My First Failed Startup and What I Learnt!

The year was 2020. I was a bored corporate marketer eager to satisfy my entrepreneurial itch. Being a risk-averse migrant trying to set -up shop in a new continent, I never had the time or the perfect conditions to pursue my dream. I was stuck in the safety of my corporate job, constantly wishing for the perfect time, bank balance, or even an idea worth pursuing.
More than anything else, I wished to be part of the solution, but I didn’t know how to contribute meaningfully.

All of that changed on January 20th, 2020. The lockdown was announced, and I knew this was my moment. With no more agonizing three-hour commute(s), I could use this newfound time to build and pursue the dream hustle I had longed for.

That was the day I rolled up my sleeves and dived face-first into the world of entrepreneurial chaos. I mean, what better time to chase a dream than when the world feels like it’s upside down, right? With a laptop in one hand and a ton of coffee in the other, I started sketching out ideas, brainstorming possibilities, and calling friends for their two cents. Every day was an adventure filled with “aha” moments and the occasional “oh no” setbacks. But every late night and every flopped attempt only added fuel to my determination. Little by little, that uncertain January day turned into the stepping stone for something exciting and new.

The Genesis of Enkore

During this period, I applied to a Women Entrepreneurs Program . It was a different kind of accelerator that worked with women with a dream but who needed some guidance with direction. Thankfully, I was accepted and found myself working with three other women entrepreneurs. None of us had any business or entrepreneurial backgrounds, but we were determined. Our idea was simple — a music marketplace called ‘Enkore’ where singers could perform at events. Our vision was clear: to help musicians find gigs and customers to hire highly-rated artists for their shows or personal functions.

We started with a fail-proof business plan that we pitched at the demo day for the program and lo and behold we won! giving us a neat $1K to build our startup. We built a platform to facilitate anonymous feedback between meeting singers and organizers, along with a dashboard for musicians to analyze their calendars and bookings to assess the impact on their productivity and take home $$.

We had all the bells and whistles of a startup along with the added chiding of established founders — a concrete business plan on paper and a seemingly strong founder team. We thought we had it all — albeit a bit too early.

It was going well till it didn’t. The idea seemed bulletproof with all the fancy trimmings of a business, and we even had revenue trickling in! Deciding to shut down Enkore was very difficult, but there were clear signals and problems we couldn’t ignore. Then what went wrong? For starters, we offered vitamins instead of painkillers. Users wanted a one-click fix when hiring musicians, but we couldn’t deliver that. What started as a software solution quickly morphed into a people problem.

I found myself acting as a talent manager, negotiating rates and ensuring the talent was well taken care of. We built a software system but ended up working out of Excel sheets and phone calls. In all the chaos of making the marketplace work, my co-founders started to leave, and suddenly, I was a one-man army handling both sides of the marketplace — people and tech support — all rolled into one. Our long-term solution required vetted talent and fixed rates, but it wasn’t a SaaS model. How do you standardize rates for musicians with varying years of experience and talent? We needed buy-in from business houses and continuous self-reflection from the musicians. Technology can certainly help, but there’s no silver bullet. This realization came too late. There were glimmers of success, but they weren’t strong or growing quickly enough. The revenue growth was sporadic; we’d earn well over weekends and then face a lull. One fine day — I just lost the mojo to push. Eventually, the slow growth killed the startup.

In Hindsight, What I Should Have Done and You Should Too:

Understand the Real Problem

First, understand the problem you’re solving. Are you offering a vitamin or a painkiller? Your solution must be a must-have, not a nice-to-have.

Get Help. Quick

Next up, hire a solid team or at least delegate the work to your co-founders. If nothing — then hire freelancers. You can’t do everything yourself, and trust me, you shouldn’t try. Talent isn’t just in the skills people bring to the table but also in their passion and alignment with your vision. Find people who are smarter than you in their areas of expertise, and don’t be afraid to delegate. Remember, your job is to lead, not to do all the grunt work. Having a dream team means you can rely on them for great ideas and execution, freeing you up to think big and steer the ship.

Test and Iterate Continually

Never stop testing and iterating. Your first idea might not be perfect, and guess what? That’s perfectly okay! Think of your business as a living, breathing entity that evolves. Gather feedback, run experiments, and keep your ear to the ground for what your users actually want. Be prepared to pivot if need be. Flexibility and adaptability are your best friends in the ever-changing landscape of startups.

Know When to Pivot or Just Let Go

Flexibility is crucial. We were too rigid in our approach and didn’t pivot when we should have. Always be ready to adapt based on market feedback. Sometimes, the hardest decision to make is knowing when to Pivot and when to let go. It’s kind of like holding onto that snazzy blazer that just doesn’t fit anymore (no matter how many times you tell yourself you’ll wear it again). If the signs are there, and your startup isn’t heading in the right direction despite all your efforts, it might be time to pivot or even exit altogether. This isn’t admitting defeat; it’s being smart and pragmatic. Business is all about learning from experiences and coming back stronger. Remember, even the most successful entrepreneurs have had their fair share of failed ventures.

Choose Co-founders Wisely

When my co-founders left, I was in a state of panic and made co-founding partners with my own friends and industry mentors. it didn't survive the test of time and neither did the business. But relationships go a long way - so preserve that first. I wish I could go back in time to undo the tough conversations and mend the burned bridges, but the least I can do is tell you to take the co-founder relationships thoughtfully and wisely.

Community Over Competition

One of the most valuable lessons I’ve learned is the importance of fostering a sense of community rather than viewing everyone as competition. During my journey with Enkore, the moments where we connected with other startups, shared ideas, and collaborated were some of the most rewarding. By lifting each other, we not only built lasting relationships but also discovered innovative solutions that might have remained hidden otherwise. Your network can often be your net worth, so invest time in building meaningful connections and supporting your peers.

Celebrate the Small Wins

In the hustle of startup life, it’s easy to focus solely on the big goals while neglecting the small victories along the way. However, celebrating these small wins can be incredibly motivating for your team and yourself. Whether it’s closing a minor deal, solving a tricky problem, or simply receiving positive feedback from a user, every little victory counts. So, take the time to acknowledge and celebrate these moments — they are the building blocks of your larger success.

Self-Care Isn’t Selfish

The grind culture often glorifies sleepless nights and relentless work hours, but I’ve learned the hard way that self-care is absolutely essential. Burnout is real, and it can derail even the most passionate entrepreneur. Make it a point to take breaks, exercise, eat well, and disconnect when needed. Your health and well-being are the fuels that power your dreams, so treat them as priorities, not afterthoughts.

Every journey, whether rocky or smooth, teaches us something invaluable. As I embark on my new venture with Alternative AI (https://alternativeai.io/) , I carry these lessons in my toolkit, ready to face new challenges and embrace new opportunities. Thanks for sticking around and reading my story — a rollercoaster ride of lessons learned from a bumpy startup journey.

It’s been an emotional ride, filled with highs, lows, and everything in between. But isn’t that what makes the entrepreneurial journey so exhilarating? So, to all the dreamers out there, keep pushing, keep dreaming, and never stop hustling. 🛠️🚀🌈