Learning Through Failure

When you start working on your idea, you'll feel how amazing it is, fall in love with it, and ask yourself why nobody started this thing before you.

You feel like you're going to revolutionize the world, like CEOs Steve Jobs or Elon Musk, and you look like you can't be controlled or stopped.

This was the feeling I felt when I had the idea of applying (Wannarent) at the age of 14, and this was my attempt to revolutionize the sharing market. I thought it would be useful for people to be able to share items, such as sports tools and equipment that they rarely use with each other; It would be cheaper than buying new things, in addition to saving storage space in your home, and then it should be an application just like (Airbnb), but with the difference that my application is dedicated to things instead of rooms.

So, I literally dreamed of building a more sophisticated app than Uber, or Airbnb, but I had no idea where to start. I knew nothing about apps or startups, nothing at all, and I couldn't program, design, or write an action plan. I had nothing at all, and the only thing I knew was that my godfather ‘Harry’ was familiar with the business. I asked him, and he became my first contact, and with his directions, I started writing down the idea. Half a year later, he introduced me to my designer, Denise, who helped me design the app, and it looked fascinating, and then I started looking for programmers.

Insurance was one of the things that I wanted to integrate into the app, so things would be insured during the rent. Harry helped me contact several large insurance companies, and soon we had meetings with two high-level executives. After three meetings with one of them, we had a strong plan, and I felt great. Also, my ego went beyond every measure.

Two weeks later after I had just made a presentation to the jury about our incredible plan, I got an email from the insurance company, saying, "We're sorry, our board has canceled the funds for innovation, and we can't continue with Wannarent." That was a painful moment for me.

I had to start again. I tried with other insurance companies for several months over and over again, but it was impossible. The idea had to adapt, so we took the insurance out of our plan.

It was a difficult experience, but I learned a lot from it. However, the greatest thing I learned was that whatever ideas you have, the chances of its success immediately are very small. You will have to adapt the initial idea, change it, or even get rid of it at some point. The odds are against you, and it is risky and complex. In addition,  you need a lot of dedication to success, especially when you start without any experience. Creating a company is not as easy as it appears in all those stories that we see on social media. It often takes hard work and preparation, and you have to give up many things in exchange for what you believe in.

However, that doesn't mean you shouldn't try. If you ask me if I'm going to start with the Wannarent app again, even if I knew I was going to fail, I'd say: Yes, 100%. You can't just learn things you don't learn anywhere else, but you can also get to know great people who want to help and change the world with you. I've met people I never thought I'd meet, and I've made amazing new friends and new mentors, yet if we look back, I'd do some things in a different way.

Here are 6 tips on how to reduce risk and increase your likelihood of success as a young founder:

1. Start with a friend:

It is more interesting, and studies have shown that start-ups with 2-4 founders are more successful.

2. Know the essential parts of your business:

How would you want to know if something is good, but you don't know anything about it? Learn the basics of every part of your business can include programming, design, marketing, and funding. Also, start reading business books, listening to podcasts, watching videos of successful entrepreneurs, and learning from other people's experiences.

3. Find a mentor:

Attend social events, start talking to people, ask them for advice, or even tell them that you want to receive mentoring at their hands. Many people are happy to help young people, so tell them about your idea, ask them for advice, and whether they can help you in some way. Another way is to text them via social media, such as LinkedIn.

4. Keep costs to a minimum (initially):

Your first product doesn't have to be perfect, as you don't need a patent, or an expensive industry. These are things you can buy when you know that people like what you offer.

5. Start doing everything by yourself:

If possible, don't hire anyone, or spend a lot of money on producing your product. You have the tools to build anything yourself. For apps, there are Glide apps, and for websites, there are Wixs.Wix.com. Most of the time, the tools that enable you to work on your own are enough to get started; moreover, you'll learn a lot too.

6. Make mistake and fail:

One mentor, Stefan, once told me, “I can tell you what you're going to do wrong, but most mistakes, you have to make yourself, or you won't believe me,” so just make mistakes, and learn through your career.

In conclusion:

No one builds a company the same way as others. It's like most other areas of life, as there's no one way that's perfect, but there's 100 good ways, and the only thing that matters is trying.