06/06/2024
There is 95% failure rate is startups because most people running startups have done things the same way and expected different results.
Martin a good friend of mine has in a period of 3 Year regestered seven startups that haven't worked for him. He started with an e-commerce business back in 2020 and then started a package bags making business on August the same year claiming e-commerce had a huge Marketing budget and low returns. Unfortunately, he did not stay so long in the package bags business due to stiff competition and unfavourable prices from the market.
Martin decided to open a cyber cafe in eldoret this was picking up well untill two of his computers and some money were stollen by one of his employees, buy this time the business was not so bad, he could replace the computers and go on with business but Martin felt he would not be conned twice, so he closed shop. By this time, Martin felt like he needed a business that will be safe and had low risk, he decided to register a cleaning company which he again closed due to unfair treatment from some of the people him and his team worked for.
Martin still tried real estate and photography but still failed for some reason. So last week on Friday he approached me and said that everything he as tried has failed and he had given up with business, infact he was in the process of updating his CV and planning to go for job hunting ( something he never liked), and did I tell you that he had a bachelor degree in English Literature from Kenyatta University? Well now you know.
After listening to him, I realized that Martin lacked forcuse in his journey as a business man, he was jumping from one business to the next good business. And still he would do the same mistake he did in the previous business.
This is my advice to Martin and anyone who is in the same position as Martin. Fond a business that you feel you are good at, do more research on the business it's advisable to take some lessons to build your understanding too. Build the best team ever, just as in a football match, the best team wins. Forcuse more on client satisfaction than on profits from the business, and spend much of your budget on Marketing.
And always remember, that to get a different result you need to do things differently