As Henry Ford rightly said, ”Failure is simply the opportunity to begin again, this time more intelligently.”
I have always believed in this because failures have given me the confidence to do better in the future. However, it’s something that you have to live with it, as there is no other choice. It is an experience which is very easy to state, although challenging to digest.
In the initial business days, I faced ups and downs, like many others and my first startup, Mobeepay, did not work out. Business associates made my life miserable and, they coercively took cheques from my office, local goons were after me, and even the cops tried to threaten me. Eventually, I had to sell everything; my house, my mother’s house, as I had to pay bank installments, and even sold my mother’s and wife’s gold jewellery. It was arduous for me to go back to the job, but I tried every day. People were not keen to take me, especially when I told them I had court cases against my company.
After the failure of Mobeepay, I started a new venture on fee collection, plug and pay model in 2015, even then my partner said, he would sign an agreement with me on no liabilities of Mobeepay. He also wanted to enter the e-commerce space. I was baffled, confused, and did not understand what to do.
Before settling with one business vertical, I was running after another without firmly working on the heart of the business, which was finance. Leakages were there in my recharge business, but by the time I realised it, it was too late. The website was hacked and, the court passed the order against certain people, but the cops kept asking me for the evidence.
After the failure, I started my latest venture, with my friend’s husband as I always felt business cannot be done single-handedly, even he backstabbed me because of his insecurities and wanted to throw me out of my project idea.
Being a successful person throughout my corporate career, I never expected I would fail, but I did.
I hope no one encounters situations, I have been through, as it’s easy for speakers to say things on social media about entrepreneurial failure, but the truth is, “Success has many followers, failure has none”, I realised this; no one stands by you in your bad times, neither your relatives nor your friends. You would have to battle it out yourself. People will only sympathise, rather than empathising.
I know for a fact, I am responsible for the failure, so I don’t blame any situation or anyone. I was one of the early entrants in payment space, who developed a mobile wallet on J2ME and Symbian technology. I spent a lot of time hunting investors, and in meeting people, to tell them about my idea of financial inclusion with sports, and how I was trying to create an ecosystem.
One question that always bothered me was “WHY ME”, I always helped people to the extent I could, then why me?
I think one should deal with failure as an experience without giving up, and leave everything in the hands of almighty, as he would guide you in distress. I feel you should never share your failure experience or your condition with the society or business people, as they always try to take advantage of it.
Working as a consultant with an international football academy helped me to run my house. I am operating my venture, single-handedly however I have more than 4000 schools/colleges, 7.5k teachers and coaches on board, and participation of 4.6lac players. When I tell people about how tournaments are conducted on my platform, the respect I get is uncanny.
One of the main lessons in business is, you have to be careful about the financial sector. You need to have enough capital before starting and, don’t make loans based on business potential, otherwise, you would end up losing your assets the way I lost it. Don’t run away from people rather face them, till date I tell everyone I would pay up. Assure you have legal aid available and, don’t make legal agreements on your own.
Experience Contributed by:
Nilesh is an experienced serial entrepreneur in the internet industry.He earlier founded Mobeepay Infotech and presently running Mobeesolution Technologies (creating ecosystem in sports at grassroot).