Social, Startups

My Story: Standing Strong Even After Failing at Two Startups

Author: Pardeep Goyal, Entrepreneur and Freelance Writer

I became an engineer because it was a hot trend ten years ago. I joined top a MNC to develop telecom software. It was a good life except I wasn’t satisfied  with work that I was doing. They promoted me as a technical leader but excel sheets sucked the life out of me. Life was suffocating like never before. I decided to jump the wall and resigned to start my company.

Started first company and invested my savings

I co-founded a startup with my friend to solve pain points of schools. We developed lightweight SaaS ERP system to streamline school communication with parents & faculty. Our long-term goal was  to collect student behavior data by analyzing  big data technology and prepare meaningful reports for parents. Well, these plans were just on paper but we were determined to make it a reality.

We started selling our ready to use  product, which was a  cloud-based solution for managing daily operations of schools. In just three months after launch, we had 5-7 schools including 2 paying customers.

We were stuck there; we were not able to achieve further growth despite a good pipeline of potential schools. I think there were two major reasons. First, Sales suck a lot of blood, and we were not professional salesmen. Second, my co-founder wanted quick results by tapping big schools, so his focus shifted to collaborating with political influencers.

We had to shut down before celebrating the first anniversary

There were few more twists & turns. We were running out of money, and we failed to pivot fast enough. We were directionless without any mentor. Both Co-founders were running on different paths. The result was painful; we lost the battle, which could have been won. We shutdown our business before even celebrating the first anniversary.

I had seen many failures in past. I knew how to bounce back. I started attending startup events and meeting startup enthusiasts. I happened to meet with Morpheus Accelerator founders in Chandigarh. They connected me with their portfolio companies.

Joined second startup as co-founder

I joined one of Morpheus portfolio company as a co-founder. I was happy that we were developing education mobile-app for science students. We were making science learning a fun exercise by converting science concepts into word games like Anagram & Crosswords. I learned digital marketing, content writing, integral education and a lot of life lessons from my co-founder & the Morpheus gang.

But things did not work out in our favor

We hit targets of app download (10K installs with 4+ rating) that investors wanted to see. We were strong in team, product, market and execution, but we were not able to monetize our app. One way of hyper growth & monetization was to position our product as exam-scorer (marks centric app). But that was against our vision. We decided to stop working on app development and find something else to pursue our passion.

No regrets, I found my true self

I found my passion in writing & marketing, and my IIT pass out co-founder joined a school as a facilitator on just 15,000 salary. I love to study finance and economics although I am an engineer by education. I love to read topics like banking, stocks, taxation, credit cards and loans.

I started investing in stocks soon after getting my first job. Since then I am learning value investing. I have learned about financial planning, and my friends come to me for advice.

Recently, I have started a blog CashOverflow on personal finance. In future, I will create software tools to simplify finance management. I earn my living by writing about entrepreneurship & finance. I am happy to call myself freelance writer & marketer. I am one of few lucky people who get a chance to work on what they love.

I love to interact with startup enthusiasts and help them in my capacity.

Disclaimer: This is a guest post. The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of iamWire and the editor(s).

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