Published: 26th October 2017
Wanting to be an Entrepreneur? 'Failure Nights' is here to tell you what not to add in the startup recipe
Why is it always success stories that should inspire people? Mirshad Kulamullathil, who marked himself to be a struggling entrepreneur, shares his story at the event
Mirshad Kulamullathil of Nadapuram dreamt of becoming an entrepreneur right from his college days and his passion drove him to launch two startups after graduating in electronics and communication from the College of Engineering, Adoor. But in the past six years, he only earned the title of a 'struggling entrepreneur' as his ventures failed one after the other, pushing him deep into a financial crisis.
This is not the case of Mirshad alone, thousands of startups end up in a big loss, vanishing into thin air while only the success stories remain much discussed. In a first of its kind, the Kerala Startup Mission has decided to bring together people behind failed startups to share their experience with fresh entrepreneurs. An event called 'Failure Nights' will be held on December 8 in Kochi to provide a platform for unsuccessful entrepreneurs who will share their personal, painful experiences with youngsters and discuss mistakes they have committed.
Fail stories: Mirshad will share stories of failure and overcoming it with youngsters at the event
A study by IBM Institute for Business Value and Oxford Economics found 90 percent of Indian startups fail within the first five years and answers to many questions - Why do entrepreneurs fail? What happens in the minds of entrepreneurs living through failure? Why do some try again and others don’t? - have become so relevant. As per a report of Startup Mission, there are around 700 startups in Kerala mainly consisting of 400 in IT, 50 in health, 50 in education and 50 in retail.
Mirshad will be one among the speakers at the event where he will share his experience with the youngsters. "While chasing a dream to become an entrepreneur, a person will come across a lot of situations which other entrepreneurs have also faced. By sharing the experiences, we can learn a lot of lessons from others and it will help us correct our course and plan the future accordingly," he said.
Kerala Startup Mission Chief Executive Officer Dr Saji Gopinath said the event is the need of the hour and it is being conducted to share the experience of failed startups. The event will be of stories which include businesses that crashed, the partnership deals that went sour and products that failed to sell.