy bracelet. I want you to use something different when it comes to selling your products or services. Every financial decision a person makes is an emotional decision at the start which is then justified by logic. So if you want to sell something, don’t try to be logical. In fact, be illogical and emotional and appeal to what people want.
- The concept of work-life balance is only possible if you are an employee. As an entrepreneur, either there is only work and then at some point there is no work and it is just life. Please let this sync. When you run a business, no one gives you deadlines and projects except yourself. And to maintain that level of responsibility, I’ll be honest, there’s no work-life balance. Everything is mixed up. There is no 9–5. It is all at the same time spread out over hours of your weeks and your months.
- In business, people are not nice. Seriously, they’re not nice. They cross stretches you can’t imagine in order to save a few bucks. So if you are offering any services or products, they must be worth the price the customer is buying. By the way, try to get out of the negotiations and focus on automating the processes as there are fewer questions to ask and fewer problems to solve.
This is my two-thisnotts about entrepreneurship failure. 2020 was the year that I started and failed 4 businesses, but I’m absolutely happy that I finally tried what I’ve always wanted.
If you need to hear it from someone else, do what you always wanted to do. There is no better time than now.