The Entrepreneurs Weekly
No Result
View All Result
Sunday, July 20, 2025
  • Login
  • Home
  • BUSINESS
  • POLITICS
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
Subscribe
The Entrepreneurs Weekly
  • Home
  • BUSINESS
  • POLITICS
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
No Result
View All Result
The Entrepreneurs Weekly
No Result
View All Result
Home Business

What My First Failed Startup Taught Me — and How I Finally Got It Right 20 Years Later | Entrepreneur

by Brand Post
July 10, 2025
in Business
0
What My First Failed Startup Taught Me — and How I Finally Got It Right 20 Years Later | Entrepreneur
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Opinions expressed by Entrepreneur contributors are their own.

They say timing is everything — and that’s a lesson I’ve learned the hard way.

Today, I’m building a startup I truly believe in. But the truth is, this journey didn’t start last year. It began more than 20 years ago — with a big idea, the wrong timing and some painful but necessary lessons that would shape everything I’m doing now.

How it started

In 2007, inspired by platforms like Craigslist and LinkedIn, I set out to bring a new kind of online platform to life. I had a strong concept, but not the technical skills to build it alone. So I partnered with a close friend who could fill that gap.

At first, we were excited. But over time, cracks formed — our visions didn’t align, our strategies drifted, and financial pressure mounted. Eventually, we had to walk away.

It was disappointing, even devastating. But I never stopped believing in the core idea. Instead, I paused to reflect on what went wrong, what I’d learned, and what I needed to do differently next time.

That reflection helped shape both who I am and how I operate today.

Related: When My Startup Failed, I Was Hopeless and Left in Tears. Here Are the Lessons That Helped Me Restart and Launch Three Successful Companies.

What I learned (the first time around)

  • Learning never stops: Your best insights often come from others. Lean into your network — mentors, peers, even critics. Learning from others and sharing your own experience creates a powerful loop of growth.
  • Be willing to adapt: Even with a great idea, you have to stay flexible. Whether you’re launching or scaling, being able to pivot when needed isn’t a weakness — it’s a survival skill.

Getting it right the second time

  • Start with clarity: A shared vision is critical. Before launching, make sure you and your co-founder(s) are aligned on goals, roles, and long-term expectations. Misalignment early on will cost you later.
  • Be honest with yourself and your team: Ask the hard questions up front: Why are we doing this? What problem are we solving? Who are we solving it for? If your answers don’t match, it’s time to regroup.
  • Culture matters as much as code: Yes, you need technical talent. But you also need people who share your values, collaborate well, and grow with the company. Don’t underestimate cultural fit — it makes or breaks teams.

If you build it, will they come?

This time around, I approached things differently. I didn’t just assume the idea was good — I tested it. I asked:

Are we solving a real problem?
Does the market need this now?
What’s our unique value proposition (UVP)?
Why would anyone choose us?

Customer-first thinking became the foundation. Instead of building what we thought was valuable, we built what the market actually needed — and made sure our solution stayed relevant.

Getting tactical: what every founder needs to consider

  • Do your homework: Understand your industry, track trends, study user behavior and know your competition.
  • Create a strategy: Write a business plan. Forecast your finances. Know your funding options.
  • Formalize the business: Register your company, get your EIN, licenses, permits, and build your legal foundation properly.
  • Build the right team: Use your network to find people who align with your mission and culture.
  • Sell the vision: Know your customer, refine your message and create a product or service they actually want.

Related: 10 Lessons I Learned From Failing My First Acquisition

Final thoughts

Be both sales-driven and market-aware. Know your audience — where they get information, what problems they face, what resonates with them. Your customer acquisition strategy should be informed by real data, not just instinct.

And most importantly, keep an open mind. Inspiration can come from anywhere — a conversation, a failure, a new connection. The more you listen, the more likely you are to spot those game-changing ideas.

Building something meaningful takes time. For me, it took over 20 years. But every setback, misstep and restart has made this journey — and this version of the startup — infinitely more grounded and more real.

Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.



Source link

Tags: America's Favorite Mom & Pop ShopsBusiness IdeasentrepreneurFailedFailureFinallyGrowth StrategiesStarting a buisnessStarting a BusinessstartupStartupsTaughtYears

Related Posts

Is AI Too Good at Tracking Stock Market Trends? | Entrepreneur
Business

Is AI Too Good at Tracking Stock Market Trends? | Entrepreneur

July 19, 2025
Why Top Brands Use Push Notifications to Boost Engagement | Entrepreneur
Business

Why Top Brands Use Push Notifications to Boost Engagement | Entrepreneur

July 19, 2025
5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind) | Entrepreneur
Business

5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind) | Entrepreneur

July 19, 2025
  • Trending
  • Comments
  • Latest
Meet Amir Kenzo: A Well Known Musical Artist From Iran.

Meet Amir Kenzo: A Well Known Musical Artist From Iran.

August 21, 2022
Behind the Glamour: Bella Davis Opens Up About Overcoming Adversity in Modeling

Behind the Glamour: Bella Davis Opens Up About Overcoming Adversity in Modeling

April 20, 2024
Dr. Donya Ball: Pioneering Leadership Solutions for Tomorrow’s Challenges

Dr. Donya Ball: Pioneering Leadership Solutions for Tomorrow’s Challenges

May 10, 2024
Nasiyr Bey’s Journey from Brooklyn to Charlotte: The Entrepreneurial Path to Owning a Successful Cigar Lounge

Nasiyr Bey’s Journey from Brooklyn to Charlotte: The Entrepreneurial Path to Owning a Successful Cigar Lounge

August 8, 2024
Augmented.City Startup Developers Appeal To US Politicians With An Open Letter

Augmented.City Startup Developers Appeal To US Politicians With An Open Letter

0
U.S. High Court Snubs Challenge To State And Local Tax Deduction Cap

U.S. High Court Snubs Challenge To State And Local Tax Deduction Cap

0
GOP Lawmaker Blames Biden For Russia-Ukraine War: Putin ‘Could never have Invaded’

GOP Lawmaker Blames Biden For Russia-Ukraine War: Putin ‘Could never have Invaded’

0
Brad Winget’s Tips and Tricks on Having a Career in Real Estate

Brad Winget’s Tips and Tricks on Having a Career in Real Estate

0
Is AI Too Good at Tracking Stock Market Trends? | Entrepreneur

Is AI Too Good at Tracking Stock Market Trends? | Entrepreneur

July 19, 2025
Why Top Brands Use Push Notifications to Boost Engagement | Entrepreneur

Why Top Brands Use Push Notifications to Boost Engagement | Entrepreneur

July 19, 2025
5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind) | Entrepreneur

5 AI Tools Doing Overtime So You Can Run a Profitable Solo Business (Without Losing Your Mind) | Entrepreneur

July 19, 2025
Meet the Person Who Invented Plastic that Dissolves in Water | Entrepreneur

Meet the Person Who Invented Plastic that Dissolves in Water | Entrepreneur

July 18, 2025

The EW prides itself on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

Transcending the bounds of Chicago to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

NEWS

  • Business
  • Politics
  • Entrepreneurship
  • Entertainment
Instagram Facebook

© 2024 Entrepreneurs Weekly.  All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • ENTREPRENEURSHIP
  • ENTERTAINMENT
  • POLITICS
  • BUSINESS
  • CONTACT US
  • ADVERTISEMENT

Copyright © 2024 - The Entrepreneurs Weekly

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In