Fastbee: A Promising Start-up That Collapsed
A good business idea is not a good enough reason to succeed in business any longer, there are so many brilliant young men who come up with smart business ideas but after some time, they still fail, but what makes a strong entrepreneur is in his decision to rise back right after failing and stepping his foot on the ground to achieve a desired result.
Below is the story of a young enterprising man who had a brilliant idea of selling food through vending machines, he decided to quit his job and pursue his dream passionately but even after giving it his best the business still collapsed, he decided to keep to himself, he was depressed and extremely sad but according to him someone persuaded him to share his story and that was the moment when he began to receive calls from the CEO of tech companies telling him how they had also failed in previous ventures, so he decided to brace himself up and start again.
The story of Fastbee.
Khoo Kar Kiat the CEO of Fastbee,was a thirty two year old man who had just decided to quit his job in order to follow the dream of starting a food hawking business that could be done through a vending machine. Customers could place orders for the food they need, then the caterer prepares the food and packs it for the delivery man who gets it straight to the point the vending machine is located. The customer arrives at the vending machine and unlocks the order through a given number.
At the beginning of his business journey, Khoo got a business grant of $10,000 dollars which was a good way to start then he started by giving out flyers to people and offering them breakfast they could pick up right on their way to work.
Problems faced by fastbee.
Getting the market to accept the idea of Fastbee was not the problem because it was acceptable at that point to buyers, a very terrible day for the company was the day the catering services closed up for some sort of relocation and they already had pending orders from customers who relied on them, to make matters worse drivers did not show up for work that day, so the CEO was trying to run around to fix everything and he hoped he could sought out all the issues at the same time which was clearly impossible.
Problems of investors: It was difficult for fast bee to get regular funding for their business and when the call from the investor they had their final hope on turned out negative, they knew it was time to close down the business.
Problems of faulty machines: Sometimes the machine will give issues and customers will not be able to access their food until launch time is over, which actually gave a bad record to the business.
Problems of employee’s: Getting people to support the vision without paying them well was a very difficult thing to do, so they only had very few team members who were not well paid.
Even if the business had to end without Khoo Kar Kiat making any money for himself and losing out completely on his personal savings, he had learned his lessons and he has picked up the pieces to face life again.
But at the end then failure, sad story
Sad indeed.
A story with a bad ending, pet I think that businessman lacked a lot of planning, maybe if he had had emergency plans, would not have suffered as much and I would have progressed Interesting model to take into account when being entrepreneur
His innovation is one that will require a lot of money and acceptance by the public and that was not readily available.
The entrepreneurial journey is very uncertain. I always tell people that it is uncertain when becoming an entrepreneur but it is more likely to be disastrous when it comes to innovative entrepreneurship because you are the first person doing it and your customers might dislike it. Painfully, everything might seem fine but you might not get investors to support your drive.
Thanks for the knowledgable words, truth is that investors did not support him.