SLC-S29/W5-“Thinking and Ideas!| Ideas That Failed (and Why)!”

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Sometimes our great plans turn out to be our nightmares in life and it is not all our plans turn out to be successful. However, failure is part of life and to me, I can't completely say to myself that I'm a failure because I can still try and achieve what I failed to achieve before.

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Describe an idea, plan, or decision (yours or someone else’s) that failed.

The Idea That Failed: Starting a Partnership Business With Friends

While I was in school I met with guys who are good in tech, and business. We were four in numbers; two tech guys and two guys with a business mindset who are eager to venture into something big.

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Since we had good ideas, we planned to start a small partnership business selling items offline and online just like Jumia and Temu are selling. We came together based on the agreement we had made and raised the money for the business, and went on to rent a place that we would use as a warehouse and office.

We bought a few goods and partnered with suppliers in the town, and while waiting for our e-commerce website to go live, we were selling and expecting quick profits because demand was high.

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What was the original intention behind it?

The intention was very simple:
One of our intentions was to create employment and for us to have a shared income, support each other financially, and prove to everyone that teamwork could build something bigger than what any of us could do alone. As for me, I wanted independence and a sense of ownership for myself.

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Why do you think it failed?

I think it failed because we started having financial issues as everyone wants to borrow money from the business account and use it to solve personal problems. The business didn't fail because of the market, it became a failed idea totally because of poor structure and communication.

Before the start of the business, we had clear roles, no written agreement, and no system of accountability. Some members worked harder than others.

Money handling became unclear, trust broken, and some misunderstandings grew into a serious problem. Eventually, due to the conflicts that arose, no one became interested in continuing the business, and the business collapsed.

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What would you do differently if given another chance?

If I am given another chance, I would:

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• Create a clear written agreement from the beginning.

• Assign clear roles and responsibilities to every member

• Keep transparent financial records of our inflow and outflow.

• Schedule regular meetings to resolve issues early before escalating.

• Treat the business more professionally without sentiment, nor emotionally.

Structure is what protects both the relationship and the business and not friendship which I will be so strict and mean if given another chance.

I am inviting; @dove11, @lhorgic and @ruthjoe
Cc:- @ninapenda