It's been awhile since my last update on this blog. Been down for a bit but now recovering pretty well! :D

TeddyWonder.com is done! Took me almost 2 years to give up on this idea. Learn tons of stuff during the process and now another idea is currently in good progress.

There are a lot of reasons why TeddyWonder.com doesn't work out. But the major major reason is because nobody freaking wants it. Again, seems like I'm in the 90% of the people who fail the start-up because of this reason. Concept testing is so important. It's a big big lesson learned.

SASCrunch.com is currently being built based on rigorous concept testing. Most of the steps being carried out in building this business are being tested. So far, the product seems to be having some good responses!

Stage 1 launching is expected to happen in July/August. There are gonna be 2 months hard work again.

Paying $125 to know that no one wants teddy bear - totally worth it

SEO results showing there is pretty much NO demand for teddy bear gift. That leads to two conclusion:

1. I can't do SEO like normal teddy bear store online
2. Generating a buzz on social media is the only way to succeed

Number 2 is what I'm gonna be focusing on in the next couple of months.

Constant testing and adjusting

Come to realize that constant testing and adjusting are vital to any business success. Ask, refine, ask, and refine ....

Taking a break!

Finally, I have decided to take a break on Gift15.ca. Not that I don't believe the idea would work, but I feel that I'm too mentally exhausted from building the whole business myself with not much support. I have distanced myself from people and it is not going to work in the long term.

Re-connecting with people around me will be my number 1 priority. Business still goes on but there wouldn't be as much effort put in it as before. Hopefully, I will be able to regain the human capitals needed to build the brand I hope one day.

It's getting tough

Starting a business is tough, let alone something that nobody had done before with less than 5 grands of capital. Sometimes it's just way easier to give up and go on a normal life. I even tried finding reasons for me to give up this idea. But I just can't find a rock solid reason why this wouldn't work.


Two things I had done wrong in the first launch:

1. Unprofessional website (very stupid mistake on my part)
   Now I come to think of it, ecommerce is all about credibility. You can sell crap when the website is credible (eBay) but you can't sell diamond at half the price without credibility (ok a bit exaggerating). Nonetheless, professional website is the foundation of a successful online business.
   
2. Utility
   Blue Ocean Strategy (BOS) listed 6 utilities blocks that might open up a whole new market. These are productivity, simplicity, convenience, fun and image, reduction of financial/physical risks and environmental friendliness. However, the key isn't in the 6 utilities blocks. It is in the word exceptional utility that is needed to pull customer from one product to another. The original selling points of gift15.ca are fast, easy and affordable. Is it a substantially faster and easier way to buy a cheer-up gift? Not really. It is indeed affordable when compared to the cost of flower. However, if price is the only selling point in the business, then the product must be very very cheap. Like no-frills cheap. Dollar-store cheap. The no-frills business model requires huge volume of turnover which is just not possible for a small start-up like Gift15.ca.

Corrective actions:

1. A much more professional template is used. High quality of product photo is taken and a classy logo design is made.
2. Utility switched from fast, easy and affordable to premium teddy bear, high quality classic giftbox and giftcard along with a sexy image injected into the product. Price is still cheaper than flower and so this selling point remains. 

It is an extremely exhausting work for the past month or so. I don't remember how many times I was told that it wouldn't work. I'll give it a few more try before I call it a day.

Aiming for the star - one at a time

Recently I have been overwhelmed with too many tasks for the start-up. Thinking about what to sell. Marketing, Website. Saving and searching for part-time job for the business. It really stressed me out and made me not able to focus as sharp as I need to. It's time to take a break.

Aiming for the star - one at a time is an advice given in a start-up article on entrepreneur.com. It can't be more true than that. At least it fits very well my current situation. There is no doubt that entrepreneur should think of the impossible. However, a lacer-sharp focus is needed to give people a chance to accomplish that objective. I can't split my attention and do just a half-decent job just to rush everything done. I'll take it one at time.

Look deeper into being brave

Being brave is one of the more important keys in achieving something great. To achieve something normal people wouldn't be able to do, one has to have the courage to try things that nobody thought possible or worth the time. There are many examples where people build big business with the fearless attitude. Richard Branson built the airline business with one single second-hand plane. ING Direct brought in the No-Frills business model into the ultra competitive, highly regulated banking industry. Callaway Golf made millions of dollars building a golf club with bigger balls, attracting tons of people who are frustrated not being able to hit the ball in normal size. These are the things that were all thought to be impossible or silly before someone actually does it.

However, that is just the first part of being fearless. In my opinion, being able to accept failure and move on is just as important, if not more, than having the courage to tackle whatever challenge there is. Failure is unavoidable in business. If failure is not an option, neither is success.