How to Bounce Back from Failure

PLAN B: Failure is the stepping stone to success; you just have to know how to make the jump
It was in 2008 that ex-McKinsey consultant and now Jabong CEO Praveen Sinha decided to launch Aqua Brim, a gadget that would automatically switch off a water suction motor once the tank was filled to the brim. It failed.The problem was, the gadget was designed for homes to draw water from borewells, and many homes didn’t have one. “We went back to the drawing board and developed eight variants to pump from a sump tank, basement pit or a main water line,“ said Sinha. The venture is now in its seventh year. “An idea or a venture is like a child. It’s very hard to shut,“ said Sinha. “Pivot is the right so lution as a team is already in place.“

As India’s startup ecosystem ma tures, failures have come to be cel ebrated -the idea being that while failures are inevitable, it is impor tant to fail fast and put lessons from that to good use for another go. India’s most successful online entu res i ncludi ng Snapdea l, ventu res i ncludi ng Snapdea l, Zomato and Flipkart have all burnt money experimenting with various strategies or businesses.

Experts advice use of lean startup principles such as lean user interface design methodology. For instance, rather than building a whole product, a startup should initially build a mock-up to be tested among prospective consumers.

Also, the cliché of failure as a stepping stone holds true.

“It was the failure to raise funds for my online poker startup and another one on virtual money in 2008 that led me to start an investor network to help young companies,“ said Harshad Lahoti, co founder of ah! Ventures. The firm has led investments in dozens of startup ventures including Ketto, IDC, HarnessTouch, Catapoolt and ExpressBikeWash.

Aqua Brim’s Sinha has instituted an innovation lab where people are encouraged to fail. “Mentorship from people who have been there or done that is critical to avoid failure,“ said Sinha.

In India, where failure becomes a social stigma mentors advice to always take the family along. “It’s in your tough times that family support will bring you out of it (but) only if the family has also nurtured the startup all along,“ said Deepak Menaria, cofounder at Lemon School of Entrepreneurship.

source: The Economic Times
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Author:

Neeraj; an entrepreneur & a visionary in the field of Railway, Defense & Automobiles, is a graduate in commerce and a Harvard Business School Alumni. He’s an expert in govt. liasoning & contracting and has an exceptional network & connections at both local as well as global level. He’s an expert in Market Strategy & Planning and has served number of overseas companies as an advisor/consultant. He takes a profound interest in upcoming startups & is very receptive towards ground-breaking ideas & innovations. He likes to brainstorm those ideas and if the values & philosophies matches; he is even ready to invest his resources, serve as a mentor or act as an incubator to futuristic businesses.

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