Failure is part of life. Many successful people have failed in life on many occasions. But failing a business startup can be disastrous and can have a long-term impact on the entrepreneur’s life. The side effects of a failed business are not just limited to financial stress and lack of confidence. Therefore, when someone decides to start a business with positivity and hope, they must also be prepared to accept failures and make necessary changes in their business model. Our today’s story will be learned enough for everyone planning to step into the startup world as a career option.
SK Sundaraman, Commonly known as Rama, had dreamed of becoming an entrepreneur since childhood. He was an outstanding student who had several job options after graduation but decided to pursue an MBA. He believed that an MBA could inspire his entrepreneurial journey. It was the year 2000 – the most discussed terminology in the world of Internet business.
The revolution in the world of communication technology by the Internet was giving birth to many new startups. Ram also decided to start an internet startup. He launched Bannari Infotech, an online networking company for IT professionals. Despite the huge amount of money invested and immense effort, the startup failed due to lack of a strong revenue model. The dot-com bubble burst a few years ago and India was not ready for an internet-based business model.
Business Khabar In an interview with Ram, Ram said that “The day I realized that this business model was not working, I was very disappointed.” I felt broken, but fortunately this failure had taught me a lot. I once again decided to start a new venture with new strength.
In the year 2005, Ram ventured into new business. They Shiva textiles Launched an integrated textile company by the name. Their goal was to research and develop special fabrics in India and eliminate excess value on clothes imported from abroad. Today, Shiva Texyarns is one of the most respected textile manufacturers in India. She has researched over the years to offer a variety of speciality clothing lineups. One of their products is dry sheets – an effective replacement for rubber sheets placed under toddlers. Siva Texyarns is also a manufacturer of chemically organic suits for the Indian armed forces. These special suits protect Indian soldiers from chemical explosions. Today, Siva Textiles is one of the few companies that also exports to China. Today, the valuation of his company is beyond 500 crores.
They have introduced all the necessary products to counter COVID-19. In this episode, he created very affordable face-masks and PPE kits. Their affordable speciality masks come with antiviral treatment and double-layered shield for just Rs 49.
Says Ram, “There was some challenge in launching the products of the new segment and he was not even convinced about its success. However, when he started getting positive feedback from buyers, he was pleased with his old decision.
Despite failing in the first attempt, Ram continued to learn and build a large company – he believes that understanding others’ views about a planned business-model is of the utmost importance.
A firm believer in research-backed businesses, Ram considers innovation in manufacturing technologies and products. Ram COVID-19 advocates calm and composition in crisis. He says the failed startup educated him more than his MBA. The first failure made him realize the importance of hard times in the lifecycle of an entrepreneur. When asked about the difficulties, he smiles, saying, “This too shall pass.”
We get to learn a lot from his story, the first thing is that a person should never be disappointed if he fails. Brainstorm the reasons for failure and learn from it. If you are determined and pursued, then you will definitely get success.