I am in the process of shuttering one of my businesses. Did it fail? Not really, I don’t think about business in those terms. But it also didn’t succeed as I had intended and I can say with certainty that it cost me a lot of my own hard currency.
The business planning was sound. On paper it made sense. The execution worked. But the one thing I hadn’t allowed for was human psychology. Is it even possible to plan for it?
Why do some businesses succeed and others fail? Of course there will be technical reasons we can point to, but often enough the reason is that successful founders understand where their customers’ collective heads “are at”.
This is shaping up to be the most important business lesson I’ve learned yet.