Business and Bad Ideas: Lessons from the Early Years
As I reflect on my entrepreneurial journey, I’ve realized that I talk a lot about the good decisions I’ve made but not enough about the bad ideas. And let’s be real: bad ideas and new entrepreneurs go hand in hand. In my first few years of business, I think I covered just about every rookie mistake in the book.
Eighteen years ago, with zero knowledge of how the grocery business works, my partners and I decided to create a brand and get it on shelves. I mean, how hard could it be? (Spoiler alert: very hard.)
We started with four recipes: Vanilla Matcha, Strawberry Matcha, Ginger Matcha, and Chocolate Matcha. We put them in big, expensive tins. We didn’t even offer a pure matcha! Instead, we added cute names, a fortune cookie, and one of those folding paper fortune tellers. Adorable, right? Like a prize in a cereal box. Unfortunately, the cookie had a very short shelf life, and complaints about stale cookies poured in.
Next, we packed our products in 12-pack cases. When a new store requested a free fill for their first order of all four SKUs, it nearly drove us under. That’s when I learned a hard lesson about free fills. To this day, they still give me nightmares. We eventually switched to six-pack cases. Do not get me started on listing fees, charge backs, brokers, and marketing.
Then there was the publicist. We thought, “If people see our products in magazines, they’ll buy them.” Wrong. The expensive PR campaign didn’t deliver the ROI we hoped for. Do this once you are more established.
Our next big move? Going on Dragons’ Den. Great idea, right? Sure… if you’re ready. We weren’t. Our website crashed, and we didn’t have the manpower or inventory to fulfill orders in a timely fashion. Lesson learned: preparation is everything.
And let’s not forget partners. My advice? Choose them wisely. A partnership is like a marriage—70% end in divorce. In my experience, partners were either too controlling or too lazy. Now, I work solo and hire for specific roles instead.
Eventually, we broadened our tea latte line to include Microground Chai, London Fog, Rooibos Turmeric, and pure matcha. We dropped the publicist, ditched the cookie, simplified our branding, and I parted ways with my partners. Every mistake taught me something invaluable.
My mom always said, “I can tell you something a hundred times, but you’ll have to learn it the hard way.” She’s not wrong, but I’ve also learned to value her advice. (She has a great vibe.)
One of the best decisions I ever made? Finding a mentor. Our mentor guided us through tough times, saved us from countless mistakes, and became a lifelong friend. If you can find a mentor in your field, grab the opportunity. It’ll be one of the best investments in your business and yourself.
Recap: Business Lessons from Mistakes
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Smaller Case Sizes: Start with smaller, manageable case sizes to avoid overwhelming costs.
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Get a Mentor: Seek a mentor in your field to guide you and help you avoid pitfalls.
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No Partners: Think carefully about partnerships; if possible, go solo and hire for specific roles.
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Bootstrap in the Beginning: Save costs where you can and reinvest wisely.
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Take a Marketing Course: Understand how to market effectively to avoid expensive missteps.
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Diversify Your Products: Expand your offerings to reach a broader audience.
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Affordable Packaging Solutions: Find cost-effective yet attractive packaging to maintain margins.
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Hire Strategically: Build a team that complements your weaknesses and enhances your strengths.
Mistakes are part of the journey, and the lessons they teach are priceless. To every entrepreneur out there: embrace the missteps, learn from them, and keep moving forward. Here’s to making better mistakes tomorrow!