More precisely speaking the Tapzo was an application aggregator it united application across all classifications under a solitary rooftop. In spite of having a gigantic client base-around fourteen thousand clients, standard memberships, and strong speculations, the startup was esteemed almost at a large portion of the worth of the last round of ventures. This prompted the procurement of Tapzo by Amazon Pay.
Would you be able to envision an application that will aggregately join any remaining applications? You might figure this kind of start-up application can bring in gigantic cash as individuals will frantically utilize such applications. Yet, today we will be going to examine such an application that was fizzled on the lookout.
The application is “Tapzo” which was once advanced by Bhuvan Bam. This application got such a lot of advancement in its initial days that it reached close to 100 million valuations rapidly. Yet, its prosperity didn’t have a long run.
Ankur Singla began this application in 2010. It was not Tapzo in its in front of the pack. It was Akosha who help to oversee the issues of their clients. Then, at that point, it becomes Tapzo in 2016 which was an application aggregator.
The company got 5 million clients in a matter of seconds. They had the best planning to enter the market. They got legitimate subsidizing. They had an astonishing group. Having these, they fizzled. Let’s look at the reasons behind the failure of Tapzo.
They previously made Akosha, then, at that point, they changed over it into Helpchat, and they at last changed over in Tapzo. At the point when an organization changes their business name so habitually, it hampered their standing and trust among the clients and their financial backers. One organization needs to accomplish such a great deal of exploration to enter another market. However, Tapzo didn’t do that appropriately.
Issues in Income
Any organization needs to deal with its income cautiously. However they had an extraordinary application, yet they didn’t have positive capital in their fiscal reports. They got immense support from different financial backers. Whenever they had the cash they utilised it in obtaining clients by advertising. In any case, it didn’t mean they are getting sufficient cash from customers to support on the lookout.
More Reliance on Investors
They generally depended on their financial backers. They began to fund-raise without feeling how might they make the application beneficial. So at first financial backers poured their cash into this promising beginning up, however, when they understood they had no reasonable vision on the future, they quit giving cash. In this way, the application was in the circumstance of liquidation.
Ignoring the Customer Requirements
They didn’t pay much attention to their customers. They didn’t figure out how to function their application so much easier rather they were more into discounts. Yet, a discount isn’t the arrangement, an organization needs to further develop its functional strengths, so a circumstance like giving a discount seldom happens. However, Tapzo didn’t buckle down in that field.
Selling the Organization
This very much subsidized fire-up went available to be purchased in only 40 million dollars to Amazon pay. They had a huge potential to get more exorbitant costs however they couldn’t support themselves in such circumstances for a smidgen of time.
Amazon got this open door and acquired Tapzo as it had immense information on client purchasing propensities and other related information which assists them with being a market aggregator. Different specialists of Tapzo are currently working at Amazon which is presumably an indication of a disappointing fire up.
Conclusion
Doubtlessly no sort of issue what clients are into, it is only out and out to peruse this report about Tapzo’s Story. I was truly pulled in addition to the fact that it included numerous things; however one needs to become familiar with the mix-up. Truly, what’s not to gain from their mistake here?
FAQs
Why is Tapzo closed?
Changing business regularly, Toom much dependent on investors, and ignoring the customer requirements were some of the reasons that led to the downfall of Tapzo.
Who acquired Tapzo?
Amazon acquired Tapzo for $40 million in a cash deal in 2018.
What does Tapzo do?
Tapzo is an aggregator that provided multi-services such as cabs, recharge, food, deals, bills, mobile payments, and news.
If you have gone through the news, you will find a story of a Kanpur businessman surfacing everywhere. Packets of seized currency notes after Income Tax officials’ raid at the premises of businessman Piyush Jain, in Kanpur, on December 24, 2021. Piyush is a businessman of perfumes in the perfume capital of India. India’s tax authorities have seized wads of currency notes running into millions of dollars and several kilograms of gold from the premises of the businessman.
This article is about Piyush, the money recovered and everything in between and after that. We will read about the perfume capital of India. How Piyush is found guilty, how did the money that was found come to Piyush and where is he now ?
It was the 24th of December when a news story showed that a Kanpur based perfume businessman was caught with about 200 crores of cash in his house. Piyush Jain, the Kanpur based perfume trader was found with this questionable amount of money in his house.
Tax officials raided his house and found this enormous amount of money and kilograms of gold. The simple and normal looking person as Piyush was to the outsiders, the news piece was a surprise not only for the country but even to the people who knew him.
The intelligence wing of the goods and services tax department found unaccounted wealth, including around 23 kilograms of gold in the form of biscuits and currency worth over $24 million, from a perfume trader. The seizures were carried out at the premises of Trimurti Fragrance Pvt Ltd, Odochem Industries and a transport company called Ganpati Road Carriers, all based in the north Indian state of Uttar Pradesh.
“This is the biggest ever seizure of cash by the Central Board of Indirect Taxes and Customs. The documents seized from the premises are under scrutiny,” the statement said. During interrogation, Jain also accepted that the cash recovered from Odochem Industries is related to the sale of goods without payment of GST.
Kanauj – The Perfume Capital of India
Kannauj is a little city in Kanpur in the Indian state of Uttar Pradesh. The fact that its history is rich in the fragrance of perfume makes it the perfume capital of India. Being the perfume capital in the second-most populous country in the world elevates its already shiny appearance to the country and the world outside.
The city of Kannauj is a little over 2 hours away from Kanpur in the state of Uttar Pradesh. The fact that Kanauj is primarily known for making perfumes should not be regarded as a ticket for cheap perfumes with quality. Even better, you will find the very popular variety of perfumes called attar. Attar is the regal perfume of the ancient world.
It is said that the city has a long history of making perfumes. Some experts even say that the perfume practice dates back up to thousands and thousands of years. The art of attar is well known in the city.
While perfumes are made from alcohol or have some or the other constituent that is based out of alcohol, the attar is completely different. Attar is made from essential oils, which makes it unique and attractive.
The ‘Eyebrow raising’ Simple life of Piyush Jain
Piyush Jain lived a very simple life. He never indulged in any sort of luxury behaviour or any expense that seems unusual. He lived a simple life, had a simple car, and always dressed simply.
Piyush’s father was a soap manufacturer hailing from Mumbai. Piyush and his brother were noticeably studious and both went on to get masters in the stream of science. The brother’s wives had bachelors degrees in science. They were a single-family with knowledge of science in abundance. With that knowledge, they started manufacturing compounds of perfumes.
The family mastered the art of manufacturing sandalwood oil through chemicals at a low cost, rather than from natural sandalwood, and thus started earning huge profits. Piyush Jain used to sell the perfume compounds to different foreign clients. Among others, he also supplied fragrance to the Shikhar Pan Masala company.
Let us see what people have to say about the case and the “Eyebrow raising” simple life of arrested Piyush Jain.
Mr. Suresh, who has known Mr. Piyush Jain for four decades, said there was no criminal case against anyone in their locality. Mr. Piyush Jain is a “wonderful human being” who lived a “simple life” and did not even carry any security with him, said Mr. Suresh. “I cannot understand how he got trapped in this matter,” he added.
One of the close acquaintances of Piyush Jain said Jain always used to dress simply. Besides his bungalow, He owned a scooter and used to drive around his Hyundai Santro and an old Toyota car.
According to Mr Gupta, Mr. Piyush Jain’s father worked in a soap manufacturing company in Mumbai. Piyush and his brother both had masters degrees in science while their wives had bachelors degrees in science. Using this knowledge of chemicals, the family started manufacturing compounds for perfumes, said Mr. Gupta.
The family mastered the art of manufacturing sandalwood oil through chemicals at a low cost, rather than from natural sandalwood, and thus started earning huge profits, said Mr. Gupta.
Mr. Gupta also said Mr. Piyush Jain “had a lot of faith in his religion” and made contributions of ₹60-70 lakh for the building and revamp of two Jain temples, including one in Tirwa.
A perfume trader from the Jain community said he would often bump into Mr Piyush Jain at the temple. “He is a simple and sober person, had nothing to do with the society, even to the extent that he never made anyone his confidant,” said the trader.
PM Narendra Modi publicly announced that Uttar Pradesh has a fragrance of corruption and black money under the rule of SJ. SJ here means the Samajwadi party, a leading political party in the state of UP.
As it is the time of elections and each and every political party is trying to prove that they are the clearest and clean. This news of Piyush Jain, a perfume trader, stacking hundreds of crores told a completely different story.
PM also alleged the Samajwadi party for being related to the scam and corruption in the perfume capital of India. The case has turned into a political agenda where the motive is to qin elections.
The Same Name Issue
According to the most recent reports, there are actually two P.Jains in the city of Kannuj. One is the arrested Piyush Jain and the other person is named Pushpraj Jain. Pushpraj is also a perfume trader and has the same name initials.
The 60-year-old Pushpraj Jain is a “philanthropist” in Kannauj and a politician who also owns a petrol pump and a cold storage unit and has a house and an office in Mumbai.
The news probe stated that there must have been a change of names and the wrong person was raided. It raises more concerns on the authority to recheck the records and make sure that the correct person is raided. If this raid was unnatural then there can be supposedly more traders with black money.
The Pile of Money Recovered from Piyush Jain
On the 24th of December, it was reported after a raid on Piyush’s residence that a huge sum of money was recovered from his home. The directorate general of GST intelligence said that the first amount that they recovered was about 177 crore rupees from the residential premises of Odochem Industries in Kanpur. It was one of the biggest raids and seizures by the CBIC officials.
Piyush Jain Kanpur Raid
The Directorate General of GST Intelligence said it first recovered unaccounted cash of ₹177.45 crores from the residential premises of Odochem Industries in Kanpur, in the biggest ever seizures by the CBIC (Central Board of indirect taxes and customs) officials.
The story doesn’t end here, it was probably the beginning. The DGGI officers then recovered ₹17 crores in cash from the residential factory of Odochem Industries in Kannauj, while also recovering around 23 kgs of gold and a huge quantity of raw materials used in the manufacture of perfumery compounds. Everything until this segment was unaccounted for.
The newfound materials included more than 600 kg of sandalwood oil hidden in underground storage. That alone had a market value of about ₹6 crores. Moreover, the gold that was recovered had foreign markings, the Directorate of Revenue Intelligence (DRI) was roped in for necessary investigation, said the DGGI.
The perfume capital of India is famous for its perfumes, the practice dates back thousands of years. This new smell of black money stocking really stains such a great history. Piyush has been arrested and he is waiting for his trials at the court of law. As of now, he is spending time thinking about what he will do now to bail out of this situation.
We don’t think there is much of a light left for him, as this is such a big case of black unaccounted money. Some say that this amount of money is related to political parties in Uttar Pradesh. This has also become a new political agenda where politicians play the blame game. However, This case has a lot to do with businesses and the income that they can hide successfully and illegally.
The government has to make strict rules to make not just the perfume capital but the whole of India devoid of unaccounted money.
FAQ
What was the business of Piyush Jain?
Piyush Jain was a perfume trader and he used to sell the perfume compounds to different foreign clients.
What did Piyush Jain do?
Piyush Jain was arrested on charges of evasion of Goods and Services Tax (GST).
“Failure is not the opposite of success. It’s part of success. When you realize that, you free yourself from the fear of failure. In life, failure is inevitable.” – William Ritter.
We’ve been told our entire lives that failure is the worst thing that can happen to us and that if we fail, we’ll never go forward in life. This is what we’re told at school, at home, and at work: if you fail at anything, you won’t succeed in life.
The fear of failure traumatizes us and makes us feel that we will never succeed in life if we fail or are rejected. It might be difficult to battle when your prior mistakes and failures haunt you and convince you that you aren’t good enough or don’t have what it takes to continue whatever it is that you want to do, but you have to keep going no matter what. You owe it to yourself.
We can only learn some of life’s most essential lessons via failure. Failure can lead to success, but it may also lead to further failure. You may learn to take advantage of each loss by allowing it to drive your future desire and accomplishment. You’ll lose if you allow your prior failures to get in the way of your potentially bright future.
Still haven’t had enough? Here are some additional reasons why you should welcome failure with open arms in 2023 and why failure isn’t as bad as it seems.
Failure not only helps us grow into better versions of ourselves but also makes us courageous. It takes bravery to accept and embrace failure, but it takes much more fortitude to get over your failure, learn from it, and strive for success after you’ve failed.
Because hardly everyone has the bravery, make the most of it by failing until you don’t. When we fail repeatedly and become accustomed to it, we begin to believe that there is nothing more to lose, and we go all in, regardless of the consequences.
Failure Teaches Us Humility
People who haven’t failed have had fewer opportunities to examine themselves closely and comprehend their reasons. They might come out as arrogant, even cocky, in their approach to what they’re doing.
And we have a tendency to let success go to our heads when it comes early in our careers. When we allow our success to get the best of us, we become conceited, believing that we have accomplished everything there is to achieve in life and that nothing can knock us down. That is when our collapse begins, and it is only after we have reached rock bottom that we appreciate the value of what we have and how we should have maintained it. That is when we see the importance of appreciating our blessings and being grateful for what we have been given. Yes, boldness is fantastic. Knowing how far you’ll fall before you hit rock bottom is preferable.
That way, if you do take a jump, you’ll do it understanding what you’re doing.
Failure Allows Us to Accept Responsibility
Only through failing can we learn to accept responsibility for our mistakes and accept our defects. We know exactly what we need to accomplish and which areas we need to improve on when we assume responsibility for our errors.
Accepting our flaws and failures takes bravery, but once we master it, no one will be able to raise a finger at us.
Failure has The Ability to Bring forth Our Greatest Qualities
Failure has The Ability to Bring forth Our Greatest Qualities
Failure allows us to try new things and shift our view of ourselves and our environment. It allows us to delve deep within ourselves and discover our genuine identities. Nothing is more powerful than discovering something about ourselves that we didn’t know or were aware existed before. Those of us who talk about failure in a positive light probably do so because of what it has taught us. It doesn’t imply the pain is any less intense or that the experience is any less unpleasant. The realization you get is that messing up isn’t a detour from your trip; it’s a necessary part of it.
When we fail, most of us become frustrated without recognizing that there is a valuable lesson to be learned. Make a positive return cycle out of your negative process. If you made a mistake, remember that there’s nothing wrong with it. Consider the failure to be a helpful learning tool.
Use it to ensure that things are done correctly the following time.
Failure permits us to reflect in ways that we would not have been able to if we had succeeded. Take advantage of this! Determine what’s keeping you from achieving your goals so you can close the gap.
Stop berating yourself and victimizing yourself; instead, consider what you should do differently next time to prevent making the same mistakes. If you don’t see anything to be learned, you’ll keep making the same mistakes until you figure out what you need to know from that failure.
Even those who appear to have learned nothing have had to confront aspects of themselves that they would not otherwise have had to face. Maybe they’ve made the same mistakes before since they weren’t major red flags.
Till now we have covered various aspects of failure and how we should embrace failures in life, but failing, again and again, should not be an option. There is an old saying, a mistake repeated more than once is not a mistake, it’s a choice.
Therefore, we should look into other factors mentioned below that play equally important roles in our failure.
Failure Due to Fear
We always try to follow the herd mentality, and we end up doing something that we truly do not enjoy or fear losing social prestige. To know if we carry a fear of failure, we generally ask questions starting with What if?
Failure Due to Indiscipline
Many people believe that discipline takes our freedom, but it’s a half-truth that people tell themselves. In reality, being disciplined allows us extra time to do things that we like or have fun with while doing.
Failure Due to Poor Self-Esteem
People who have thoughts of inferiority, tend to fall into the failure category all the time, they live in their poor thoughts of not having sufficient. They doubt their own abilities instead of working on them and that makes them focus on the wrong side of the aisle. People with low self-esteem end up doing nothing and quitting on everything they take into their hands.
Failure Due to Distractions
Monomaniacal, bloody-minded, ruthless focus on a solitary goal is key to success.- Dr. Roman Saini, Co-Founder, Unacademy Group
The above lines accurately sum up the amount of focus required for success in any undertaking and failing to maintain focus leads to failure.
Failure Due to Irresponsibility
Blaming others for your failure is called escaping or putting the fruits of your deeds into others’ laps. If you want to drive your course of life in a successful direction, you should start taking responsibility for your actions as well as for your failures too.
Conclusion
Doing something that you have a chance of failing at indicates that you are doing something meaningful. Life would be monotonous and uninspired if you didn’t push yourself or evolve into someone new on a route of ease and comfort. So, just because you made a mistake or failed at something, don’t quit up; it’s not the end of the world yet. Regroup, reassess, and strategies, and then make your move.
FAQs
Why should we embrace failure?
Embracing failure means accepting our flaws and understanding the situation well. It leads to making us know what mistakes we need to avoid in the future and helps us in being a better version of ourselves.
What can you learn from failures?
Failures can teach us the below things:
Bravery
Humility
Responsibility
How does failure affect a person psychologically?
Failure can lead to psychological effects mentioned below on a person:
The world we live in is a place where now nothing seems impossible. Whatever we had hoped for, is turning into a reality now. Our life is nothing less than a sci-fi movie. One of the prime elements of this new world is social networking sites. It not only helps us to communicate with each other, which is the most significant thing but also other relevant things as well. We get to share our ideas, photos videos basically our entire lives on these platforms.
Facebook, Twitter, Instagram, WhatsApp are just some of the most popular social networking sites of this era. Like their name, it helps us in socializing with people, even with those who live in some entirely different part of the world.
One such social network is Clubhouse, a unique way of communicating with people. In this article, we will talk about the rise and fall of Clubhouse and how it has affected Social Media altogether. So let’s not wait any more, and get started with the business.
“If you are on social media, and you are not learning, not laughing, not being inspired, or not networking, then you are using it wrong.”
Clubhouse was founded in the month of March of 2020 by Paul Davison and Rohan Seth. At first, it was only available for iOS users but now android users can also use this app. This app provides the users with an option to listen to their favourite celebrities and influencers as if they are on a phone call.
Here, people discuss various topics where users also get to be a part of it. At first, it was an invite-only app, where people can only use it when they got an invite from a user only, but now anyone can join the platform and use it according to their wish. it can assist groups of thousands of people.
Here, people can use their voice to connect with people, tell stories to update them about their life and get to know and meet interesting people. It was launched during the initial period of Covid-19 when everyone was confined inside their home.
Although the popular social media apps helped in keeping people connected, there was a lack of human touch. The audio-based social media gave a real feeling and a touch of humanity.
Features of Clubhouse
Some of the special features of the Clubhouse app that makes it unique and interesting for the users are down below:
The app asks its users to make a profile, where they can put their own information for other users to know about them.
This voice chat app is divided into rooms where communication takes place, the topic can be anything. The rooms are dedicated to different topics and it has a name a list of members.
A user can grow their business with the help of this app, as it helps you find the desired potential customers for your business.
The clubhouse provides its users to hold meetings with a huge audience where they can indulge themselves in the topic. The number of people can be 5000.
The Rise of Clubhouse
With its exclusive features at a time of where people were confined inside their homes, it was able to entice the people, and naturally, the app created frenzy amongst the social media users. The Clubhouse kept on trending in the year 2020 and also at the initial months of 2021.
Global Monthly Installs of Clubhouse
Businesses that were intended to connect with their audience in a more personal way. When the app was alone available for iOS users, it had over 10 million downloads. Such was the popularity of this app that, NFL collaborated with it and made a space where people were able to participate in a conversation especially related to football.
Clubhouse NFL Collaboration
There were a number of reasons why the app was a huge success, amongst them probably the biggest one is that it helps to connect with your favourite celebrity. Jared Leto, Justin Bieber, Oprah Winfrey, Kevin Hart, Drake, Mark Zuckerberg, and others are on the list of celebrities.
As the video was not present, it created less distraction and was able to offer its users quite a great service. Its exclusive feature of the invite-only option, where one can join a conversation if they are invited by an already involved user was also a reason for its rise.
The app saw a sudden rise in the market but it also experience a sudden downfall as well. As per reports, Clubhouse saw a 70% decrease in their average monthly users. According to some surveys, this downfall is the result of people returning to the somewhat ‘new’ normal life.
It can be considered as a one-time wonder because during the lockdown people craved for actual human conversation and this app has done quite a lot in that field.
People now don’t have that time to indulge in this conversation when they can now have actual ones. The number of notifications can also be considered a nuisance that makes people avoid this because it always sends some kind of notification and this may become a reason for irritation for people.
Clubhouse Notifications
Other popular social media app started introducing this audio feature in their platform and become their competitors. Twitter introduces sound space, Instagram introduced an option where you can go live without turning on the video, communication is possible only through sound. Facebook Live audio rooms are also considered a huge competition.
As mentioned above, Clubhouse disabled its invite-only feature and now anyone can join the space of their preferred topic. Somehow, it has lost its exclusiveness, which led to the downfall of the app.
Competitors of Clubhouse
Some of the popular competitors of Clubhouse are:
Twitter Space
Discord Stage Channels
Facebook Live Audio Rooms
Telegram Voice Chat
Reddit Talk
Fireside
Leher
How Clubhouse Changed The Environment of Social Media?
Clubhouse is definitely not the first audio-based social media platform, but it certainly was the most famous one because it came at a time of need, the pandemic era. This app coerces other popular social media platforms to introduce the audio feature in their app so to entice the audience and become a competitor of Clubhouse. This bought a change in the social network industry.
Although there are people who are still using Clubhouse the hype has died down and anyone can see that. With several competitors in the market that are already established brands, if a new app is not able to hold its exclusivity, it is bound to happen. If Clubhouse wants to go back to its initial days, then it must introduce some new features that will be able to catch the attention of people and will be able to engage them with the platform.
FAQ
Is Clubhouse losing popularity?
Yes, the downloads of the app have started falling drastically. The social media app had 10.6 million installs in February 2021, 2.9 million in March, and 873k in April.
How did Clubhouse become so popular?
The Clubhouse became popular as it was an exclusive invite-only app, and during times of covid, it helped people to stay connected in a more personable way.
Is Clubhouse still invite-only?
No, the app is no longer invite-only, anyone can join Clubhouse.
The average life of a global enterprise is usually just 2 years; most of them fail and cannot survive after this time, due to different factors. Among them, we can find financial lack of control, bad administration, and a little vision to take them into the future. In the next top 8, we will be able to give you some tips to prevent your business from failing and even to boost it.
Researching the market is probably the number one step that every entrepreneur or business owner should take. This is as such a tool applied through surveys, evaluations, and file information, which allows knowing the real needs that consumers have, their tastes, preferences, and profile.
It should be done in order to know how the competition develops, what customers are they looking for and the opportunities they have to be a strong company. By having this information very well-identified, viable business models can be created and adapted, which by themselves are already promising for the future.
2. Take Care of Finances
Take Care of Finance
The administration of financial resources is very important to be able to support the entire business and prevent it from falling. The rules that must be followed include the constant review of the financial statements, the measurement of expenses and income, and taking into account the need for financing at some point.
In other words, every business that wants to accelerate its growth needs to obtain sufficient financial resources to achieve it. In one of the reports on credit and growth, we learned that only 40% of entrepreneurs focus their resources on strategies that can create long-term value.
3. Set Goals and Objectives
Set Goals and Objectives
It is important that you adhere to the business plan that you created, in order to have the goals and objectives established and to know where it is necessary to direct your business. In other words, this helps you know what you and your team need to do in order to take the company to the next level.
You can follow work methods in which everyone knows and defines their tasks to fulfil them on an estimated date, and thus obtain the improvement and growth metrics they are having.
4. Identify Areas of Opportunity
Identify Areas of Opportunity
Identifying the areas of opportunity is the only way in which a business can improve and be more likely to continue operating and attracting customers. Ideally, you should constantly get feedback from your customers, to know what your service is like, the quality of your product, or even what they need.
You must identify those aspects within the business that need to be improved, for example, manufacturing, administrative, or even maintenance processes, and think about how you can improve them.
5. Find the Differentiation
Find the Differentiation
One of the very important qualities that prevent a business from failing is its differentiation. By offering something totally innovative that makes the business stand out, it is possible to attract an endless number of clients and consumers who wish to satisfy any need.
Companies that manage to be disruptive stand out from their competition and even manage to change the development of their industry. In Latin America, different businesses have been created that start from being SMEs to achieving a big breakthrough.
6. Attract Customers Constantly
What makes a business work, in addition to finances, are the clients since they are the source from which the capital is obtained so that everything continues. There are different ways to attract them, for example, digital presence, different sales channels, advertising on social networks, and other marketing strategies that you can adapt to the vision of your business.
At this point, we recommend that you must know very well the profile of your clients/consumers and that your efforts really serve and turn into sales.
7. Startup Costs for Starting your Business
In addition to infrastructure and personnel costs, it is necessary to take into account the costs of setting up the company itself. The main expenses to start a business are the fees of the Board of Trade and the issuance of the permit, if applicable, in addition to others that vary between states.
The total cost by traditional means can vary from R$700 to R$2,000. However, the facilities of the internet already influence these processes and the costs to start a business online may be lower than that.
8. Working the “Fear” of the Risks of Starting a Business
Working the Fear of Risks
One of the biggest fears faced by the entrepreneur is making mistakes and, consequently, losing the money and time invested. Among the risks of starting a business, this one stands out. This fear usually arises from insecurity in making some important decisions that involve risks. The tip is: take risks, even though you are going to make mistakes. You might take wrong decisions and will make a lot of mistakes but this is natural.
It is estimated that out of 1,000 businesses, 800 fail in the initial stage of growth due to their negligence towards several crucial factors. Therefore, by following the above tips, you can increase the chances that your business will continue to develop in the market.
FAQs
What is the most common cause of failure for a startup?
The causes for startup failure are money running out, lack of research/being in the wrong market, ineffective marketing, bad partnerships, etc.
Why do 90% of Startups fail?
The major reasons behind the startup failure in India are lack of motivation, lack of funds, lack of focus, lack of agility, business model failure, etc.
How can startup failure be avoided?
The startup needs to be updated with the technology and the software that they are using. All the members of the company should communicate, motivate and channelize the energies of the team to be successful. By following this we can avoid startup failure.
What happens when Startups fail?
When startups fail they would apply those payments to any outstanding debts, liquidate assets to pay debts. In many cases venture, capital investors, and other investors will end up with the loss.
These are the words of the richest man on earth, the founder of Amazon, Jeff Bezos. He loves failure, because he knows very well that the only way to success is through failures. That is why he didn’t mourn the failure of the earlier launched innovation Fire phone. The phone failed deliberately but it wasn’t something that can move the roots of Jeff. He is not one of the easily shaken souls. Here in this article we will articulate the story and learn about the whole episode.
“We are working on much bigger failures right now” – Jeff Bezos
You must be living under a rock if you don’t know what Amazon is. Amazon is the world’s biggest E-commerce platform founded by Jeff Bezos. It also focuses on cloud computing, Artificial Intelligence and digital streaming. It quite literally covers the whole world, by the enormous impact it creates.
How was the Fire Phone Idea ignited ?
Can you tell which is the most famous device to read books digitally ? Well, if your answer is ‘Kindle’ then you are right. Kindle is the brainchild of Amazon and essentially a brainchild of Bezos.
As you may already know, Amazon was built on the foundation of selling books online. In further that direction, Jeff innovated and anticipated digital reading that led to Kindle.
Just after witnessing the popularity of Kindle, Jeff decided to disrupt another segment, known as the smartphones. The entrepreneur decided to make a phone that will disrupt the market with its specificities.
On June 18, 2014 the Fire Phone was unveiled for the first time to the public. At the first glance it really looked like any other phone in 2014. So the physicality of that phone was not much of a show starter. However the cool thing was the experience that the phone provided.
What made Fire Phone unique from normal phones
Fire OS
Fire Phone – Fire OS
An operating system free of the Google elements, that’s unique. The reason behind this uniqueness is that we all know Google dominates the android market in the world. Amazon did something different with that, it tried to make its own OS, a redesigned app tray, settings, framework everything new. A new app store, a new UI, to match the new elements of the Fire Phone.
Dynamic perspective
Fire Phone – Dynamic Perspective
This is the biggest “flex” that the phone showcased. Fire phone can be said to be the first phone with a dynamic perspective. Amazon can be said to be the first brand to scale it. The phone had depth, that means you can actually tilt the phone left to right and see the sides of apps, maps, images etc. That can even be used as a gesture to move through book pages or any list.
This was the innovation that Jeff wanted to present to the world. A new way to navigate through your phone. This was the creative challenge that Jeff posed in front of the engineers.
The basis of this dynamic effect was that it used the phone camera to constantly track the user’s head to tilt the screen according to the head angle. As some people opposed questions on its practical uses, This was seen as such a unique innovation.
Firefly
Fire Phone Firefly
The scan and search anything option was another bright LED to the belt. Amazon added this feature to strike a tough competition to the other smartphones. The Firefly option is a feature that you can use to scan and search almost any item with your camera.
Some people argued that this was an amazon promotional feature and to be honest, it was. More than that it was one of the uniqueness that the phone entailed.
Amazon didn’t released the sales figures for any of its devices, but based in part on its quickly declining prices, it announced a $170 million write-down; analysts have judged it having not been commercially successful. Amazon ceased production of the Fire Phone in August 2015 and discontinued sales soon after.
Why does Jeff Bezos consider Fire Phone Failure a good thing?
“If you think that’s a big failure, we’re working on much bigger failures right now — and I am not kidding,” he said. “Some of them are going to make the Fire Phone look like a tiny little blip.”
All these words show the bright and healthy innovation potential that Amazon has in store. Jeff has such a positive outlook towards even a big failure like this. He says that a small amount of win pays for all the losses.
Jeff is famous for his attitude that he showcases even in adverse situations. What really matters for people is to experiment and embrace failures. This mental model goes well with corporations too.
Companies who fear failure do not go much ahead in the world. It is with the positive outlook towards a failure what makes it a stepping stone for growth or success. Jeff does this thing well.
He has nearly created billions of dollars of failures within Amazon, None of them matters to him. He says experimenting runs through Amazon’s veins and it is quite evident with his views and his past experiment’s track records.
Conclusion
If we talk about Jeff Bezos for more than five minutes, we all will feel motivated and this article will turn into a motivational speech. The reason is simple because of the wonderful personality that the person has, or gained through years of hard work.
It is not just some sort of being at the right moment at the right time, It is more than that. If you have read the article with your full consciousness then the secret would have unfolded in front of your eyes.
Speaking of the Fire phone, it was truly a fire. Many people argue that the phone could have been an app because customers would be comfortable interacting with that. Whatever it was, we can largely see it as an experiment that came out of Jeff’s brain and failed which truly didn’t matter.
The Fire phone flight ended with losses of dollars and earnings of smartphone knowledge. The world is always witnessing such flights and failures but all it takes into account is the try.
FAQ
What are the key characteristics of Jeff Bezos?
Jeff Bezos is a Big Thinker, He has very high standards, he is Strategically Patient and is an Amazing Learner.
Has Jeff Bezos had any failures?
Yes, Jeff Bezos has faced many failures from which the biggest failure is the Fire phone.
How did Jeff Bezos start Amazon?
Jeff Bezos began developing the software for the site, which he called Amazon.com. It sold its first book in 1995.
Surviving in the market with so many competitors around is pretty tough. Many companies don’t even run a month before they shut down! And among these, one of the biggest failures was Quibi. You may not even hear about this company. But this is of a very recent time- 2020.
In early 2020, the co-founder of Quibi- Jeffrey Katzenberg, one of the directors of DreamWorks Animation studios announced that Quibi company is shutting down, within 7 months of its launch! Sounds scary, right?
Quibi was basically a video streaming service platform with its original environmental content of environmental, developed by Meg Whitman and Jeffrey Katzenberg. Meg Whitman, a former CEO of Hewlett Packard raised over $1.75 billion for the company- Quibi.
Similar to the original content created by Netflix and Amazon Prime, Quibi also took a step forward and produced its own category of shows and movies. Although Quibi made only five to ten minutes of episodes, it charged $4.99 per month.
With such a great mindset and planning, you might be wondering what went wrong with Quibi? Well, to clear this we have presented this article. Let’s get started!
Katzenberg and Whitman are incredibly successful businessmen but when it comes to streaming services, they don’t have the right instincts. This became clear with their ultimate creation- Quibi.
Quibi was launched in times of pandemic, 2020, with the concept of giving people good content of merely 10 mins which they can watch anytime and anywhere like a doctor’s waiting hall, public transport, and others. But what they forgot was all these could not be possible in the pandemic.
Quibi
Quibi entirely targeted the youth as they always find new content. But as the pandemic struck, people considered watching long-term content which was available on Netflix, Amazon Prime, and others.
The biggest cause of failure of Quibi is considered the awfully smaller audience and very few numbers of downloads. Apart from this, Quibi made many more mistakes like low social media presence and others.
Any video streaming platform requires content that keeps the users interested. Especially when it comes to the title, as that is what is going to convince the audience to watch the show and to subscribe to the platform. But, Quibi created a whole set of mediocre content that was not given any brief thought upon.
Although the developers spent a lot of money and effort but still could not pull out the standardized content. The shows on Quibi’s were extremely ordinary and the audience did not find anything interesting.
High pricing
Being such a mediocre content provider, Quibi’s pricing was pretty expensive. Its price was around $5 for a normal subscription and $8 for a non-advertising subscription. These were very very high for a terrible content provider such as Quibi.
Failed to Attract Audience
In today’s time, there are tons of platforms that are incredibly interesting and user-friendly. People are spending great time at Netflix, scrolling TikTok and Instagram. That’s why for any other similar company to gain an audience needs to provide such services that the users cannot refuse.
Quibi failed in providing such service and grew the users’ count on platforms like YouTube and Twitch.
No-specific Goal
Competing with Netflix and other streaming platforms, Quibi did not have any specified goal. With such bad content in comparison with other streaming platforms, Quibi needed something to beat the opponents.
But unfortunately, Quibi failed in all aspects of a good video streaming platform and did not even provide any valid or reasonable reason to convince people to download it.
Internal Problems
Quibi had major internal problems between the two founders. According to The Wall Street Journal, Whitman even threatened to leave when found out that Katzenberg was dictatorial which weakened her authority and humiliated her.
Apart from this, Whitman and Katzenberg, both didn’t have any idea on how people use their phones for streaming purposes. They did not actually understand the concept of Netflix and TikTok. In such wide competition in the market, one needs the proper strong strategies and planning so that it could thrive in the market. But Quibi failed on all grounds!
The Pandemic
The biggest drawback of Quibi was it came out in a pandemic. All the planning and strategies of Quibi were based on public places and gatherings. And these were highly restricted in the times of the Covid-19 crisis.
Quibi failed to adapt to such major changes and formulated a low social media presence and bad content without any effective marketing. The main reason behind all these failures was poor management, low insights on consumer behavior, needs, and wants.
Quibi was meant to be shut down even without the pandemic. The company did not have any proper functioning of management.
The company with no proper planning and ideology, Quibi was implied to fail. And that’s what happened! Quibi failed, basically from all aspects. With no adequate leadership, poor content, no customers preferences and extremely disturbed management Quibi was nothing but a disaster.
Although the founders invested a great sum of money but with no idea how a video streaming platform runs, it all became worthless.
FAQ
Who is the founder of Quibi?
Jeffrey Katzenberg founded Quibi in 2020.
How much money did Quibi lost?
Quibi lost over $1.75 billion in less than 6 months.
Why did Quibi failed?
The reasons why Quibi failed were vast. They included burning through too much cash, poor content, high prices, missing features, personal issues between the founders, as well as legal troubles.
Social media has become crucial for everyone. People of different age groups, teenagers and adults have social media accounts and they use them for various purposes. Social media is basically technologies that facilitate the creation and sharing of information, photos, ideas, videos, and so on.
These days, there are a lot of different social media platforms and the emergence of advanced platforms led to the Orkut downfall. Social media can help share details with the public and also meet other people who are available on the platform. It doesn’t stop there. Social media is now used for marketing and it has proved to be one of the best sources of marketing. The use of social media has been increasing since it came into existence. Orkut was one of the very earliest social media platforms. Orkut founder is a Turkish engineer named Orkut Büyükkökten.
Orkut was Google’s first step towards social media and it was extremely successful. Orkut was launched in the year 2004 and had a lot of competitors like Yahoo messenger, skype, etc. Orkut could very easily get ahead of all the competitors. It could make it through with 3 times more users than Facebook. All these were in the Orkut’s initial stages. Even India and Brazil had a lot of users for Orkut. Keep reading to find out about the rise and fall of Orkut.
the Orkut profile allowed the user to add friends and message them privately
sending scraps to people (which was visible to everyone)
posting images and videos
option of liking each other activity
Orkut games and community polls were a popular feature
a unique Orkut feature is customizing themes
Rating your friends and becoming each other’s fans
The differences between Orkut and other Social Media Platforms
When Orkut started it was just like other social media platforms but with some differences. These differences might have been the reason for their success initially. It had features wherein one can create an account, manage a profile, and so on. Orkut had one good feature that other platforms did not have. There was an option for ‘crush list’ and we can customize themes on this platform. This was not available on any other platform. Other than this, the working of Orkut was similar to the working of other platforms. The Orkut login and interface was quite easy but it lacked other features.
In the year 2014, Orkut was shut down. So why did Orkut fail? It was because it did not have a very good user base and most users started shifting to other social media platforms from Orkut. There were a lot of reasons for this. this, Google was closed to shut down Orkut. The main reason for this was the emergence of other social media platforms that were in most ways better than Orkut. Here, let us analyze the reasons for Orkut’s failure.
One main reason for the failure of Orkut was the competitors growing much faster.
1. Privacy
People love posting on social media and maintaining a profile but at the same time, they expect some privacy. One of the biggest reasons why Orkut was closed, was because everyone could see anyone’s profile and also personal information and contact details. You could stop someone from seeing your profile only if you put them on your block list. Facebook had a few privacy settings and options to show the profile and other details only to people who are added to your friends’ list. This made a few users switch to Facebook, one of Orkut’s leading competitors as it looked much safer than Orkut.
2. Speed
The website was initially fast and worked perfectly well but later, after a few redesigns, it became very slow and the loading took a lot of time. Also, with the number of users increasing, it became a bigger issue. The existing server was not enough to handle so many users and hence the uses had to wait for a long time to reach the landing page. Also, when Orkut was in the initial stage, the average internet speed was quite low.
3. Not Very User-friendly
Initially, Orkut was very easy to use and this attracted a lot of users. The redesigns were very complicated and most of the additions were even irrelevant to the concept of Orkut. Facebook and other social media using were found to be easier than this one. Users see social media as a source for entertainment, fun, and relaxation and hence they expect it to be very simple. Orkut shut down reason being that people started deleting their accounts on the platform.
As Orkut started becoming famous, mobiles and other smaller devices started becoming popular and most users preferred using the same. With this, Orkut could not cope with the changes. Orkut found it very difficult while Facebook catered to customer needs. Also, since it was slow, it was not very comfortable for the users to use it on mobile devices.
5. Google Diverted Its Attention Towards Google+
Google being very successful and developing, started focusing on other projects that were unique like YouTube. With the introduction of Google+, which is also a social media platform that had more features, Google wasn’t giving enough importance to Orkut.
6. Users Preferred Facebook
Customers and users found that Facebook was better for them than Orkut. Facebook had the ability to update quickly to users’ needs. They were able to find out exactly what the user needs and update the website accordingly. Adding the privacy feature was one of the best decisions that Facebook had taken. If only Orkut had tried this first, they would have been in the market for a little while.
7. Not Business Friendly
Orkut was limited to personal interactions, while Facebook became the platform for online marketing and advertisements. Facebook also had many additional features such as games, liking posts and sharing which are crucial for marketing whereas Orkut lacked those features.
With this growing trend, it is very important for companies to work on capturing customers and work more towards retaining customers. Orkut failed in all of this. Market trends and customer psychologies keep changing and Facebook and other social media sites were changing according to it but Orkut failed to do the same and instead they made it more complicated.
Also, Google, on knowing all this, could have worked more on Orkut and made it better. Google also proved to be successful in other ways. From Orkut, there is one lesson that startups and other companies can learn. Coping with competitors is extremely important. Orkut, being launched by Google, could do it but still failed to do so.
Also, all customers expect a lot of things from companies and it is the company’s duty to fulfil all of it or at least some of it. Orkut failed in that too. Very small mistakes have led to the shutting down of a company that was started by Google. After all, little drops of water make a mighty ocean and hence little mistakes that companies do can put them in a very bad place.
Frequently Asked Questions
Is Orkut still working?
Shutdown. On June 30, 2014, Google announced that Orkut would be shutting down completely on September 30, 2014. Users could export their photo albums before the final shutdown date. Orkut profiles, scraps, testimonials, and community posts could be exported until September 2016.
Who invented Orkut?
Orkut Büyükkökten. Named after its creator Orkut Büyükkökten, a Turkish engineer, the social media platform enjoyed unparalleled popularity in Brazil and India, especially among the 20-somethings. Today, they remember Orkut as something they ‘did’ before Facebook.
Why did Orkut fail and Facebook succeed?
Facebook was the main reason behind Orkut’s failure. Though redesigned several times Orkut was not able to retain its user base. Facebook kept it as simple as it could for the user so Orkut’s loss was Facebook’s gain. Orkut never tried really to take up to revive itself.
Is Orkut coming back?
Orkut might come back but rename as Hello
Why did Orkut shut down?
Orkut was one of the most visited sites in countries like India and Brasil in 2008. However, it had to be shut down due to the growing legal issues.
Orkut vs Facebook, which is better?
Facebook is better than Orkut because it has more security, while Orkut has less chance of malware.
When did Orkut shut down?
Orkut was shut down by Google in 2014.
What happened to Orkut?
Many other social media sites became more popular than Orkut so the users shifted to them.
Which countries are the biggest users of Orkut?
Orkut is popular in countries such as Brazil, Paraguay, India, Pakistan, Portugal.
Who is the owner of Orkut?
Google is the owner of Orkut, while the Orkut founder is Orkut Büyükkökten
Orkut or Facebook which came first?
Orkut came out in 2004 just ten days before Facebook was launched.
When recalling the old BlackBerry Era, the most magnificent and best premium smartphone around the world comes to our mind. Yes, we are all well aware of the popularity and craze of blackberry in the early 2000s. BlackBerry smartphones were considered as the possession for all those symbolizing high-status people, rich and popular professionals. Also, Blackberry promised the complete and strong security of its users’ privacy.
By the year 2009-2010, the BlackBerry smartphone gathered more than 85 million users who contributed highly to the success graph of this company. In fact, Blackberry owned over 50% of the US market share as well as 20% of the Global Market share at a single time.
However, by the year 2010, a sudden downfall occurred in the growth of BlackBerry. And soon by 2012, it came down to less than 5% of the market share. So, the question arises, How all of a sudden BlackBerry failed?
This came up to these points:
The Reddit forum/wallstreetbets holds the dependence of the growth to great profit as the technology company is suffering for a long time. Rather of the fact that BlackBerry shares rise from day traders.
Failed to strengthen the innovative features and resulted in being the example for the changes occurring in smartphones.
Other companies are evolving with great fascinating and advanced features, while BlackBerry suffered majorly in offering new features for the convenience of customers.
As the era of advanced technology evolved, Blackberry experienced some major drawbacks which could not be settled. In this article, we’ll get brief on how BlackBerry: Leader failed with no other choices. Let’s get started!
The company, Blackberry was established in 1984 with the production house for only modems and pagers. However, in 2000, BlackBerry launched its first-ever model of smartphone which was named BlackBerry 957. It’s the first model of smartphone that contains the features of surfing on the Internet and sending momentum emails.
In the 2000s, BlackBerry was known as the most standard and premium brand for great business executives and also, those who maintained their privacy and security.
However when the advanced tech company, Apple launched its first smartphone in 2007; BlackBerry experienced good competition in the market. Later, as the technology evolved and other companies like Google launched their phones, the substantial competition began.
With the exponential growth graph of BlackBerry, no one even wondered that this company would fail! But soon after the year 2010, its growth graph experienced a great downfall. And, that’s where the end of BlackBerry’s era begins.
When BlackBerry reached its peak, it took several non-strategic and unreasonable steps that resulted in some big losses. Likewise, it raised its highest stock with the value of $230 which is now worth $4. BlackBerry, a company with enormous goals and plans, failed due to its raging in no time.
These are some points that led to the failure of BlackBerry.
Hardware Innovation
With the evolving technology, BlackBerry was considered to be overpricing on its average hardware system. Soon as Apple and Samsung launched their smartphones with a complete touch screen body.
Also, after the typing is done, the keyword would disappear giving you a huge space for other purposes. However, BlackBerry with its QWERTY keyboard lacked such features and became a big reason for BlackBerry to fail.
Nonetheless, Blackberry did not invest in making a complete touch screen body, instead, it kept making phones with the outer keyboard such as Blackberry Key 2. That’s why its sales dropped by a major number.
BlackBerry majorly focused on the richer section such as Celebrities, Businessmen and other rich administrators. They tend to carry BlackBerry showing their superiority. They used Blackberry because:
Powerful end-to-end encryption security
Advanced PDA that majorly helped in their business
Email services
But, soon as iPhone sales increased, Blackberry lost its enormous target audience and importance in just a little period.
Furthermore, BlackBerry only focused on enterprise-level marketing and neglected the consumer portion. This also played a big role in its failure.
Research and Development
BlackBerry did not fail. It lacked innovation and advanced features because it has always been up with technology and supervisions. But the reason why BlackBerry failed is money.
BlackBerry’s innovation and features came from Research & Development (R&D). But this required money and due to the decreased sales and other failures, it could not invest its money in the R&D.
That’s why BlackBerry could not evolve from its basic potential. Later, BlackBerry’s brand was sold by RIM to TCD (a Chinese firm).
Operating System
BlackBerry’s operating system lacked some major features and technology. It does not allow the developers to build apps on an abundance scale. Other Operating systems give a free directory for developers to build apps accordingly.
However, Android and iOS allowed the customization of applications as they could be removed and added as per the convenience of users.
Therefore, developers were absolutely happy with Android and iOS. Still, BlackBerry kept on developing its own OS which was a disaster.
BlackBerry ultimately brought new smartphones with demanding features to regain its lost significance and customers. It launched Priv with the features like a dual-curved UHD display, pop-up widgets, 3GB RAM and snapdragon 808 CPU. But, this was too late. The phone was an absolute failure. Its product quality and features lacked some major technology.
BlackBerry did not imply adding new features or advanced OS and because of this, the potential consumers of BlackBerry shifted back to Android and iOS.
FAQ
What caused the downfall of BlackBerry?
The reasons BlackBerry failed is that it didn’t adapted new technology, lack of consumer insight and poor design which led to its demise.
When was Blackberry Founded?
Blackberry was founded in 1984.
When did BlackBerry go out of business?
Blackberry in 2016 decided to stop making its own phones, after years of failures.
Conclusion
Today, the production of BlackBerry smartphones has been completely shut down. It has turned back to software and mobile security solutions. BlackBerry succeeded in the market because of its advanced technology and left behind the less-evolved technology. Yet when it came to evolving BlackBerry’s technology, it failed because of its incapability to judge and compete with the competition level of the market.
BlackBerry left some major points and examples for other tech companies that to survive in the technology world, you need to keep evolving your features and technology.
