SLC-S29/W5-“Thinking and Ideas!| Ideas That Failed (and Why)!”
Describe an idea, plan, or decision (yours or someone else’s) that failed.
Two years ago, I decided to start a small clothing business online advertising and selling to people. I have long admired selling things online but at some point, my business plan failed for some reason.
What was the original intention behind it?
My main intention for the business was to share my creativity with others and turn my hobby into a source of income. Before starting the business, I believed that by partnering with those who are already selling clothes, jewelry, and also by creating unique personalised pieces on my own, I could attract a loyal customer base and build a successful business brand for myself.
Why do you think it failed?
I think my plan failed because I didn't carryout enough market research before opening the business. I only assumed that my designs or the people with whom I have partnered would automatically make me reach out to a large audience without me understanding the strategy or the current trends of what customers actually want.
Also, I lack a good marketing strategy and I didn't promote my products and business effectively. As a result of this, I got disappointed with my sale and I couldn't withstand seeing how my products were fading away so I shut down the business.
What would you do differently if given another chance?
If given another chance is would spend most of my time researching the market and understanding what my target audience needs.
I would also develop a comprehensive marketing plan, including social media promotion and collaboration. Also, I would start small, gather feedback from the audience, and keep improving my offering before expanding the business. I believe by doing this I could build a successful and sustainable business from scratch.
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Of course, failure is the process of turning risks into opportunities that support success. But it's best to avoid wasting time, energy, and capital and patiently wait until opportunities truly arise and successfully realize your business plan.
The Meaning of Waiting: Online businesses necessarily involve social media platforms, and they must be strong with a sufficient number of active followers. Second, a content strategy is crucial for influencing followers (audiences) so they feel helped and "need you" through business product content, as well as educational and entertaining content. and, The way online businesses work is not tied to location! Because customers come through messages (platforms).
But I admit that your plan and motivation are excellent, but we lack the tricks, research, and resources you described. I think you've taken the right first step. Good luck going forward @jasminemary 🙏
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Curated By: mahadisalim
Thank you sir @mahadisalim 🙏
Market research is necessary to know what your customers want, in fact it consider as one of the main thing we must put in consideration. Some business failed due to lack of market research, So this serve as a lesson for you to regain your strength back.
Using social media as a form of advertisement play a crucial role because it contains large numbers of audience to aware about our product. Another thing is the business planning where it gives us all the details required to promote our business as well as to also lead to the success of our business. Best of luck
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Curated By: mahadisalim
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Hi @jasminemary, welcome to thinking and ideas week 5
Online business needs a lot of research and study to pull through. When you see people succeeding, it looks easy but they made some sacrifices that they won't share, they call it “business secret”
Learning through failure helps most times.