Reflection and summary of entrepreneurial failure

failure is not terrible, can find a lesson from the failure, is a harvest. After graduating from college, I and like-minded friends rented a store, entered the field of entrepreneurship. There have been happy, but finally ended in failure, and now I will reflect on the failure of my business and summary to share with you, I hope to have entrepreneurial ideas and friends in the business to help.

1. lack of prior planning. We had chosen to do fast food, because I think this industry is relatively low threshold, the risk of pressure is small, fast cash withdrawal. Because of this illusion, let us look down a lot of details, the lack of planning for business, so that the consumer population, the cash cycle cycle, the expected turnover of the assessment, when the risk comes, unprepared. Lack of understanding of

2. industry. Due to the lack of in-depth investigation of the food and beverage industry, resulting in a little touch on the operating mode of the north. Our consumer groups, migrant workers are, they have three needs: the restaurant business area to 90 square meters, and our restaurant area of only 40 square meters, more than 20 varieties of fast food at least (less than 18 US); Steamed Rice to eat. These basic demands are ignored by us.

3. positioning is not clear. We first do is fast and the effect is not obvious after the Guilin Rice noodles, fast food and economic delicacies, and later launched the stone fish and fast food. Positioning is not clear, to consumers a great illusion. Diversification has also caused the power to disperse, the quality of dishes can not be effectively improved.

4. location problem. Do catering, site selection is critical, the location of the reference indicators: the existing consumer groups, potential consumer groups, contract period. We consider the location, long enough, then the factory relocation, causing passenger dropped, this is the biggest mishap.

5. property management is not in place. In the food and beverage industry, the chef is the most important type of work. At first we hired an experienced chef, and a certain percentage of the bonus as an additional reward to stimulate their initiative. However, due to procurement and other aspects of our control, the chef gradually slack. But after he left his own business very hard, in the cost and control of cooking. Because property management is not in place, dampened the enthusiasm of the chef and the impact of benefits.

6. partner problem. The three partners are very diligent and hard-working, but no one is fully competent in planning, management and marketing. In addition to these guys to slow the character, I as a leader, not fully arouse their enthusiasm in the process, when the business problems failed to improve. Venture partner is very important, not to have the idea to start a business together.

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