There is a palpable thrill that comes with creating something new – the conception of a unique idea, the painstaking process of nurturing it into a tangible product, and the excitement of presenting it to the world. As startup founders, we’ve been through this exhilarating cycle three times, and each time, we met with failure. This is our candid story of building three products that didn’t make the cut, and the invaluable lessons we learned in the process.
In the vast ocean of products, ours were not lone islands. Competing products existed, but information about their success was as elusive as a mirage. There was no benchmark, no touchstone to compare our performance against. We invested our time, effort, money, and above all, belief into each product. Yet, recognizing their impending failure was a bitter pill to swallow.
Determining the failure of a product is no easy task, especially when emotions are entwined with our rational judgment. It’s like severing a part of yourself that you’ve nurtured and loved. For us, the first sign of impending doom was the consistent lack of revenue. Despite our best efforts to market and push our products, the revenue generated was a mere trickle compared to the ocean we had expected.
So, how do you let go of a product you’ve poured your heart and soul into? This, perhaps, is one of the hardest lessons to learn. You make the painful decision to stop supporting the product, to stop injecting life into something that no longer holds potential. You accept the reality, learn from it, and move on.
Our three failed products taught us valuable lessons in the art of startup survival. First, we learned the importance of a Minimal Viable Product (MVP). This lean version of the product allowed us to test the waters without plunging headfirst into the deep end. We could gauge the initial response and iterate accordingly, rather than investing heavily in a full-fledged product that might not resonate with the market.
Secondly, the significance of early users became evident. Early adopters serve as a compass, guiding you towards what works and what doesn’t. Their feedback is critical in fine-tuning your product to fit market demands.
Next came the realization that finding paying customers early on is essential. These customers validate your product’s value proposition and contribute to revenue generation right from the start.
Further, we learned the value of having reference sites, or success stories, that could vouch for the efficacy of our product. These references can bolster the confidence of prospective customers and increase the product’s credibility.
Lastly, we understood the importance of flexibility in our pricing model. A rigid pricing structure can alienate potential customers. Instead, experimenting with different models helped us identify the sweet spot that attracted and retained our target audience.
Looking back, these failed products were not failures in the true sense, but stepping stones on our path to success. Each misstep taught us something new, shedding light on facets of the startup world we hadn’t considered before. The journey was painful and often disheartening, but it shaped us into more resilient and knowledgeable founders, ready to face whatever challenges the entrepreneurial journey might throw at us.