How my startup failure helped me find myself and see my family more

Photo credit Pixabay.

We were unable to establish product-market fit, so we had to close our design tech startup.

We saw that online B2B relationships were going offline, with limited benefits to startups. Digging deeper into what would keep these relationships online, we identified product procurement (over 65 percent of project cost) as an area filled with friction.

We then studied buyer issues, ran market tests, and examined analytics to launch a collaborative furniture marketplace. The objective was to reduce the stressful six or eight weeks of furniture discovery and decision making to days or even minutes. It was like a “LinkedIn” for interior designers and retailers that helped them get connected with quality suppliers via a trusted network.

We found a market gap, raised money, built a product, saw some success, but failed to scale. The traction was slow and the resources (team and funds) were not there.

‘Failure is good, they say’

We decided to shut shop in an orderly manner. It was a journey that put us through a lot of ups and downs. Honestly, more downs than ups! And when we decided to close the firm, the fear from a lack of traction turned to the fear of letting down our investors, customers, and myself. There’s also the fear of what’s going to happen next. Failure is good, they say. But it does mess with your head when plans don’t pan out.

I was not sure what would happen and how to deal with the venture failure. So, I did what we often do with almost everything in our life—turn to Google for answers. I learned about other entrepreneurs who had been in a similar situation as me.

The first thing I realized was that I was not alone (yeah!). We all know that 90 percent of startups fail, but who talks about that and the emotional ups and downs during both failure and success? It seems that no one has it all figured out. A lot of fears are of our own making and we don’t dare talk about them.

But here I am, opening up. I was fortunate to have a conversation with Jerry Colonna from Reboot. Colonna and his partners coach CEOs and VCs in facing the trials and tribulations of entrepreneurship, helping them become better leaders. We spoke and I learned a ton about myself.

It seems that no one has it all figured out.

Each of us in the community has our own personal story, mission, and path. We’re unique. But there are also a lot of similarities—the highs and lows, the constant stress, the drive, and the desires. Colonna and his team helped me see the bridge between my inner self and my outer self. They helped me reflect on my actions and recognize my quest for new beginnings in other industries, places, and roles—to walk into the unknown. Penning my thoughts is my way of being open about myself.

In the early stage of my startup, I was so engrossed in the energy of growing the business that I was waking up earlier than usual (4 am) to respond to emails, read, review customer feedback, manage product development, design, and plan on the possible next steps.

I, together with my team, could do it all (yeah right). I cared so much about the business that I thought my drive would influence others and make them feel the same way. I updated investors and advisers every month (By the way, I strongly recommend this to ensure that there are no surprises, regardless of how the startup is doing). I cared about what the customers said. I was happy when the feedback was good and not-so-happy when they dissed our product. I cared about getting a team who felt included.

However, there was one group that I was taking for granted and realized it only later on. That group was a constant throughout the startup’s lifetime and its ups and downs.

‘Silent heroes’