It was said that 90 percent of startups fail.
The reasons why they fail vary and range from something as common as not answering a market need to something as not willing to admit mistakes and embracing change.
If the statistics given by this infographic is anything to go by, than it seems that it is safe to assume that no matter how well prepared and how passionate we are and how much we believe in what we do, a startup is more likely to fail than not.
So, if you have a startup in mind, or you just launched a startup, what can you do about it?
The question then, it seems, is not, will it fail? The question is rather, what will you do when it fail?
I believe that persistence, perseverance and character is of utmost importance in handling failure. I believe every entrepreneurs need to be prepared to meet failure face to face and get back up again after every knock downs.
And I believe that is precisely what Melieyana Tjioe, or Melie, the founder of highly successful Indonesian travel booking website, Gogonesia, has done.
After completing her studies in Sydney, Australia, she took on several jobs, saving up for her dream of starting up a business in Indonesia. When she felt that she had finally saved enough, she went back to Indonesia with a goal of starting a business specialising in online travel booking. That was almost four years ago in 2012, and today, Gogonesia is one of the most successful, being featured in various TV and social media websites.
I have enjoyed a great friendship with Melie over the years and that’s why I am elated at the chance to interview her and learn about her journey since she began her new life as founder of a startup.
Listen to the following interview to learn more about how she started out. (Please note that due to some technical issues, the audio file you listen to may not be the best quality. I do apologise if it wasn’t as enjoyable as you expected)
Here is short summary of the interview with some great takeaway lessons (with some bonus tweetables):
Melie’s failure means lost of money, time and effort, yet she took it as a learning experience rather than letting it stop her from achieving her dream.
Melieyana’s story is a story which is a perpetual challenge for every startup.
This is definitely true for every business or every great venture. This applies to external clients, but also to your internal staff members and stakeholders.
It is good to acknowledge your need to outsource the skills that you did not have, but it is even more important to be personally involved with the outsourcing team.
If there are other startups in the same line of business, don’t think of them as business rivals or competitors. Instead, think of them as opportunities to network and build partnerships. Ultimately, more people grabbing onto the cake means greater exposure and overall awareness to your industry.
- Startup failing is actually normal, and luck does play a part into it.
Melie closed the interview with one final and very valuable advice: choose your partner carefully.
Choosing the right partner for your business is almost like choosing a husband. It can make your life as an entrepreneur like heaven or hell. Choose the wrong partner and it will be a nightmare start to your dream as an entrepreneur. But choose the right partner and both of you will get onto a very rewarding and successful journey together.
Now, we would like to hear from you, If you have started a business, how or where have you failed and how did you bounce back? If you have been on your toes about starting a business, what has kept you from diving in? Share below in the comments and I will personally respond to every single comment.
Did you enjoy this interview? If so, subscribe for future updates and I will be really grateful if you would share this with your friends. Thanks for listening and I will catch you next time on the next post.
Here are a few ways you can get connected with Melie: