Folding

Just 2 days ago, I made the decision to pull out from one of the companies that I managed. It was my 1st break into the entrepreneur world and it kind of stings to know that it did not work out. I had discussed this with my other 2 partners and we felt that after all these time putting work into it, we did not see the light from the end of the tunnel.

The thought of winding up the business was on my mind as well as my partners since awhile ago. Everyone was reluctant for the past few months to let go due to emotional attachments and putting more effort into the business to try to get it running.

The business model was a derivative idea similar to Groupon with a twist. We had wanted to morph our idea targeted at youths between 18 to 35 to also include elements of P2P marketing and good cashback rates.

Over the period of management, we managed to secure at least 50 good deals for the clients but there was just not enough traction and the efforts to spin the branding of being "just another deals site" would cost quite abit and alot more effort that we have put into it.

Noting that my partners were both entrepreneurs in other businesses as well, we just did not have the time or capacity to continue operations.

In retrospect, I was glad that this was my first break into the entrepreneur world, it gave me confidence in speaking to clients and vendors. The loss was not too great to manage (a loss nevertheless). I am treating this as a tuition fee and I am folding for this turn.

Lesson Learnt:
20/20 hindsight told me that I should have folded this deal awhile back when I noticed my partners not having the time to commit to this business. However, due to operating costs being low, I stuck around. While cash was not being burnt, time was. But time is the most precious money making tool there is.