“I was totally shattered. All my hard work, efforts and entire life’s savings had become totally meaningless. I was at a juncture wherein I was completely clueless about what to do after the failure of my very first startup as I had already decided not to go for a corporate job,” recollects Shreyas Joshi, now a PGP student at IIM Rohtak.
Having read the amazing stories of startups like Flipkart, Amazon and Zomato, Shreyas had a dream of making millions while being his own boss. He, along with three other friends, launched a new online food venture named ‘thebhOOkkad.com’. The idea was about delivering non-perishable snacks at the doorstep of customers at most reasonable price. There was an initial investment of 30,000 rupees and a tie up was done with DTDC as the logistics partner. Shreyas remembers, “It was an exciting time. The company was taking shape, business was growing and founders were busy making strategies.”
However, an expansion brings in an ardent need for investment. Hence, Shreyas started calling upon the big schools that could pay some good money in advance. He was able to receive a funding of Rs. 50,000 but beyond this, it was getting tough for him. “I was reading a lot of startup books and finally decided to implement lean startup methodology to cut down expenses.” It worked out for some time but the feeling of “acche din” was short-lived. Things started to get out of control. Non-alignment of goals of co-founders, increased expenses and lack of resources led to the winding up of “thebhOOkkad.com” in less than a year.
“I felt that a part of me had gone missing. The gloom was at its peak, but the one thing that was still with me was my learning from this failure and the zeal to bounce back.” This ember smouldering within Shreyas drove him to prepare for CAT. His sheer determination and dedicated hard-work bore fruits. He secured a 99.04 percentile in CAT 2016.
According to Shreyas, there were quite a few eruditions that he gauged from the failure of his startup. He is now able to embrace failure more openly and has become far more patient. He feels that after an unsuccessful venture, people encourage him more to work harder for realizing his dreams. These unrealized dreams and the passion to make them materialize have brought him to IIM Rohtak, and he believes that this turnaround is a second opportunity for him which would definitely help him prove his mettle.