{"id":47480,"date":"2023-10-20T15:53:51","date_gmt":"2023-10-20T15:53:51","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/the-three-things-this-entrepreneur-learnt-from-his-failed-business-startupsmart\/"},"modified":"2023-10-20T15:53:51","modified_gmt":"2023-10-20T15:53:51","slug":"the-three-things-this-entrepreneur-learnt-from-his-failed-business-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/the-three-things-this-entrepreneur-learnt-from-his-failed-business-startupsmart\/","title":{"rendered":"The three things this entrepreneur learnt from his failed business – StartupSmart"},"content":{"rendered":"
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Businesses need to get back to basics and focus on customer retention instead of growth, according to an entrepreneur who recently decided to wind up his food delivery business.<\/p>\n

Harshdeep Rapal, the co-founder of EazyMeals, says it is easy to start a company but much harder to sustain it in the long run.<\/p>\n

However, writing on LinkedIn, the entrepreneur says his failed business venture taught him some valuable lessons.<\/p>\n

Here are three things Rapal learnt from his time running EazyMeals.<\/p>\n

1. Deliver on your promises<\/h3>\n

It is easy to reach a large volume of orders a day in the food delivery business, according to Rapal, but the tricky part is getting the product into the hands of customers.<\/p>\n

This is because there are often so many factors outside of a startup\u2019s control, such as a supplier restaurant not cooking the food in time.<\/p>\n

\u201cBelieve me, it\u2019s not easy,\u201d Rapal writes.<\/p>\n

\u201cCustomers do not care if you are a startup. Their expectations have been set at \u201930 minutes, else free\u2019 level.\u201d<\/p>\n

2. Get back to basics<\/h3>\n

Rapal believes too many people focus on creating a flashy website or app instead of getting their product right in the first instance.<\/p>\n

In the case of his food delivery startup, Rapal says he now realises the food itself was always more important than the technology behind the delivery side of things.<\/p>\n

\u201cThose 10 minutes [when the food is cooked] need much more attention than the website or the app,\u201d he says.<\/p>\n

\u201cIf the food tastes great, the customer does not care even if you do no have an app or a website. He will come back.\u201d<\/p>\n

3. Put your energy into customer retention<\/h3>\n

Another mistake entrepreneurs often make is to chase growth at the expense of existing customers, according to Rapal.<\/p>\n

\u201cFood is something which the person eats every day,\u201d he says.<\/p>\n

\u201cKeeping your existing customers happy helps lowering the customer acquisition costs and in turn managing the unit-economics.\u201d<\/p>\n

This piece was originally published on SmartCompany.<\/p>\n

Follow StartupSmart on Facebook<\/strong>, Twitter<\/strong>, LinkedIn<\/strong> and SoundCloud<\/strong>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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