BUSINESS LESSON FROM REAL INITIAL STAGE BUSINESS FAILURES

Going to share something here out of my little business experience, which was very close to my heart, and accordingly, we (me and my one partner) did the hard work also in the same way for the same. , and we got some learning out of it.

Let me tell you that

''This business was more about value-time investment, accuracy, and much more about non-monetary investments, which turned out as huge cost in long run in future, somewhere more than any other monetary investments in any business, we realized it all over the period of time in some later or presently in those times ''

WHERE & HOW WE FAILED..?

we failed at ...👇

1. Targeting our right customer base, as per our services.

- and just because that was not the right customer base for our services, we failed to retain them also.

 *FIRST biggest time investment come here in the picture, which we made with the purpose of retention and long run, but we couldn't succeed in same. *

''HOW ..? ''

— we used to give our services to the customer only and only after interacting with them, after making some little queries, to understand their psychology in trading and stock markets

(a quite fine times, we even denied and not made our services available to some of the members, just because we were able to have some final idea about the end results of those some members, at the end of the day or month after such interactions)

👆and the main purpose of this was,

1. to retain them - 

 we used to interact with them just because, we can get to know what they think about the market, how they gonna deal with their capital, risk management, and other things related to trading, etc.

and we were able to find someone with the right mindset for the same, we used to accept those to provide our services.

(as our main purpose was just to have a strong foundation for our business, and customer auto retention, without any marketing strategies and tactics, we used to believe in good services and words of mouth publicity, as any genuine business expects)

*SECOND biggest time investment, will like to tell here in very brief, otherwise, it's gonna be very long, I understand.

—we were serving our customers in the same way, as they gonna be our lifetime family member, in our business matters. But, the fact turned out totally different, as I have explained each and everything here so much in detail, you can correlate it all well.

but, as we had made a mistake even bigger than this ( discussed below), we couldn't succeed.

FAILURE started from here-

TIME INVESTMENT STARTED TO TURN INTO TIME-WASTING & DEGRADING.

(no retention, no new customer acquisition, as we were left with very little less motivation, and just like with some thought process at the back of mind, we are not getting the desired results, perhaps, we also will not be too..)

*THIRD was,

trying, but not with every endeavor to make it succeed, we gave up and started to do more time killing along with that, we stayed in halfway, no further steps to take it ahead, but tries were also going on with no result mindset.

FAILURE REALIZED HERE AT THIS POINT

customer retention comes later, finding the right customer segments is the first step, in which we failed and this we get to know around more than after a year of the downfall of our business base when we analyzed inside of us daily, in which we invested a hell lot of time, and got negligible returns.

[ How this was not the right customer segment, gonna share soon about that in my next, as this going to be a little longer to tell so much and everything about it in one single go itself., expecting the readers to understand it this limit of mine. ]

in this way, we got the following great learnings;

1. there is a very thin line difference between the right customer base for our business and not the right customer.

2. sometimes, even we, as business person, defines our right customer segments, not right.

3. customer retention comes later in the picture, finding the right customer base and right customer acquisition comes in the first place.

this all is just like .....

'' A SHOT IN THE DARK ''

these are things, which may help you to make your business things worst and convert your time investing >> to >> time-wasting 

& moreover, above this all, you may even not be aware of it.

so,

Dear newbie, and upcoming startups, 

it's all fine if your business ideas etc are something like having traditional easiness or very straightforward clearance about these all targeted customer types of things.

 But this should be an important concern to be considered, mainly for those who entering some new things, a little technical or different kind of service industries likewise

first, identify and look at things as it is & look at the right customer base, as per your business, don't take it lightly or in negligible ways.

Thanks for reading.

let's see you soon next, in which I m planning to share

'' what mismatches and negligible thin line difference were there, between our right customer base, needed/targeted and all the other things around this one topic" and some more interesting things about a business failure other than customer base topic, in some more upcoming.

let me know if I should

till then take care.

& yes! most importantly once again..!

 don't forget to have the right understanding+right finding of the + right customer for your business and according to your business base☺️