Scared to strike out on your own because you feel like you still have not perfected that business plan? Having a neat and concise plan of business is an essential aspect of starting a new company, but reaching perfection is virtually impossible. Instead of letting fear of mistakes or failures hold you back, take a lesson from Aaron Firestein and Raaja Nemani who experienced possibly every potential blunder on their journey to success.
The two owners and founders of BucketFeet, a popular shoe brand that brings together the art world and footwear, started where many newly minted entrepreneurs begin — in their own home. When the first delivery of over 2,500 shoes arrived by 18-wheeler on their residential street, they were stunned when the driver asked for directions to the unloading dock. In the end, the pair shelled out money to the delivery guy and roped in a few friends to help unload thousands of boxes.
The problems did not stop there, and Firestein and Nemani’s lack of inventory experience became evident when they quickly sold out of the most common shoe sizes and were left with inordinate amounts of more uncommon sizes. Excess and unnecessary inventory in the early days of a business can be detrimental to the future success of the brand.
However, with each mistake, the two entrepreneurs took measure of the situation and then revamped their plans. Going forward, thousands of pairs of shoes would need a shipping container, a dock to unload and several hands to unload them. Shoe orders should primarily focus on the most common sizes, with fewer numbers of larger and smaller shoes added to the spreadsheet. Firestein and Nemani faced other hurdles during their journey to create a company that now features 30,000 worldwide artists and is worth $16 million, a feat that they would not have been able to accomplish if they had allowed their first missteps to guide them to failure.