Have you ever thought about why so many small businesses fail even before getting into a no-profit and no-loss margin? It is because their plans didn’t consider situations like calamities, plan B, and adverse business scenarios. I have worked in a couple of small website businesses and during the start of the business, the founders were very enthusiastic and didn’t have a hold on their finances.
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Like in my first organization, my boss thought of first getting a place to work for which he paid 17 lakhs and his electricity and internet bills came to around 10,000 Rs monthly. He had the right infrastructure but since his recruitment policy lacked a good HR – like placing the right person for the right job and lack of empathy and growth structure, the company had to be closed after 7 years of full-time operations. Although my boss switched on to start another venture with a better financial partner, the 7 years of waste of time and resources for all the stakeholders could have been avoided if my ex-boss really had long-term plans.
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Now if I were in his place, instead of investing 17 lakhs in a property to start a digital venture of a website, I would invest it in getting the right plan in place by talking to professionals of the industry. A website is run by people more than the technology itself. If you don’t have the right people with you, then you are going nowhere. Not only does a startup closure affect the economy but also it hits hard on the reputation that the startup founder earns through his efforts from the scratch. Yes, many times luck also plays a factor, and not all are perfect to know what will happen the next moment. However, we should be open-minded to learn from the lessons of other people who are struggling in the industry so that we can avoid the same mistakes and plan for the future in a better way.
