It was hard to see Honestbee Taiwan go, as I am their number one fan when it comes to food and grocery delivery.
In this article from Tech in Asia, where the co-founder of Honestbee Jonathan Low shared his takeaway from Honestbee with us, I think a lot of points he shared could be listed as the most common reasons why startups fail.
The task of taking businesses from zero to one is different from taking it from one to ten or even ten to hundred. And one of the common mistakes that a startup team can make is not getting their company culture right. This can often be the result of poor judgment by leadership.
Honestbee experienced rapid growth in its early days, as three co-founders wearing multiple hats had no time to learn but needed to lead and run a large company that quickly became a regional company.
Business leaders often need to inspire others, have the vision, explain the values, execute on the mission and secure funding for their company to grow.
However, usually after the startups have had their first growth spurt, the leaders could mistake management for leadership, and forget to communicate to the employees what’s the company’s vision, it’s values, and mission.
When the startups had their first taste of the candy, the next is to think how to get more.
Timing is everything for startups, but if it doesn’t use that time wisely then it would become meaningless.
When startups are gaining more traction, the decisions you need to make to grow are even more complex. This pressure can cause a lot of founders to make poor decisions that can hurt your potential for success and even set you back.
In Honestbee’s case, the more eager they focused on expanding their business and growth, the sooner it led to a toxic environment for people to work at, where there was high demand from the company to get the most out of the employees time, and most of the under pressure managers would be borderline mentally abusive if you are requesting for a day off.
Everyone was under a lot of pressure and working hard, but honestly when you are thinking of it, how much of those hours were truly productive and driving results?
Maybe everyone just needed to be better rested and they could have achieved more if leaders were better at planning and executing.
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Source: https://www.techinasia.com/bad-leadership-culture-ruin-business?fbclid=IwAR2RhmdpccWkm2bFxpGDKap64JN4X9z1_7MVVSyjOWo2wZ8gPThk2--cE9g
By Izza Lin,
Recruiting Master of AppWorks
