Startups Failure Lessons (Essay Sample)
In much of the material in this class you will read about examples of successful entrepreneurs. What you don’t hear as much about are examples of failed entrepreneurship. Keep in mind that over 90% of new business ventures end up failing, so it is just as important to learn from the failed cases as it is from the successful cases.
One of the most famous cases of entrepreneurial failure is Pets.com, which some of you may remember from their “sock puppet” TV commercials from the late 1990s. Another big failure was Webvan.com, a grocery delivery company. These two companies lost hundreds of millions of dollars during their short existence.
Fortunately you can still find TV commercials on YouTube for Pets.com, Webvan.com, and other famous failures. Find a couple of videos of commercials from these companies or other failed companies that you find to be the most ridiculous or most indicative of their future failure. Share the links with your classmates, and explain what about the videos were the biggest red flag to you that the company was doomed. But in addition to making fun of the videos, also explain what you learned from looking into some of these failed companies and what practical lessons you might have learned on how to avoid failusource..
Startups Failure Lessons
Statistically for every business startup that thrives to become one of the successful ventures, there are nine that come crashing. There are a myriad of factors that can lead to business failure, some of which are part of the business plan and execution styles, while others are simply out of the control from the entrepreneurs, such as unforeseen eventualities in the market dynamics (Linamagi, 2015). In most of the content available on business development, cases that are highly regarded are those that have succeeded, but there are an entire lot of other cases that have failed and they are as important when learning.
From the You Tube videos of commercials that had been posted from Pets.com, one of the companies that launched and failed in the late nineties, there is are a number of cues that can be related to its failure (A medley of Pets.com TV Commercials, 2007). One of the key elements is that, the commercials were not dir...
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