Wednesday, October 4, 2017

Everything A Founder Needs to Avoid and Overcome Failure - Founder Under 40™ Group Shares



Failure sucks big time. You spent days, spent nights, sacrificed time away from your family and friends just to build a business that was intended to change the world. Now you are stuck with the painful realization that business wasn’t the venture to take you to financial freedom and significance.

In my opinion that’s just part of the process of trying to be more than you can be. . .to be in a position to see what you are made of, to give more to your community and to give to people. But think about it, would you rather be a person who wishes they had taking a chance or be the person that took a chance.

So my fellow founders, I have taking the time to gather some key invaluable resources that can help you avoid business failure and also even help you move on.


I hope this would be invaluable to founders and Founder Under 40™ Group members.



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FOUNDER FAILURE STORIES & FREE RESOURCES

***We are not endorsing these material just sharing resource.
77-failed-startup-post-mortems  PDF eBOOK



The Top 20 Reasons Startups Fail by CBInsights  PDF eBook




USEFUL LINKS





How Founders Can Survive Setbacks & Challenges - Guide

http://mblog.bjmannyst.com/2017/04/how-founders-can-survive-setbacks-challenges.html


18 Ways To Kill A Startup or Your Startup - Founders Under 40™ Group Sharing

http://mblog.bjmannyst.com/2017/01/8-ways-to-kill-startup-or-your-startup.html#more


Founder's Blues: Win But Don’t Risk Your Mental Health


http://mblog.bjmannyst.com/2016/07/founders-win-but-dont-risk-your-mental-health.html


How Your Locus Of Control Impacts Business Success - Shared by Manny

http://mblog.bjmannyst.com/2016/03/how-your-locus-of-control-impacts.html


15 Inspiring Business Lessons from Oprah Winfrey - For Founders Under 40™ Group Members

http://mblog.bjmannyst.com/2014/02/15-inspiring-business-lessons-from.html


Everyone Was Made To Be Eagles Not Chickens : Founders Under 40™ Group

http://mblog.bjmannyst.com/2016/07/everyone-was-made-to-be-eagles-not-chickens.html


Tips On Becoming Great This New Year- Founders Under 40™ Group Shares

http://mblog.bjmannyst.com/2016/12/tips-on-becoming-great-this-new-year.html



SOME FAILURES STORIES BY THEIR FOUNDERS


Title: Sprig Couldn’t Cut It In Food Delivery Space
Product: Sprig
“No question, I’m sad that the Sprig model did not work out,” CEO Gagan Biyani said in an email circulated to the app’s users. “The demand for Sprig’s convenient, high-quality food was always incredibly high, but the complexity of owning meal production through delivery at scale was a challenge.”
Sprig had raised $56.7 million to cook and deliver its own gourmet meals in the San Francisco area, but insiders said it was losing six figures monthly and could not expand the service into other cities.


Title: Car startup Beepi sold for parts after potential exits to Fair, and then DGDG, broke down
Product: Beepi
Riding on the hype of transportation startups and marketplaces, Beepi may have raised too much, too soon. “They were running the business to raise money, and then to get someone else to take it on,” was how one person described it.
One investor in the startup said that the founders were too aggressive in pushing for higher valuations. Indeed, co-founder Alejandro Resnik, the CEO, told the WSJ in 2015 that it was looking to raise a “monster round” of $300 million at a $2 billion valuation to fuel its national expansion.


Title: Naspers e-commerce firm Markafoni to shut down
Product: Markafoni
Markafoni was an online shopping destination for Turkish consumers, specialising in clothing and fashion accessories.
“Despite initial success, the business is not scaling sufficiently to be sustainable and in a challenging economic environment for this type of business, the decision was taken to close,” the company said in a statement.


Title: Imzy, the nicer Reddit, is shutting down
Product: lmzy
Imzy was created by former Reddit employees Dan McComas and Jessica Moreno as a safer, friendlier version of the popular community site. This approach doesn’t seem to have served Imzy well in the long run:
“We’ve loved getting to know all of you and seeing you build communities and make new friends. Unfortunately, we were not able to find our place in the market. We still feel that the internet deserves better and hope that we see more teams take on this challenge in the future.”
Title: There’s No Magic in Venture-Backed Home Care
Product: HomeHero
“Almost exactly one year ago, HomeHero lost its core identity when we were effectively forced to terminate our working relationships with 95% of our 1099 caregivers and required to adopt an inferior employment business model. In the process, HomeHero also lost a majority of its competitive differentiators in price, speed and scalability that allowed us to be so disruptive in 2014 and 2015, and it had nothing to do with competition.”
-Kyle Hill, HomeCare CEO


Title: Social bookmarking pioneer Delicious heads to the dead pool
Product: del.icio.us
The once-loved – and much sold – social bookmarking site del.icio.us (or just Delicious, if you prefer), has changed hands for one final time. Rival service Pinboard has snapped up the site for a mere $35,000, and plans to close it down.


Title: Out of Aces.
Product: Bridj
“We made the strategic choice to pursue a deal with a major car company who promised a close date for a sizable transaction in lieu of a traditional venture capital funding round. The close date timeline extended from weeks to months, as they sought to gain the appropriate internal approvals that we (and they) thought were already in place. Throughout, we remained convinced of the close strategic fit and both sides had every expectation that the transaction would close. Despite assurances, and all parties acting in the best of faith, that didn’t happen.
With this in mind, we have made the difficult decision to begin winding down.”
-Matt George, Bridj CEO


Title: Quixey closure reportedly due to Alibaba debt deal
Product: Quixey
Quixey, which revealed last month it was ‘exploring strategic options,’ has reportedly shut down… in part due to its inability to repay a loan provided by a shareholder, e-commerce firm Alibaba.


Title: Amazon Pulls Quidsi Apps After Announcing Plan To Shut Down All Quidsi Sites
Product: Quidsi
After Amazon announced in March that it was planning to shut down Diapers.com and all the other eCommerce sites operated by Quidsi, the company it acquired in 2010 — the online retailer has pulled all of the Quidsi apps from its app store.
Amazon said that it decided to close down Quidsi because it failed to turn a profit after the acquisition. But one report stated that just a few months before the announcement, execs told Quidsi staff that it was expected to reach profitability this year, leading some to question if Amazon’s feud with Quidsi’s founder, Marc Lore, was the real reason behind the decision to shut it down.
Regardless of the reason, Tech Crunch points out that none of Quidsi’s mobile applications were performing well in app store.


Title: The “Death of Paper Coupons” Will Have to Wait
Product: Mobeam
Another company’s dreams of changing the way we use coupons have ended in disappointment. Mobeam is no longer promising to “bring consumers one step closer to phasing out paper coupons entirely,” as it once did. Instead, it has now sold off its technology to Samsung, and has left the coupon industry trying to make something out of the new mobile couponing standard it helped to create.
Mobeam launched back in 2010, pitching a complex solution to a problem that most couponers didn’t know exists: Most retail scanners can’t read a barcode off a mobile device.


Title: Australian streaming startup Guvera has shut down after taking $185 million from investors
Product: Guvera
Australian music streaming company Guvera has reportedly stopped operating, with its co-founder and biggest financial backer walking away from the project. The startup, which was established in 2008, privately raised $185 million before its $100 million initial public offering was blocked by the Australian Securities Exchange last year.
Guvera’s IPO prospectus was widely criticised and the company was forced to issue an updated version with 45 amendments after scrutiny from the Australian Securities and Investments Commission. The company had lost $81 million in the 2016 financial year with revenue of just $1.2 million.


Title: Exclusive: Building materials marketplace Buildzar shuts down
Product: Buildzar
Buildzar started off as a pure-play B2C ecommerce business. In June, it pivoted to a subscription model. Earlier, we used to generate leads and convert them into transactions ourselves. But, after the pivot, we were just doing lead generation and selling those leads in the market … When transactions failed to pick up, we decided to wind up operations, which in my opinion was the right decision.


Title: Boston startup Besomebody, once featured on ‘Shark Tank,’ shuts down app
Product: Besomebody
Shaikh cited three reasons for the decision. Most importantly, the demand wasn’t there, especially when it came to repeat bookings. He said the business would only work if “tens of millions” of people were booking one to two experiences per year, and that just wasn’t going to happen. Second, people were using the app to book fun, one-time experiences, not to “truly learn” about their passions. And that led to the third problem, which was that the app only appealed to people who had expendable cash to put toward fun experiences, not to the full “multi-million-member community” that interacts with #besomebody content on Twitter and elsewhere on the web.


Title: Unfortunate News
Product: BriefMe Media
In short, due to a lack of funding, we are now beginning the process of winding down BriefMe and will be turning off the servers next week … Our users are extremely passionate, but after pursuing every possible path, we no longer have a sustainable avenue forward for the company. Over recent months we’ve been developing a significant update however we haven’t been able to secure another round of funding to finish and get this work to market. Without sufficient capital to provide BriefMe the energy and attention it deserves we have decided to move forward in the best possible manner for our team, supporters and users.


Title: Open source wearable Angel shuts down
Product: Angel Sensor
We’ve been through a really rough patch over these past months. We’ve experienced engineering and financing difficulties, downsized our R&D and fought many battles to keep the project alive.



Title: BitLendingClub Closing Soon Due to Regulatory Pressure
Product: Loanbase/BitLendingClub
We’ve worked extremely hard to build a platform and a community which is uniquely positioned to provide the Bitcoin ecosystem with a greatly needed service. However, over the last year or so, the regulatory pressures has been increasing to the point that it is no longer feasible to maintain the operation of the platform. We are regretfully announcing that we will have to begin terminating the services effective immediately.



For More Checkout Source:
232 Startup Failure Post-Mortems
https://www.cbinsights.com/research/startup-failure-post-mortem/



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