Today, start up being a hot trend, individuals withan entrepreneurial mind are keen on creating their own start-ups. At a very young age, students, even before passing out from their college, jump into an idea of creating a start-up, without even giving their ideas a second thought. No wonder start-ups are mushrooming in number. However, only a very few start-ups, become successful. Startupsfeed is bringing in a story of a start-up failure, for creating an awareness among the young entrepreneurs, who only get brilliant ideas, but fail to validate them.
How it started
Scholar Net, a website where students could find vocational training courses in their cities and also get reviews from fellow students, was started in the year 2014. The founder of the start-up, who was a college student, was at his fullest enthusiasm, when the idea flashed into his mind. He immediately shared the idea with his friend and college mate, who also got carried away and quickly came on board. When they found that their idea was the very first of its kind for a start-up, the young and inexperienced entrepreneurs started loving the idea, to an extent that they become enough emotional for not validating it.
In 2014, they met an Institute and shared their idea with them.For the reason that their idea was mostly in favour of the institutes, the institute did not have any reason for not to become their customer. The institute,which loved the idea became ready to pay INR 15,000. This was their first sales pitch.
They saw their start-up as a hit
The entrepreneurs were in cloud nine and they jumped into the conclusion that their start-up would surely become a hit. In 2015, they decided to launch their website. The website had the whole inventory of the best institutes, the best courses with discounts and a free resume builder.
High traffic for the website
In March 2015, during their college Fest, the entrepreneurs thought it’s the best time for promoting their website among students. They thought that their promotional endeavour was a success, after seeing the traffic to their website raise by 300 percent, post the event.
Students,who visited the Scholar Net website, gained all the information they wanted about the courses and the training institutes. They even enrolled themselves in the courses. However, they did not do so through the ScholarNet website. The entrepreneurs found that the students got hefty discount form outside, than what they could have got from ScholarNet. And, some other students joined the Government vocational training.
Why it failed?
Scholar Net failed to address the end users i.e. students. They designed their product mostly keeping the training institutes in mind, which did help them in maintaining the inventory of the best training institutes, and their courses with discounts. However, they failed to design the product for students’ benefits. At the end, although the training institutes like their product, students, who had to be the actual targets, did not like it.