I was 22 years old when our product was sold for five-digit UK pounds. It was the beginning of everything.
Studying in the UK gave me exposure, and I participated in a start-up competition called the Venture Catalyst Challenge with my classmates. We have used the Internet of Things (IoT) technology to control household items such as TV sets and curtains remotely. It was a great motivation for my interest in exploring entrepreneurship.
Later, I returned to Hong Kong and worked in a bank to save some capital for a start-up. Three years ago, my two partners and I developed a takeaway mobile app, allowing users to order meals through apps picked up on their own while enjoying a generous discount.
However, our project ended after running for six months because the takeaway market in Hong Kong was already overcrowded. In six months, I burned through six digits’ worth of funds and had to fire seven employees, one of the hardest decisions I had ever made to date.
After that, I twisted the app idea and created an all-in-one communication app tailored for hotels. Yet, I realised that my second idea wouldn’t work towards success after joining an international exhibition named RISE.
I got a chance to talk to the potential customers directly, but there were no inquiries from hotels, only from people in the e-commerce and retail sector.
It seems that I was unlucky, but I don’t think so. I have learned some things from these two experiences, which have driven my success with SleekFlow today.
“There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again.” – Henry Sy
Keep optimistic but don’t love your product too much
To develop an error-free product that can satisfy the market’s needs, you may experience many trials and failures. Like my previous two start-up experience, I thought my ideas were good at the beginning stage, but later I discovered some bugs.
Also Read: How this founder went from being a tutor to a modern day mompreneur
I tried to make improvements or even twisted to another idea when I found that they may not be possible or unable to fulfil the market’s needs. So, failure always happens when you develop your products, and you have to be optimistic.
Also, you cannot love your products too much. Otherwise, you will not be able to improve them when you discover any problems.
Know your market
Understanding the market size and the market behaviour is vital when you try to create a product or start a new business. You can develop a prototype first and let people try this Beta; you may receive constant feedback.
It’s okay if your first idea isn’t perfect. Find out your niche advantage, leverage it as a starting point, and then keep promoting and expanding.
For example, when we first started with SleekFlow as an omnichannel chat management platform, we only carried a message of “multiple logins” for our customers. Other than constantly assimilating the technical knowledge for our tech start-up, we have had to take the initiative by collecting the opinions of clients and those in the industry.
Even competitors are our source of information and learning. Fast forward to this day, we have expanded with a wide range of functions according to their needs and requests, making it a sales accelerator that generates conversions through conversations.
Use low resources to make a minimum viable product
You won’t know whether your product is suitable for the market or if there are any bugs if you don’t have any viable product. However, developing a small sample of products may require a high cost, and it may not be affordable for start-ups.
No worries! Actually, there are many resources for you to grab for free. You should leverage low resources and make a minimum viable product first to test if it works. There are also some useful podcasts sharing insights from industry experts that could be inspiring for you!
Don’t be afraid to seek advice
Advice brings you surprises sometimes! I found out that my second idea, an all-in-one communication app tailored for hotels, wouldn’t work either after joining an international exhibition.
Also Read: Investor-turned-founder on building SEA’s EV motorbike ecosystem
I heard a lot of opinions from that exhibition and got tangible resources plus industry networking. I used to be afraid to seek advice, but now I know that advice is essential for your future success.
You can get advice from others by simply messaging people on LinkedIn or joining an incubation program like mine. People always share their insights genuinely, and what you have to do is just write a proposal and struggle through a series of interviews.
Make evaluations from time to time
The budget for a start-up is limited, so you have to be careful in making every step. You should not merely spend on increasing the number of users but make evaluations from time to time.
You have to evaluate whether the current customers are worth it for you to spend lots of resources to retent and whether your business model can generate income and be sustainable. By making evaluations frequently, you will be able to find problems and solve them immediately to ensure your business is running smoothly the right way.
Success will follow if you don’t give up
Starting a business is not easy, and I experienced it twice before starting my current business. The best advice that I can offer is not to give up easily. Keep trying and squeeze every last drop of success out from failures. I wish every one of you the best of luck.
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Image credit: SleekFlow
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