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Risks 2018-06-07

Business is all about venturing the “Trials and Errors”

The “trial and error” method in business gives startup owners and aspiring businessmen a sense of confidence to carve their own path.

By Senior Sub-editor
Business is all about venturing the “Trials and Errors”

 

The entire country is experiencing and adopting the undergoing change in India and the way people have shifted their modes of doing business. 

Today’s way of doing business leaves enough room for startup owners to experiment and try hard until you succeed, all thanks to the customer who is ever ready to embrace the new ways of doing things.

This “trial and error” method in business gives startup owners and aspiring businessmen a sense of confidence to carve their own path and also a reason to fear it. 

Let us check out some of the companies which used “trial and error” method but failed miserably:

Kimbho Messaging App by Patanjali

Yoga Guru turned industrialist Baba Ramdev ventured into the digital platform with Patanjali’s own messaging application, with an intention to stand tall against digital messaging app giant WhatsApp.

Within 24 hours from the time of launch of Kimbho app, Google Play store took it down without suggesting any reason. However, if sources are believed then the Swadeshi messaging app was pulled down due to security reasons.

In the meanwhile S K Tijarawala, Spokesperson, Patanjali has given a different reason on his tweet saying that “technical work on the app was in progress and will be launched soon.”

KFC’s Lipstick

KFC India too ventured into the cosmetic industry with its flavored lip balm.

The company had released a statement written, “Handcrafted from natural ingredients, KFC’s Double Trouble Lip Balms will be available in a combination of two flavors – Yellow American Mustard and Red Sweet Chilli.”

The product was launched on 1st April 2018 but since then no news of the feedback from customer side has hit the surface yet.

Moreover, KFC has also launched edible nail polish in Hong Kong, in two different flavors, which are the original recipe (kind of a beige) and hot-and-spicy (a barbecue-sauce-colored orange) flavors.

Big Basket to sell beauty products and fresh meat

Recently India’s one of the largest online grocery selling companies, Big Basket has announced that it will soon sell beauty products and fresh meat on its platform.

Big Basket has raised $300 million earlier this year from Chinese multinational firm, Alibaba Group Holdings Ltd, which is why it plans to venture in beauty products and fresh meat selling to challenge successful cosmetic startup like Nykaa and gourmet meat start-ups Licious and Zappfresh.

BigBasket co-founder and CEO Hari Menon said, “We are adding a new private label under the new category of beauty products. We are going to have a lot of private-label play there.”

Menon added, “In meat, we already have a supply chain, but now want to build a deeper supply chain, in terms of getting deeper into the category. That is because we see a tremendous new business opportunity that is called HORECA (an acronym for hotels, restaurants, and caterers). They have a huge requirement for meat and we want to strengthen that business, for which we need to get deeper into the supply chain.”

These three companies are to name few among the others who have dared to take another field and gain success but only time will tell how far they reach.

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