[Part 1] How can learning from business failures help us compete creatively?

WEBINAR

Last Friday night, I was invited by BAC Education to conduct a webinar on their Project Entrepreneur program, a great initiative to educate 10,000 entrepreneurs.

I had the honour to kick-start the course for 2021 with "how can learning from business failures help us compete creatively?"

Did you know that 'success + failure' learning = competitive insights?

"What is of greatest interest to us is not success or failure but the results, the characteristics of thought, decision making, planning, & hypothesizing." (Professor Dietrich Dörner, 1989)

In the presentation deck, I emphasized the importance of learning what-not-to-do from failed case studies, alongside learning what-to-do from successful case studies and best practices. I also shared how (success + failure) learning of our competitive landscape will strengthen our Competitive Differentiation against our competitors.

*Disclaimer: Numerous excerpts were paraphrased from the books and articles as cited below in my presentation deck for your further reading.

Author

Paul Lee, Co-founder & CEO, Flipidea

Citation and republishing

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References

Andreessen Horowitz. (n.d.). Passionate about the future of technology. Retrieved 11 March 2021, from https://a16z.com/

Bygrave, W. D., & Zacharakis, A. (2014). Entrepreneurship, 3rd Edition. Retrieved 10 March 2021, from https://www.oreilly.com/library/view/entrepreneurship-3rd-edition/9781118582893/

Carroccio, B., & Chen, A. (2020). The a16z Marketplace 100. Retrieved 11 March 2021, from https://a16z.com/2020/02/18/marketplace-100/

Chen, J. (2017). The New Moats. Retrieved 10 March 2021, from https://news.greylock.com/the-new-moats-53f61aeac2d9

Dayangku, S. (2020). Despite RM10mil In Funding, Here's The Real Reason Why Offpeak Shut Down After 5 Years. Retrieved 11 March 2021, from https://vulcanpost.com/696046/offpeak-malaysia-food-discount-platform-shut-down-update/

Flipidea. (n.d.). Discover insights from business failures. Retrieved 11 March 2021, from https://www.flipidea.co/

Flipidea. (n.d.). Brandless. Retrieved 11 March 2021, from https://www.flipidea.co/companydetail/5e425428a7c22b37bc331f87

Flipidea. (n.d.). Descriptive Analysis. Retrieved 11 March 2021, from https://www.flipidea.co/descriptive-analysis

Flipidea. (n.d.). Idea Validation. Retrieved 11 March 2021, from https://www.flipidea.co/idea-validation

Flipidea. (n.d.). Offpeak. Retrieved 11 March 2021, from https://www.flipidea.co/companydetail/5eaa67a8d168d61a5839e4d3

Flipidea. (n.d.). ShenqiBuy. Retrieved 11 March 2021, from https://www.flipidea.co/companydetail/5bdc00c680b84512b331dfb0

Flipidea Viewpoints. (2019). What is your definition of business failure? Retrieved 10 March 2021, from https://viewpoints.flipidea.co/what-is-your-definition-of-business-failure/

Global Entrepreneurship Monitor. (n.d.). Global Reports. Retrieved 10 March 2021, from https://www.gemconsortium.org/report

Lee, P. (2020). How learning from business failures can help us innovate better? Retrieved 11 March 2021, from https://viewpoints.flipidea.co/understanding-business-failures-how-can-we-innovate-better/

Lee, P. (2020). How to validate your intuitive business idea with GV's Research Sprint? Retrieved 11 March 2021, from https://viewpoints.flipidea.co/how-to-re-search-for-business-opportunities/

Lee, P. (2020). Startup VC Funding Metrics & Benchmarks. Retrieved 11 March 2021, from https://viewpoints.flipidea.co/startup-vc-funding-guide/

Link, J. (2020). What is the 'Jobs to be Done' framework and why is it so popular? Retrieved 10 March 2021, from https://builtin.com/product/jobs-to-be-done-framework

Mason, M. K. (2012). Worldwide Business Start-ups. Retrieved 10 March 2021, from http://www.moyak.com/papers/business-startups-entrepreneurs.html

MindTools. (n.d.). Competitive Intelligence: Understanding Your Competitive Position. Retrieved 10 March 2021, from https://www.mindtools.com/pages/article/newSTR_60.htm

Nasser, S. (2018). Roadmap to a SaaS IPO: how to unicorn your way to $100M revenue. Retrieved 11 March 2021, from https://medium.com/parisoma-blog/roadmap-to-a-saas-ipo-unicorning-your-way-to-100m-revenue-33e065ce7548

Nobel, C. (2011). Why Companies Fail - and How Their Founders Can Bounce Back. Retrieved 10 March 2021, from https://hbswk.hbs.edu/item/why-companies-failand-how-their-founders-can-bounce-back

O'Reilly. (n.d.). Competitive Differentiation Analysis. Retrieved 10 March 2021, from https://www.oreilly.com/library/view/the-new-power/9781118240946/xhtml/sec58.html

Sparks, A. (2019). Understanding Venture Capital. Holloway Guide To Raising Venture Capital. Retrieved 10 March 2021, from https://www.holloway.com/g/venture-capital/sections/understanding-venture-capital

Turck, M. (2020). Resilience and Vibrancy: The 2020 Data & AI Landscape. Retrieved 11 March 2021, from https://mattturck.com/data2020/

Wang, H. Z. (2016). The rise and fall of ShengqiBuy, an 18-year-old's million-dollar startup. Retrieved from 10 March 2021, from https://alltechasia.com/youthful-exuberance-the-rise-and-fall-of-shenqibuy-an-18-year-olds-million-dollar-startup/

Wiles, J. (2020). CFOs Need to Shift Thinking and Fund Competitive Differentiation. Retrieved 10 March 2021, from https://www.gartner.com/smarterwithgartner/cfos-need-to-shift-thinking-and-fund-competitive-differentiation/

By invitation, Paul occasionally conducts guest lectures and seminars on the topics of business management, tech innovation, startups, entrepreneurship, venture capital, and financial investment.

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Last edited on 21 October 2022.