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What should I do to restart my failed startup and become successful this time?

  • About 4 years ago, I started a startup named TexyPix. It was a website where you could enter a long text, choose your desired frame from a bunch of beautiful designed frames, login with your Twitter account and it would put your text in the frame, upload it to twitpic as an image, and tweet it on your Twitter account. It was an innovative way to tweet long texts, because the viewer didn't need to go to another website to read your full text like other similar services for tweeting long texts. It would be shown right in his Twitter dashboard because it was an image. Also with the collection of beautiful frames with various subjects as love, romance, poetry, politics, vintage computers (Commodore 64's default colors and screen), etc. your tweet would be a lot more beautiful and interesting! I made the website ready to use, designed a bunch of frames and uploaded it, registered it on Microsoft BizSpark and was accepted, CrunchBase, etc., and used social networks such as Twitter and Facebook to get users and investors. I had plans to make it profitable by putting ads, having a frame market for non-free frames, make users able to easily design their own frames using a very simple method and sell them, have promoted frames for special occasions like US presidential debates, etc. Obama could tweet his full speeches in his own frame! And tell people to use his frames to advertise for him, etc. I got many written articles about TexyPix in local and global media. But after two years of working on it and promoting the service, I neither get any users nor any investment and I decided to take it down! What went wrong? And after that lengthy history, I'm thinking of reopening my startup. What should I do and don't do to be successful this time? I have many more great ideas and I've started working on some of them. But the failure of my first startup caused me to be skeptical about being successful. I've experienced a lot of failures before, like opening a computers shop and closing it withing 2 years. Developing a library management software with no customer to sell. An easy-to-use, cheap and secure USB one-time passwords generator device without any success, and many more! I think I got my share of failure! I got my friends' and family's share of failure! I got everybody's share of failure! Isn't it time for me to finally taste success and become a successful person? Thank you everybody in advance for your time and help.

  • Answer:

    Well, we don't know whether your failed startup 'idea' is necessarily viable. To reactivate your business, you need to learn how to build a startup, and be objective about your business, such that if the original idea doesn't validate, you will need to find another one that is viable. Validation = Customers paying for it, btw. Happy to discuss further at one of my free online mentoring roundtables.

Sramana Mitra at Quora Visit the source

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I would say you know better than anyone what went wrong. Coming from a failed startup, I can tell anyone what things went wrong with me and where I made wrong decisions. Just introspect your time when you were running the startup. I can give you some questions just for the start 1) Did you put your heart and soul in to your company when you were running it? 2) Did you do financial/marketing/accounting planning for your startup? 3) Did you go an extra mile to promote your startup? etc... improve this questions list yourself and ask yourself if you have a clear and honest answer for all of them and you will see what went wrong with you. People can tell tons of things about how to run a company but making it a successful company nobody would be able to tell you. There are so many things that can fail a company and same amount of things that can make it a success. It does not matter what kind of start-up you are, the basic fundamentals remains same.

Tarun Sharma

Did you actually asked any users if they were going to use it before you built it? First thing any startup should do is to get out of the building and ask real users what they think. Your brilliant idea might be not so brilliant (or needed) after all. I also suggest you read this book - it's step by step guide on how to launch a startup http://disciplinedentrepreneurship.com/. I read it and it rebooted me when I started my first venture. It's hard to restart again, but you have so much knowledge and experience that chance of success is much higher. Be brave, dream big and die trying.

Daniel Pavlyuchkov

I feel you are trying to do too many things! Firstly try and do some market research and see if there is demand for the product you're trying to sell. Like with your frames product I would say there are way too many steps to get to the final result! A product can only sell if it's saving time and money for users as well as offering something not already offered. In the mean time build your skills by joining a company that does something similar to what you're trying to do. Good luck and don't be disheartened by failure!

Tina Philip

Echoing some of what was said below, you overall should be the one who knows what went wrong first and foremost. That said, I think that there are a couple of really interesting things here. 1) Media attention, particularly at the speed of today, is fleeting at best. The "shiny new object" attitude provides just a short window of attention to expand user base. Many believe that once you hit Tech Crunch or get picked up by large media conglomerates, "you've made it". Yes, it certainly helps, but I've found the same thing you have, it just doesn't translate into longevity. After spending way too damn much money on marketing a mobile game and being featured in blogs, magazines, and new sites, I found little to no lasting results. Organic growth by far and away is the greatest method of building the business, not only because it's free, but because it's real and often lasting. 2) This is commonly said, but failure is only failure if you didn't learn from it. So the question is, what did you learn from all of your ventures that didn't turn out as well as you wanted? It seems to me that you love plotting a new course and not staying on the beaten path. Why stray from it just because things didn't go as you wanted? You don't need to search very hard among successful entrepreneurs to see that they all crashed and burned over and over; it's just part of the game. Being an entrepreneur is in our blood. It's this little voice that just keeps whispering to "keep going", "keep pushing", "this next one is going to be huge". You can't turn that off, it's genetically coded into us - why fight it? Overall, what stands out to me most here is that there wasn't a proven market need. I'm italicizing need because of the massive importance of this before starting a venture. All of your ideas may be great but if no body wants it then it's just not going to work. This is really what I think was wrong at the core of your latest business venture. Yes it sounded like there was some adoption, but not enough. What does that tell you? Well, it means either 140 characters are enough for people so they don't have an issue, or another service is fixing that pain point better or differently than you did. You sound like a talented and passionate individual. Before moving on to any new ventures do some reflection to figure out what exactly happened, so you can figure out how to fix it with a new idea in the future. Good luck!

Aaron Batchelder

Hearing of all those ideas you tried, the only solution which would make you better next time is to read the Lean Startup. And follow it.

Saran Shivarajan

Seems like you either have a lot of bad luck or a lot of bad ideas. To have that many businesses fail tells me you are doing something critically wrong. I would be apprehensive to restart a business that did not achieve results, unless you have identified the exact reasons for why it did not make money. Your persistence is admirable and your concept for TexyPix on paper seems like a good idea. If people were writing articles about your business others believed it was a good idea too, which means something was off with the execution of the business strategy (if there was one). My advice would be to bring someone on as a partner who has successfully started a business. You might be the idea guy, but need help with the nuts and bolts of getting a business off the ground.

Steven Cohen

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